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The Companies Act 1985 (Insurance Companies Accounts) Regulations 1993

S.I. 1993/3246 · Made 18 December 1993

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

COMPANIES

Made 18th December 1993

Coming into force 19th December 1993

The Secretary of State, in exercise of the powers conferred on him by section 257 of the Companies Act 1985f1 and of all other powers enabling him in that behalf, hereby makes the following Regulations of which a draft has been laid before Parliament in accordance with section 257(2) of that Act and approved by resolution of each House of Parliament:

Annotations to the whole text

Footnotes

f1

1985 c. 6; section 257 was inserted into the 1985 Act by section 20 of the Companies Act 1989 (1989 c. 40).

Contents

  1. 1Citation and interpretation
  2. 2Insurance companies
  3. 3Insurance groups
  4. 4Form and content of accounts
  5. 5Minor and consequential amendments
  6. 6Exempted companies
  7. 7Transitional provisions
  8. Signature
  9. Schedule 1: Form and Content of Accounts of Insurance Companies and Groups
  10. Part I: Individual Accounts
  11. Chapter I: General Rules and Formats
  12. General Rules
  13. 1Paragraph 1
  14. 2Paragraph 2
  15. 3Paragraph 3
  16. 4Paragraph 4
  17. 5Paragraph 5
  18. 6Paragraph 6
  19. The Required Formats for Accounts
  20. Preliminary
  21. 7Paragraph 7
  22. 8Paragraph 8
  23. 9Paragraph 9
  24. Balance Sheet Format
  25. Notes on the balance sheet format
  26. Special rules for balance sheet format
  27. 10Additional items
  28. 11Managed funds
  29. 12Deferred acquisition costs
  30. Profit and loss account format
  31. IParagraph I
  32. IIParagraph II
  33. IIIParagraph III
  34. Notes on the profit and loss account format
  35. Chapter II: Accounting Principles and Rules
  36. Accounting Principles
  37. Preliminary
  38. 13Paragraph 13
  39. Accounting principles
  40. 14Paragraph 14
  41. 15Paragraph 15
  42. 16Paragraph 16
  43. 17Paragraph 17
  44. 18Paragraph 18
  45. Departure from accounting principles
  46. 19Paragraph 19
  47. Current Value Accounting Rules
  48. Preliminary
  49. 20Paragraph 20
  50. 21Paragraph 21
  51. Valuation of assets: general
  52. 22Paragraph 22
  53. 23Paragraph 23
  54. Alternative valuation of fixed-income securities
  55. 24Paragraph 24
  56. Meaning of “current value”
  57. 25Paragraph 25
  58. 26Paragraph 26
  59. Application of the depreciation rules
  60. 27Paragraph 27
  61. Additional information to be provided
  62. 28Paragraph 28
  63. Revaluation reserve
  64. 29Paragraph 29
  65. Historical Cost Accounting Rules
  66. Preliminary
  67. 30Paragraph 30
  68. Valuation of assets
  69. 31General rules
  70. 32General rules
  71. 33General rules
  72. 34General rules
  73. 35Development costs
  74. 36Goodwill
  75. Miscellaneous and supplemental
  76. 37Excess of money owed over value received as an asset item
  77. 38Assets included at a fixed amount
  78. 39Determination of cost
  79. 40Determination of cost
  80. 41Substitution of original amount where price or cost unknown
  81. Rules for Determining Provisions
  82. 42Preliminary
  83. 43Technical provisions
  84. 44Provision for unearned premiums
  85. 45Provision for unexpired risks
  86. 46Long term business provision
  87. 47Provisions for claims outstanding General business
  88. 48Provisions for claims outstanding General business
  89. 49Long term business
  90. 50Equalisation provision
  91. 51Accounting on a non-annual basis
  92. 52Accounting on a non-annual basis
  93. 53Accounting on a non-annual basis
  94. Chapter iii: Notes to the Accounts
  95. Preliminary
  96. 54Paragraph 54
  97. General
  98. 55Disclosure of accounting policies
  99. 56Disclosure of accounting policies
  100. 57Sums denominated in foreign currencies
  101. Information supplementing the balance sheet
  102. 58Share capital and debentures
  103. 59Share capital and debentures
  104. 60Share capital and debentures
  105. 61Share capital and debentures
  106. 62Assets
  107. 63Assets
  108. 64Assets
  109. 65Investments
  110. 66Reserves and provisions
  111. 67Provision for taxation
  112. 68Details of indebtedness
  113. 69Details of indebtedness
  114. 70Guarantees and other financial commitments.
  115. 71Dealings with or interests in group undertakings
  116. 72Miscellaneous matters
  117. Information supplementing the profit and loss account
  118. 73Separate statement of certain items of income and expenditure
  119. 74Particulars of tax
  120. 75Particulars of business
  121. 76Particulars of business
  122. 77Particulars of business
  123. 79Particulars of staff
  124. 80Miscellaneous matters
  125. Chapter IV: Interpretation of Part I
  126. 81General
  127. 82Loans
  128. 83Materiality
  129. 84Provisions
  130. 85Scots land tenure
  131. 86Staff costs
  132. Part II: Consolidated Accounts
  133. Chapter: Schedule 4A to apply Part I of this Schedule with modifications
  134. 1Paragraph 1
  135. Chapter: Modifications of Part I of this Schedule for purposes of paragraph 1
  136. 2Paragraph 2
  137. Schedule 2: Minor and Consequential Amendments of 1985 Act
  138. 1Paragraph 1
  139. 2Paragraph 2
  140. 3Paragraph 3
  141. 4Paragraph 4
  142. 5Paragraph 5
  143. 6Paragraph 6
  144. 7Paragraph 7
  145. 8Paragraph 8
  146. 9Paragraph 9
  147. Explanatory note