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The Insurance Companies (Accounts and Statements) Regulations 1996

S.I. 1996/943 · Made 24 March 1996

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INSURANCE

Made 24th March 1996

Laid before Parliament 28th March 1996

Coming into force

Regulation 34 30th April 1996

Remainder 23rd December 1996

The Secretary of State, in exercise of the powers conferred on him by sections 17, 18, 21, 96(1) and 97 of the Insurance Companies Act 1982f1 and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

Annotations to the whole text

Footnotes

f1

1982 c. 50; section 21 was amended by the Companies Consolidation (Consequential Provisions) Act 1985 (1985 c. 9), section 30 and Schedule 2; and by S.I. 1991/1997, reg. 2 and Schedule, para. 47.

Contents

  1. 1Citation and commencement
  2. 2Application
  3. 3Interpretation
  4. 4Value of assets and amount of liabilities
  5. 5Content and form of accounts
  6. 6Balance sheet
  7. 7Profit and loss account
  8. 8Revenue account
  9. 9Additional information on general business (accounting classes and discounting)
  10. 10Business categories for general business (reinsurance treaties accepted)
  11. 11Additional information on general business (reinsurance treaties accepted)
  12. 12Risk groups for general business
  13. 13Additional information on general business (direct and facultative business)
  14. 14Additional information on general business (direct and facultative reconciliation business)
  15. 15Currencies other than sterling
  16. 16Additional information on prescribed general business
  17. 17Additional information on long term business
  18. 18Forms prepared pursuant to regulations 9, 11 and 13 to 17
  19. 19Additional information on general business: major treaty reinsurers
  20. 20Additional information on general business: major facultative reinsurers
  21. 21Information on major general business reinsurance cedants
  22. 22Provisions supplemental to regulations 19 to 21
  23. 23Additional information on derivative contracts
  24. 24Additional information on shareholder controllers
  25. 25Periodic actuarial investigation
  26. 26Additional information on general business ceded
  27. 27Signature of documents
  28. 28Certificates
  29. 29Audit and auditor’s report
  30. 30Qualification of actuary
  31. 31Information on appointed actuary
  32. 32Qualifications of auditor
  33. 33Transitional provisions
  34. 34Amendments of the 1983 Regulations
  35. 35Revocations
  36. Signature
  37. Schedule 1: BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
  38. (Forms 9 to 17)
  39. 1Paragraph 1
  40. 2Completion of Forms
  41. 3Completion of Forms
  42. 4Currency
  43. 5Currency
  44. 6Presentation of amounts
  45. 7Presentation of amounts
  46. 8Presentation of amounts
  47. 9Presentation of amounts
  48. 10Premiums
  49. 11Counterparty exposure
  50. 12Provision for adverse changes
  51. 13Liabilities
  52. 14Reconciliation
  53. 15Derivative contracts
  54. 16Derivative contracts
  55. 17Derivative contracts
  56. Schedule 2: GENERAL BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFOR MATION
  57. (Forms 20 to 39)
  58. 1Paragraph 1
  59. 2Paragraph 2
  60. 3Currency
  61. 4Currency
  62. 5Currency
  63. 6Accounting classes
  64. 7Accounting classes
  65. 8Accounting classes
  66. 9Premiums
  67. 10Premiums
  68. 11Premiums
  69. 12Premiums
  70. 13Claims
  71. 14Claims
  72. 15Claims
  73. 16UK and overseas business
  74. 17Transfers of general business
  75. 18Unearned premiums
  76. 19Provision for unexpired risks
  77. 20Provision for unexpired risks
  78. 21Cessation of business
  79. 22Claims management costs
  80. 23Acquisition costs
  81. 24Underwriting year accounting
  82. 25Business managed together
  83. 26Application of accounting practice
  84. 27Discounting
  85. 28Reinsurance
  86. 29Risk groups
  87. 30Continuation sheets
  88. Schedule 3: LONG TERM BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFORMATION
  89. (Forms 40 to 45)
  90. 1Paragraph 1
  91. 2Paragraph 2
  92. 3Paragraph 3
  93. 4Paragraph 4
  94. 5Paragraph 5
  95. Schedule 4: ABSTRACT OF VALUATION REPORT PREPARED BY THE APPOINTED ACTUARY
  96. (Forms 46 to 61)
  97. 1Paragraph 1
  98. 2Paragraph 2
  99. 3Paragraph 3
  100. 4Paragraph 4
  101. 5Paragraph 5
  102. 6Paragraph 6
  103. 7Paragraph 7
  104. 8Paragraph 8
  105. 9Paragraph 9
  106. 10Paragraph 10
  107. 11Paragraph 11
  108. 12Paragraph 12
  109. 13Paragraph 13
  110. 14Paragraph 14
  111. 15Paragraph 15
  112. 16Paragraph 16
  113. 17Paragraph 17
  114. 18Paragraph 18
  115. 19Paragraph 19
  116. 20Paragraph 20
  117. 21Paragraph 21
  118. 22Paragraph 22
  119. 23Paragraph 23
  120. Schedule 5GENERAL BUSINESS: ADDITIONAL INFORMATION ON BUSINESS CEDED
  121. 1Paragraph 1
  122. 2Paragraph 2
  123. 3Paragraph 3
  124. 4Paragraph 4
  125. 5Paragraph 5
  126. Schedule 6: CERTIFICATES BY DIRECTORS AND ACTUARY AND REPORT OF THE AUDITORS
  127. Part I
  128. 1Certificate by directors etc.
  129. 2Certificate by directors etc.
  130. 3Certificate by directors etc.
  131. 4Certificate by directors etc.
  132. 5Certificate by directors etc.
  133. 6Certificate by directors etc.
  134. 7Certificate by directors etc.
  135. Part II
  136. 8Certificate by appointed actuary
  137. 9Certificate by appointed actuary
  138. Part III
  139. 10Auditors' report
  140. 11Auditors' report
  141. 12Auditors' report
  142. Schedule 7Schedule 7
  143. Explanatory note