http://www.legislation.gov.uk/uksi/1990/1181/schedule/1/paragraph/n2/madeThe Insurance Companies (Credit Insurance) Regulations 1990Business practice and regulationKing's Printer of Acts of Parliament2015-02-10INSURANCEThese Regulations implement Council Directive 87/343/EEC (OJ No. L185, 4.7.87, p. 72), which amends, as regards credit insurance and suretyship insurance, Directive 73/239/EEC (OJ No. L228, 16.8.73, p. 3) relating to non-life insurance. They do so by the introduction of new provisions and by amending the Insurance Companies Regulations 1981 and the Insurance Companies (Accounts and Statements) Regulations 1983 with the following effect:a general obligation is imposed upon insurers carrying on credit insurance business to establish an equalisation reserve for the purpose of providing against above-average fluctuations in claims, in accordance with one of four specified methods which they may select (regulation 3 and Schedule 1);an exemption from this obligation is conferred upon companies whose credit insurance business falls under a specified threshold (less than 4% of receivable premiums or contributions and less than 2,500,000 units of account) (regulation 4);where a credit insurer exceeds the above threshold for 3 consecutive financial years, it will be required to increase the level of the minimum guarantee fund which it is required to maintain under regulation 9 of the 1981 Regulations (400,000 units of account) to 1,400,000 units of account over a seven-year period (regulation 5);an insurer carrying on credit insurance business will be required to make additional returns to the Secretary of State showing both the technical results and the technical reserves relating to its credit insurance business (regulation 6 and Schedules 2 and 3).SCHEDULE 1Method No 22.

The mimimum amount of the equalisation reserve shall be 134% of the average of the premiums or contributions received annually during the previous five financial years after subtraction of the cessions and addition of the reinsurance acceptances.

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<dc:title>The Insurance Companies (Credit Insurance) Regulations 1990</dc:title>
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<dc:description>These Regulations implement Council Directive 87/343/EEC (OJ No. L185, 4.7.87, p. 72), which amends, as regards credit insurance and suretyship insurance, Directive 73/239/EEC (OJ No. L228, 16.8.73, p. 3) relating to non-life insurance. They do so by the introduction of new provisions and by amending the Insurance Companies Regulations 1981 and the Insurance Companies (Accounts and Statements) Regulations 1983 with the following effect:a general obligation is imposed upon insurers carrying on credit insurance business to establish an equalisation reserve for the purpose of providing against above-average fluctuations in claims, in accordance with one of four specified methods which they may select (regulation 3 and Schedule 1);an exemption from this obligation is conferred upon companies whose credit insurance business falls under a specified threshold (less than 4% of receivable premiums or contributions and less than 2,500,000 units of account) (regulation 4);where a credit insurer exceeds the above threshold for 3 consecutive financial years, it will be required to increase the level of the minimum guarantee fund which it is required to maintain under regulation 9 of the 1981 Regulations (400,000 units of account) to 1,400,000 units of account over a seven-year period (regulation 5);an insurer carrying on credit insurance business will be required to make additional returns to the Secretary of State showing both the technical results and the technical reserves relating to its credit insurance business (regulation 6 and Schedules 2 and 3).</dc:description>
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<p>The mimimum amount of the equalisation reserve shall be 134% of the average of the premiums or contributions received annually during the previous five financial years after subtraction of the cessions and addition of the reinsurance acceptances.</p>
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