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SCHEDULE 3INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS

PART 2ACCOUNTING PRINCIPLES AND RULES

SECTION ERULES FOR DETERMINING PROVISIONS

Provision for unexpired risks

51.  The provision for unexpired risks (as defined in paragraph 91) must be computed on the basis of claims and administrative expenses likely to arise after the end of the financial year from contracts concluded before that date, in so far as their estimated value exceeds the provision for unearned premiums and any premiums receivable under those contracts.