67 Deemed date of receipt of certain premiums.U.K.
(1)In a case where—
(a)a premium under a contract of insurance is received by the insurer after 30th November 1993 and before 1st October 1994, and
(b)the period of cover for the risk begins on or after 1st October 1994,
for the purposes of this Part the premium shall be taken to be received on 1st October 1994.
(2)Subsection (3) below applies where—
(a)a premium under a contract of insurance is received by the insurer after 30th November 1993 and before 1st October 1994,
(b)the period of cover for the risk begins before 1st October 1994 and ends after 30th September 1995, and
(c)the premium, or any part of it, is attributable to such of the period of cover as falls after 30th September 1995.
(3)For the purposes of this Part—
(a)so much of the premium as is attributable to such of the period of cover as falls after 30th September 1995 shall be taken to be received on 1st October 1994;
(b)so much as is so attributable shall be taken to be a separate premium.
(4)If a contract relates to more than one risk subsection (1) above shall have effect as if the reference in paragraph (b) to the risk were to any given risk.
(5)If a contract relates to more than one risk, subsections (2) and (3) above shall apply as follows—
(a)so much of the premium as is attributable to any given risk shall be deemed for the purposes of those subsections to be a separate premium relating to that risk;
(b)those subsections shall then apply separately in the case of each given risk and the separate premium relating to it;
and any further attribution required by those subsections shall be made accordingly.
(6)Subsections (1) and (4) above do not apply in relation to a contract if the contract belongs to a class of contract as regards which the normal practice is for a premium to be received by or on behalf of the insurer before the date when cover begins.
(7)Subsections (2), (3) and (5) above do not apply in relation to a contract if the contract belongs to a class of contract as regards which the normal practice is for cover to be provided for a period exceeding twelve months.
(8)Any attribution under this section shall be made on such basis as is just and reasonable.