The Insurance Companies (Reserves) Regulations 1996

Application: Part II

4.—(1) Subject to paragraph (2) below, this Part of these Regulations applies to every company to which Part II of the Act applies—

(a) whose head office is in the United Kingdom;

(b) whose business in the United Kingdom is restricted to reinsurance; or

(c) whose head office is not in a member State.

(2) This Part of these Regulations does not apply to any company which is an assessable mutual.

(3) This Part of these Regulations applies to general business falling within any of the following sub-paragraphs—

(a) business in accounting class 6 and corresponding proportional reinsurance treaty business categories;

(b) direct, facultative and proportional reinsurance treaty consequential loss risks;

(c) business in accounting classes 3 and 4 and corresponding reinsurance treaty business categories;

(d) nuclear risks; and

(e) non-proportional reinsurance treaty business categories corresponding to business in accounting class 6 and non-proportional reinsurance treaty consequential loss risks.

(4) For the purposes of paragraph (3) above, any business falling within sub-paragraph (d) shall be treated as if it did not fall within sub-paragraph (a), (b), (c) or (e).