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The Insurance Companies (Amendment) Regulations 1998
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- UK Statutory Instruments
- 1998 No. 2996
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations, which come into force on 1st January 1999, make amendments to the Insurance Companies Regulations 1994 (“the 1994 Regulations”), the Insurance Companies (Accounts and Statements) Regulations 1996 (“the 1996 Regulations”) and the Insurance Companies Reserves Regulations 1996 (“the Reserves Regulations”). They make certain amendments in consequence of Council Regulation No. 1103/97(1) and Council Regulation No. 947/98(2) on the introduction of the euro, and other amendments concerning the extent of disclosure required under section 17 and 18 of the Insurance Companies Act 1982.
Regulation 2 amends the provisions of regulation 44 of the 1994 Regulations by adding the European Central Bank to the list of approved financial institutions.
Regulation 3 amends the provisions relating to the classification of risk groups for general insurance business.
Regulation 4 makes an amendment to the requirement for a supplementary note to Form 17 in respect of contracts or assets having the effect of a derivative contract.
Regulation 5 makes an amendment to the instructions for the completion of Form 13.
Regulations 6 and 7 make amendments to Schedule 2 to the 1996 Regulations relating to the conversion rate for UK business written in euros and the reporting of business written in the currency of member States participating in European Economic and Monetary Union.
Regulation 8 makes amendments to the instructions for the completion of Forms 33, 34 and 36 to correct drafting errors in these instructions.
Regulation 9 makes an amendment to the requirements relating to the forms showing the statements and analyses of unit liabilities in respect of the fund or part of a fund for which a surplus is determined under section 18 of the Insurance Companies Act.
Regulation 10 makes an amendment to the instructions for the completion of Form 60.
Regulation 11 deals with rate of conversion of the euro for the purposes of the Reserves Regulations.
(1)
O.J. L62 19.6.97 p.1.
(2)
O.J. L139 11.5.98 p.1.
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