Council Directive of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (91/674/EEC) (c. 674)

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SECTION 4 U.K. Special provisions relating to certain balance-sheet items

Article 28 U.K. Liabilities: item C (3)Claims outstanding

The provision for claims outstanding shall be the total estimated ultimate cost to an insurance undertaking of settling all claims arising from events which have occured up to the end of the financial year, whether reported or not, less amounts already paid in respect of such claims.