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Companies Act 1985
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Changes over time for: Paragraph 52
No versions valid at: 01/02/1991
Alternative versions:
- 19/12/1993- Amendment
- 01/02/1991
Point in time - Stop date 06/04/2008- Amendment
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Companies Act 1985, Paragraph 52 is up to date with all changes known to be in force on or before 17 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 19/12/1993
52(1)The excess of the premiums written over the claims and expenses paid in respect of contracts commencing in the underwriting year shall form a technical provision included in the technical provision for claims outstanding shown in the balance sheet under Liabilities item C.3.
(2)The provision may also be computed on the basis of a given percentage of the premiums written where such a method is appropriate for the type of risk insured.
(3)If necessary, the amount of this technical provision shall be increased to make it sufficient to meet present and future obligations.
(4)The technical provision constituted under this paragraph shall be replaced by a provision for claims outstanding estimated in accordance with paragraph 47 above as soon as sufficient information has been gathered and not later than the end of the third year following the underwriting year.
(5)The length of time that elapses before a provision for claims outstanding is constituted in accordance with sub-paragraph (4) above shall be disclosed in the notes to the accounts.
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