Sums recoverable by a life office under paragraph 5(b) of Schedule 4 shall be recovered on a claim made to the Board for the purpose under these Regulations.

A claim for any period allowed by these Regulations shall be a claim relating to the deficiency arising in respect of premiums received in that period, and accordingly references to premiums “for” a period are to premiums received in that period.

Subject to paragraph (4) below a claim shall be for the claimant's financial year, and is referred to in these Regulations as an “annual claim”.

A claim may also be made in accordance with Regulation 6 or 8 below for a period shorter than the claimant's financial year, and is referred to in these Regulations as an “interim claim”.

A life office which carries on both industrial branch business and ordinary branch business may make annual and interim claims separately for business of each branch.