The Companies Act 1985 (Insurance Companies Accounts) Regulations 1993
1Citation and interpretation
2Insurance companies
3Insurance groups
4Form and content of accounts
5Minor and consequential amendments
6Exempted companies
7Transitional provisions
SCHEDULE 1Form and Content of Accounts of Insurance Companies and Groups
PART IIndividual Accounts
Chapter IGeneral Rules and Formats
Section AGeneral Rules
1(1) Subject to the following provisions of this Part of...
2(1) Any item required in accordance with paragraph 1 above...
3(1) In respect of every item shown in the balance...
4Subject to the provisions of this Schedule, amounts in respect...
5Every profit and loss account of a company shall show...
6The provisions of this Schedule which relate to long term...
Section BThe Required Formats for Accounts
Preliminary
7(1) References in this Part of this Schedule to the...
8A number in brackets following any item in either of...
9In the profit and loss account format set out below—...
Balance Sheet Format
ASSETS
LIABILITIES
Notes on the balance sheet format
1Called up share capital not paid (Assets items A and...
2Concessions, patents, licences, trade marks and similar rights and assets...
3Goodwill (Assets item B.3) Amounts representing goodwill shall only be...
4Land and buildings (Assets item C.I.) The amount of any...
5Debt securities and other fixed income securities (Assets item C.III.2)...
6Participation in investment pools (Assets item C.III.3) This item shall...
7Loans secured by mortgages and other loans (Assets items C.III.4...
8Deposits with credit institutions (Assets item C.III.6) This item shall...
9Other (Assets item C.III.7) This item shall comprise those investments...
10Deposits with ceding undertakings (Assets item C.IV) Where the company...
11Assets held to cover linked liabilities (Assets item D) In...
12Reinsurance amounts (Assets item Da: Liabilities items C.1(b), 2(b), 3(b),...
13Debtors (Assets item E) Amounts owed by group undertakings and...
14Own shares (Assets item F.IV) The nominal value of the...
15Other (Assets item F.V) This item shall comprise those assets...
16Accrued interest and rent (Assets item G.I) This item shall...
17Deferred acquisition costs (Assets item G.II) This item shall comprise...
18Subordinated liabilities (Liabilities item B) This item shall comprise all...
19Fund for future appropriations (Liabilities item Ba) This item shall...
20Provision for unearned premiums (Liabilities item C.1) In the case...
21Long term business provision (Liabilities item C.2) This item shall...
22Claims outstanding (Liabilities item C.3) This item shall comprise the...
23Provision for bonuses and rebates (Liabilities item C.4) This item...
24Equalisation provision (Liabilities item C.5) This item shall comprise any...
25Other technical provisions (Liabilities item C.6) This item shall comprise,...
26Technical provisions for linked liabilities (Liabilities item D) This item...
27Deposits received from reinsurers (Liabilities item F) Where the company...
28Creditors (Liabilities item G) Amounts owed to group undertakings and...
29Debenture loans (Liabilities item G.III) The amount of any convertible...
Special rules for balance sheet format
10Additional items
11Managed funds
12Deferred acquisition costs
Profit and loss account format
ITechnical account General business (1) Earned premiums, net of reinsurance—...
IITechnical account Long term business (1) Earned premiums, net of...
IIINon-technical account (1) Balance on the general business technical account...
Notes on the profit and loss account format
1Gross premiums written (General business technical account: item I.1.(a) Long...
2Outward reinsurance premiums (General business technical account: item I.1.(b) Long...
3Change in the provision for unearned premiums, net of reinsurance...
4Claims incurred, net of reinsurance (General business technical account: item...
5Bonuses and rebates, net of reinsurance (General business technical account:...
6Acquisition costs (General business technical account: item I.7.(a) Long term...
7Administrative expenses (General business technical account: item I.7.(c) Long term...
8Investment income, expenses and charges (General business technical account: items...
9Unrealised gains and losses on investments (Long term business technical...
10Allocated investment return (General business technical account: items I.2 and...
Chapter IIAccounting Principles and Rules
Section AAccounting Principles
Preliminary
13Subject to paragraph 19 below, the amounts to be included...
Accounting principles
14The company shall be presumed to be carrying on business...
15Accounting policies shall be applied consistently within the same accounts...
16The amount of any item shall be determined on a...
17All income and charges relating to the financial year to...
18In determining the aggregate amount of any item the amount...
Departure from accounting principles
19If it appears to the directors of a company that...
Section BCurrent Value Accounting Rules
Preliminary
20Subject to paragraphs 27 to 29 below—
21The same valuation method shall be applied to all investments...
Valuation of assets: general
22(1) Subject to paragraph 24 below, investments falling to be...
23(1) Intangible assets other than goodwill may be shown at...
Alternative valuation of fixed-income securities
24(1) This paragraph applies to debt securities and other fixed-income...
Meaning of “current value”
25(1) Subject to sub-paragraph (5) below, in the case of...
26(1) In the case of land and buildings, current value...
Application of the depreciation rules
27(1) Where— (a) the value of any asset of a...
Additional information to be provided
28(1) This paragraph applies where the amounts to be included...
Revaluation reserve
29(1) Subject to sub-paragraph (7) below, with respect to any...
Section CHistorical Cost Accounting Rules
Preliminary
30Subject to paragraphs 20 to 29 above, the amounts to...
Valuation of assets
31General rules
32In the case of any asset included under Assets item...
33(1) This paragraph applies to any asset included under Assets...
34(1) This paragraph applies to assets included under Assets items...
35Development costs
36Goodwill
Miscellaneous and supplemental
37Excess of money owed over value received as an asset item
38Assets included at a fixed amount
39Determination of cost
40(1) Subject to the qualification mentioned below, the cost of...
41Substitution of original amount where price or cost unknown
Section DRules for Determining Provisions
42Preliminary
43Technical provisions
44Provision for unearned premiums
45Provision for unexpired risks
46Long term business provision
47Provisions for claims outstanding General business
48(1) Explicit discounting or deductions to take account of investment...
49Long term business
50Equalisation provision
51Accounting on a non-annual basis
52(1) The excess of the premiums written over the claims...
53(1) The figures shown in the technical account or in...
Chapter iiiNotes to the Accounts
Preliminary
54Any information required in the case of any company by...
General
55Disclosure of accounting policies
56It shall be stated whether the accounts have been prepared...
57Sums denominated in foreign currencies
Information supplementing the balance sheet
58Share capital and debentures
59If the company has allotted any shares during the financial...
60(1) With respect to any contingent right to the allotment...
61(1) If the company has issued any debentures during the...
62Assets
63Where any assets of the company (other than listed investments)...
64In relation to any amount which is included under Assets...
65Investments
66Reserves and provisions
67Provision for taxation
68Details of indebtedness
69If any fixed cumulative dividends on the company’s shares are...
70Guarantees and other financial commitments.
71Dealings with or interests in group undertakings
72Miscellaneous matters
Information supplementing the profit and loss account
73Separate statement of certain items of income and expenditure
74Particulars of tax
75Particulars of business
76(1) As regards long term business, the company shall disclose—...
77(1) Subject to sub-paragraph (2) below, there shall be disclosed...
79Particulars of staff
80Miscellaneous matters
Chapter IVInterpretation of Part I
81General
82Loans
83Materiality
84Provisions
85Scots land tenure
86Staff costs
Part IIConsolidated Accounts
Schedule 4A to apply Part I of this Schedule with modifications
1(1) In its application to insurance groups, Schedule 4A shall...
Modifications of Part I of this Schedule for purposes of paragraph 1
2(1) For the purposes of paragraph 1 above, Part I...
SCHEDULE 2Minor and Consequential Amendments of 1985 Act
1In section 228(2)(b) of the 1985 Act (exemption for parent...
2In section 254(3) of the 1985 Act (exemption from requirements...
3Section 255C of the 1985 Act (directors' report where accounts...
4In section 260(6) of the 1985 Act (participating interests), for...
5In the index of defined expressions set out in section...
6In section 268(1) of the 1985 Act (realised profits of...
7Schedule 10 to the 1985 Act (directors' report where accounts...
8In Schedule 11 to the 1985 Act (modifications of Part...
9In Schedule 22 to the 1985 Act (provisions applying to...

1993 No. 3246

COMPANIES

The Companies Act 1985 (Insurance Companies Accounts) Regulations 1993

Made

Coming into force

The Secretary of State, in exercise of the powers conferred on him by section 257 of the Companies Act 19851 and of all other powers enabling him in that behalf, hereby makes the following Regulations of which a draft has been laid before Parliament in accordance with section 257(2) of that Act and approved by resolution of each House of Parliament: