The Insurance Companies (Amendment No. 2) Regulations 1994

AMENDMENTS OF THE 1983 REGULATIONS

Interpretation

18.  In paragraph (1) of regulation 3 of the 1983 Regulations (interpretation), for the definition of “the Act” substitute—

““the Act” means the Insurance Companies Act 1982 and includes amendments made to that Act by the Insurance Companies (Amendment) Regulations 1994.”

Balance sheet and profit and loss account

19.  In Form 13 in Schedule 1 to the 1983 Regulations (balance sheet and profit and loss account), in Instruction 6(a), for the words “the value of assets left out of account pursuant to regulation 57(2)(b)” substitute “the deductions pursuant to regulation 57(8C)(b) and (8E)”.

20.—(1) Form 15 in Schedule 1 to the 1983 Regulations shall be amended as follows.

(2) In line 45, for the entry “Recommended dividend” substitute the entry “Dividends”.

(3) In line 46, for the entry “Cumulative preference share dividend accrued” substitute the entry “Cumulative preference shares”.

(4) For Instruction 2(b) substitute—

“2 The entry at line 46 shall exclude liabilities in respect of cumulative preference shares, to the extent that such liabilities are left out of account in accordance with regulation 23(3) of the Insurance Companies Regulations 1994.”

Certificate by appointed actuary

21.  For sub-paragraph (iv) of paragraph 9(a) of Schedule 6 to the 1983 Regulations(1) (certificate by appointed actuary) substitute—

“(iv) and shall list the professional guidance notes which have been complied with; and”.

(1)

Sub-paragraph 9(a)(iv) was added by S.I. 1993/946, reg. 2