The Insurance Companies (Accounts and Statements) Regulations 1996
1Citation and commencement
2Application
3Interpretation
4Value of assets and amount of liabilities
5Content and form of accounts
6Balance sheet
7Profit and loss account
8Revenue account
9Additional information on general business (accounting classes and discounting)
10Business categories for general business (reinsurance treaties accepted)
11Additional information on general business (reinsurance treaties accepted)
12Risk groups for general business
13Additional information on general business (direct and facultative business)
14Additional information on general business (direct and facultative reconciliation business)
15Currencies other than sterling
16Additional information on prescribed general business
17Additional information on long term business
18Forms prepared pursuant to regulations 9, 11 and 13 to 17
19Additional information on general business: major treaty reinsurers
20Additional information on general business: major facultative reinsurers
21Information on major general business reinsurance cedants
22Provisions supplemental to regulations 19 to 21
23Additional information on derivative contracts
24Additional information on shareholder controllers
25Periodic actuarial investigation
26Additional information on general business ceded
27Signature of documents
28Certificates
29Audit and auditor’s report
30Qualification of actuary
31Information on appointed actuary
32Qualifications of auditor
33Transitional provisions
34Amendments of the 1983 Regulations
35Revocations
SCHEDULE 1BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
(Forms 9 to 17)
1(1) All the Forms included in the part of the...
2Completion of Forms
3(1) The company registration number to be entered in every...
4Currency
5(1) The amount of any income or expenditure shall be...
6Presentation of amounts
7Where in any Form an amount which is shown as...
8(1) Except to the extent permitted by sub-paragraph (2) of...
9All amounts are to be shown to the nearer £1,000....
10Premiums
11Counterparty exposure
12Provision for adverse changes
13Liabilities
14Reconciliation
15Derivative contracts
16Where, in respect of any derivative contract included in Form...
17If— (a) the aggregate value of rights under contracts or...
SCHEDULE 2GENERAL BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFOR MATION
(Forms 20 to 39)
1All the Forms included in the part of the return...
2The provisions of paragraph 1(2) and paragraphs 2 to 7...
3Currency
4All amounts shown in sterling shall be shown to the...
5(1) Where premiums are written by a company or claims...
6Accounting classes
7Where a company includes business in another accounting class under...
8Boxes marked “Accounting class” shall be completed so as to...
9Premiums
10In Forms 24, 25, 28, 29 and 34—
11For the purposes of paragraphs 10 and 14 of this...
12In all Forms to which this Schedule relates, amounts required...
13Claims
14In Forms 24, 25, 28, 29 and 34, where an...
15In all Forms to which this Schedule relates, amounts required...
16UK and overseas business
17Transfers of general business
18Unearned premiums
19Provision for unexpired risks
20(1) Where the amount included at column 3 line 19...
21Cessation of business
22Claims management costs
23Acquisition costs
24Underwriting year accounting
25Business managed together
26Application of accounting practice
27Discounting
28Reinsurance
29Risk groups
30Continuation sheets
SCHEDULE 3LONG TERM BUSINESS: REVENUE ACCOUNT AND ADDITIONAL INFORMATION
(Forms 40 to 45)
1All the Forms included in the part of the return...
2The provisions of paragraph 1(2) and paragraphs 3 to 7...
3For the purposes of this Schedule, a contract shall be...
4(1) Where a company maintains more than one long term...
5Where arrangements have been made for the provision of management...
SCHEDULE 4ABSTRACT OF VALUATION REPORT PREPARED BY THE APPOINTED ACTUARY
(Forms 46 to 61)
1The date to which the investigation relates (the “valuation date”)....
2The date to which the latest previous investigation under section...
3A statement that the valuation has been made in conformity...
4(1) Subject to sub-paragraph (2) below, for each category of...
5(1) Subject to sub-paragraph (3) below, for each category of...
6(1) The general principles and methods adopted in the valuation,...
7(1) Unless shown in Form 51, 52, 53 or 54,...
8In respect of non-linked contracts— (a) where appropriate, the proportion...
9For each category of linked contract— (a) all assumptions made...
10(1) The assumed levels of inflation of expenses and the...
11(1) A schedule of the sum of the mathematical reserves...
12(1) For long term business ceded on a facultative basis...
13Where any rights of any policy holders to participate in...
14(1) The principles on which the distribution of profits among...
15Particulars of the bonus allocated to each category of contract,...
16A statement of the practice regarding any bonus payments (in...
17Separate statements in the form set out in Forms 46...
18Separate statements in the form set out in Forms 47...
19(1) Separate statements of assets covering long term liabilities (other...
20Separate statements in the form set out in Forms 51,...
21(1) Separate statements in the form set out in Form...
22Separate statements of the results of the valuation in the...
23A statement of the required minimum margin for long term...
SCHEDULE 5GENERAL BUSINESS: ADDITIONAL INFORMATION ON BUSINESS CEDED
1Subject to paragraph 2 below, for each contract entered into...
2(1) Where a contract of reinsurance has been modified during...
3For every contract reported pursuant to paragraph 1 above, whether...
4(1) For each business category or risk group, or part...
5For each accounting class and separately for contracts of facultative...
SCHEDULE 6CERTIFICATES BY DIRECTORS AND ACTUARY AND REPORT OF THE AUDITORS
PART I
1Certificate by directors etc.
2Subject to paragraph 7 below, the certificate required by regulation...
3Subject to paragraph 7 below, the certificate required by regulation...
4Subject to paragraph 7 below, if the company carries on...
5Subject to paragraph 7 below, where the directors are satisfied...
6Except in the case of a company whose head office...
7(1) Where, in the opinion of those signing the certificate,...
PART II
8Certificate by appointed actuary
9If the appointed actuary considers it necessary, such qualification, amplification...
PART III
10Auditors' report
11To the extent that the information and explanations they have...
12Where the auditors refer in their report or in any...
SCHEDULE 7

1996 No. 943

INSURANCE

The Insurance Companies (Accounts and Statements) Regulations 1996

Made

Laid before Parliament

Coming into force

Regulation 34

Remainder

The Secretary of State, in exercise of the powers conferred on him by sections 17, 18, 21, 96(1) and 97 of the Insurance Companies Act 19821 and of all other powers enabling him in that behalf, hereby makes the following Regulations:—