The Insurance Companies (Accounts and Statements) Regulations 1996

Additional information on general business: major treaty reinsurers

19.—(1) Subject to the provisions of regulation 22 below, a company which carries on general business shall annex to the documents referred to in regulations 6, 7 and 8 above, and relating to the financial year in question, a statement of—

(a) the full name of each of its major treaty reinsurers and the address of the registered office or of the principal office in the country where it is incorporated (or, in the case of an unincorporated body, of the principal office) of each such reinsurer;

(b) whether (and, if so, how) the company was at any time in the financial year connected with any such reinsurer;

(c) the amount of the reinsurance premiums payable in the financial year to each such reinsurer in respect of—

(i) general business ceded under proportional reinsurance treaties; and

(ii) general business ceded under non-proportional reinsurance treaties;

(d) the amount of any debt of each such reinsurer to the company in respect of general business ceded under reinsurance treaties, included at line 75 of Form 13;

(e) the amount of any deposit received from each such reinsurer under reinsurance treaties as included at line 31 of Form 15; and

(f) the amount of any anticipated recoveries from each such reinsurer under reinsurance treaties to the extent that such recoveries have been taken into account by the company in determining the reinsurers' share of technical provisions in respect of claims outstanding as shown at line 61 of Form 13; except that, in respect of claims incurred but not reported, such recoveries need only be included to the extent that they are in respect of any specific occurrences for which provisions have been allocated by the company,

or a statement that it has no major treaty reinsurer.

(2) For the purposes of this regulation, a major treaty reinsurer of a company is another company—

(a) to which (whether alone or with any body corporate which is connected with such other company) the company has ceded general business under one or more reinsurance treaties—

(i) in the case of proportional reinsurance, for which the total amount of the reinsurance premiums payable is equal to not less than 2 per cent. of the gross premiums receivable by the company in respect of general business; or

(ii) in the case of non-proportional reinsurance, for which the total amount of the reinsurance premiums payable is equal to not less than 5 per cent. of the total premiums payable by the company in respect of all such non-proportional reinsurance,

in the financial year in question or in any of the five immediately preceding financial years of the company; or

(b) in relation to which (whether alone or with any body corporate which is connected with such other company) the aggregate of the amounts referred to in sub-paragraphs (1)(d) and (f) above exceeds 5 per cent. of the company’s general business amount (as calculated in accordance with the Insurance Companies Regulations).