SCHEDULE 3INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS
PART 3NOTES TO THE ACCOUNTS
Information supplementing the balance sheet
Information about fair value of assets and liabilities73
1
This paragraph applies where financial instruments have been valued in accordance with paragraph 30 or 32.
2
The items affected and the basis of valuation adopted in determining the amounts of the financial instruments must be disclosed.
3
The purchase price of the financial instruments must be disclosed.
4
There must be stated—
a
the significant assumptions underlying the valuation models and techniques used, where the fair value of the instruments has been determined in accordance with paragraph 31(4),
b
for each category of financial instrument, the fair value of the instruments in that category and the changes in value—
i
included in the profit and loss account, or
ii
credited to or (as the case may be) debited from the fair value reserve,
in respect of those instruments, and
c
for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
5
Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form—
a
the amount of the reserve as at the date of the beginning of the financial year and as at the balance sheet date respectively,
b
the amount transferred to or from the reserve during that year, and
c
the source and application respectively of the amounts so transferred.