Premiums
- Calculate insurance form entries per Schedules 3–5 and explain differences Trader
UK Statutory Instrument
1996
United Kingdom
The Insurance Companies (Accounts and Statements) Regulations 1996
At a glance
What's here
25 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 22
- Any Person 2
- Employee 1
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Any Person also bound by 2337 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Employees also bound by 181 other Acts (top 5 shown)
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 13 duties
- Regulation (EU) No 965/2012 (Air Operations) 2012 12 duties
- Shared Parental Leave Regulations 2014 2014 10 duties
- The Income Tax (Pay As You Earn) Regulations 2003 2003 10 duties
- Paternity and Adoption Leave Regulations 2002 2002 9 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Provision for adverse changes
- Explain how you calculated your insurance provision for adverse changes Trader
(1) The company registration number to be entered in every...
- Complete insurance company forms with required identifiers and entries Trader
(1) Except to the extent permitted by sub-paragraph (2) of...
- Show amounts due gross in regulatory returns and note any netting Trader
Transfers of general business
- Disclose policy transfers in supplementary notes to annual accounts Trader
Unearned premiums
- Explain how you calculate unearned premiums in Forms 21 and 25 Trader
Acquisition costs
- State basis for carried-forward acquisition costs in supplementary note Trader
Business managed together
- Explain why different insurance business lines are treated as managed together Trader
Application of accounting practice
- Classify insurance amounts by economic substance using GAAP Trader
Reinsurance
- Disclose delayed reinsurance recoveries and discounting method Trader
Risk groups
- Name risk groups correctly and consistently in insurance returns Trader
Where arrangements have been made for the provision of management...
- Disclose management services arrangements in Form 40 Trader
To the extent that the information and explanations they have...
- Auditors must qualify report if unable to opine on directors’ certificate Any Person
Where the auditors refer in their report or in any...
- Auditors must state whether uncertainty affects minimum margin compliance Any Person
Certificate by appointed actuary
- Appointed actuary must certify long-term insurance liabilities Employee
Browse 77 other Schedules — structural / supplementary
(1) All the Forms included in the part of the...
Counterparty exposure
Liabilities
Reconciliation
Derivative contracts
Where, in respect of any derivative contract included in Form...
If— (a) the aggregate value of rights under contracts or...
Completion of Forms
Currency
(1) The amount of any income or expenditure shall be...
Presentation of amounts
Where in any Form an amount which is shown as...
All amounts are to be shown to the nearer £1,000....
All the Forms included in the part of the return...
In Forms 24, 25, 28, 29 and 34—
For the purposes of paragraphs 10 and 14 of this...
In all Forms to which this Schedule relates, amounts required...
Claims
In Forms 24, 25, 28, 29 and 34, where an...
In all Forms to which this Schedule relates, amounts required...
UK and overseas business
Provision for unexpired risks
The provisions of paragraph 1(2) and paragraphs 2 to 7...
(1) Where the amount included at column 3 line 19...
Cessation of business
Claims management costs
Underwriting year accounting
Discounting
Currency
Continuation sheets
All amounts shown in sterling shall be shown to the...
(1) Where premiums are written by a company or claims...
Accounting classes
Where a company includes business in another accounting class under...
Boxes marked “Accounting class” shall be completed so as to...
Premiums
All the Forms included in the part of the return...
The provisions of paragraph 1(2) and paragraphs 3 to 7...
For the purposes of this Schedule, a contract shall be...
(1) Where a company maintains more than one long term...
The date to which the investigation relates (the “valuation date”)....
(1) The assumed levels of inflation of expenses and the...
(1) A schedule of the sum of the mathematical reserves...
(1) For long term business ceded on a facultative basis...
Where any rights of any policy holders to participate in...
(1) The principles on which the distribution of profits among...
Particulars of the bonus allocated to each category of contract,...
A statement of the practice regarding any bonus payments (in...
Separate statements in the form set out in Forms 46...
Separate statements in the form set out in Forms 47...
(1) Separate statements of assets covering long term liabilities (other...
The date to which the latest previous investigation under section...
Separate statements in the form set out in Forms 51,...
(1) Separate statements in the form set out in Form...
Separate statements of the results of the valuation in the...
A statement of the required minimum margin for long term...
A statement that the valuation has been made in conformity...
(1) Subject to sub-paragraph (2) below, for each category of...
(1) Subject to sub-paragraph (3) below, for each category of...
(1) The general principles and methods adopted in the valuation,...
(1) Unless shown in Form 51, 52, 53 or 54,...
In respect of non-linked contracts— (a) where appropriate, the proportion...
For each category of linked contract— (a) all assumptions made...
Subject to paragraph 2 below, for each contract entered into...
(1) Where a contract of reinsurance has been modified during...
For every contract reported pursuant to paragraph 1 above, whether...
(1) For each business category or risk group, or part...
For each accounting class and separately for contracts of facultative...
Certificate by directors
Auditors' report
Subject to paragraph 7 below, the certificate required by regulation...
Subject to paragraph 7 below, the certificate required by regulation...
Subject to paragraph 7 below, if the company carries on...
Subject to paragraph 7 below, where the directors are satisfied...
Except in the case of a company whose head office...
(1) Where, in the opinion of those signing the certificate,...
If the appointed actuary considers it necessary, such qualification, amplification...
Content and form of accounts
- Prepare annual accounts and balance sheets in prescribed form and fairly state information Trader
Balance sheet
- Complete and submit the correct balance sheet forms Trader
Profit and loss account
- Prepare profit and loss account in Form 16 Trader
Revenue account
- Prepare revenue accounts in the correct statutory format Trader
Risk groups for general business
- Classify general insurance business into risk groups Trader
Currencies other than sterling
- Prepare Form 36 when filing foreign-currency accounts Trader
Additional information on derivative contracts
- Annex statement on derivative contracts to annual documents Trader
Additional information on shareholder controllers
- Include shareholder controller information in annual accounts Trader
Audit and auditor’s report
- Have your insurance company's accounts and statements audited by a qualified auditor Trader
Transitional provisions
- Use old reporting forms and rules for financial years before this regulation Trader
Browse 26 other sections — procedural / definitional / commencement
sch. 5
Citation and commencement
Application
Interpretation
Value of assets and amount of liabilities
Additional information on general business (accounting classes and discounting)
Business categories for general business (reinsurance treaties accepted)
Additional information on general business (reinsurance treaties accepted)
Additional information on general business (direct and facultative business)
Additional information on general business (direct and facultative reconciliation business)
Additional information on prescribed general business
Additional information on long term business
Forms prepared pursuant to regulations 9, 11 and 13 to 17
Additional information on general business: major treaty reinsurers
Additional information on general business: major facultative reinsurers
Information on major general business reinsurance cedants
Provisions supplemental to regulations 19 to 21
Periodic actuarial investigation
Additional information on general business ceded
Signature of documents
Certificates
Qualification of actuary
Information on appointed actuary
Qualifications of auditor
Amendments of the
Revocations
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