- Status
- In Force
- Penalty ceiling
- Regulated
Does it bind you?
Business-side roles with duties under this instrument.
Trader24
Any Person3
Employee1
Other Acts binding the same actors
If a role above is yours, these are the other instruments that most often bind it.
Trader — also bound by 825 other Acts
Value Added Tax Regulations 1995
416 duties
Companies Act 2006
243 duties
Companies Act 1985
85 duties
Any Person — also bound by 2340 other Acts
Human Medicines Regulations 2012
184 duties
Merchant Shipping Act 1995
144 duties
Insolvency (England and Wales) Rules 2016
104 duties
Communications Act 2003
92 duties
Road Traffic Act 1988
92 duties
Employee — also bound by 189 other Acts
Shared Parental Leave Regulations 2014
10 duties
What it requires
Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.
s.005
Content and form of accounts
Regulated
- Prepare annual accounts and balance sheets in prescribed form and fairly state informationTrader
s.006
Balance sheet
Regulated
- Complete and submit the correct balance sheet formsTrader
s.007
Profit and loss account
Regulated
- Prepare profit and loss account in Form 16Trader
s.008
Revenue account
Regulated
- Prepare revenue accounts in the correct statutory formatTrader
s.012
Risk groups for general business
Regulated
- Classify general insurance business into risk groupsTrader
s.015
Currencies other than sterling
Regulated
- Prepare Form 36 when filing foreign-currency accountsTrader
s.023
Additional information on derivative contracts
Regulated
- Annex statement on derivative contracts to annual documentsTrader
s.024
Additional information on shareholder controllers
Regulated
- Include shareholder controller information in annual accountsTrader
s.029
Audit and auditor’s report
Regulated
- Have your insurance company's accounts and statements audited by a qualified auditorTrader
s.033
Transitional provisions
Regulated
- Use old reporting forms and rules for financial years before this regulationTrader
26 other provisions — procedural and definitional
sch. 5
sch. 5
s.001
Citation and commencement
s.002
Application
s.003
Interpretation
s.004
Value of assets and amount of liabilities
s.009
Additional information on general business (accounting classes and discounting)
s.010
Business categories for general business (reinsurance treaties accepted)
s.011
Additional information on general business (reinsurance treaties accepted)
s.013
Additional information on general business (direct and facultative business)
s.014
Additional information on general business (direct and facultative reconciliation business)
s.016
Additional information on prescribed general business
s.017
Additional information on long term business
s.018
Forms prepared pursuant to regulations 9, 11 and 13 to 17
s.019
Additional information on general business: major treaty reinsurers
s.020
Additional information on general business: major facultative reinsurers
s.021
Information on major general business reinsurance cedants
s.022
Provisions supplemental to regulations 19 to 21
s.025
Periodic actuarial investigation
s.026
Additional information on general business ceded
s.027
Signature of documents
s.028
Certificates
s.030
Qualification of actuary
s.031
Information on appointed actuary
s.032
Qualifications of auditor
s.034
Amendments of the
s.035
Revocations
Schedules
Schedules
18 of 92 shown
s.sch001
Premiums
Regulated
- Calculate insurance form entries per Schedules 3–5 and explain differencesTrader
s.sch001
Provision for adverse changes
Regulated
- Explain how you calculated your insurance provision for adverse changesTrader
s.sch001
(1) The company registration number to be entered in every...
Regulated
- Complete insurance company forms with required identifiers and entriesTrader
s.sch001
(1) Except to the extent permitted by sub-paragraph (2) of...
Regulated
- Show amounts due gross in regulatory returns and note any nettingTrader
s.sch002
Transfers of general business
Regulated
- Disclose policy transfers in supplementary notes to annual accountsTrader
s.sch002
Unearned premiums
Regulated
- Explain how you calculate unearned premiums in Forms 21 and 25Trader
s.sch002
Acquisition costs
Regulated
- State basis for carried-forward acquisition costs in supplementary noteTrader
s.sch002
Business managed together
Regulated
- Explain why different insurance business lines are treated as managed togetherTrader
s.sch002
Application of accounting practice
Regulated
- Classify insurance amounts by economic substance using GAAPTrader
s.sch002
Reinsurance
Regulated
- Disclose delayed reinsurance recoveries and discounting methodTrader
s.sch002
Risk groups
Regulated
- Name risk groups correctly and consistently in insurance returnsTrader
s.sch003
(1) Where a company maintains more than one long term...
Regulated
- State apportionment principles and complete fund reference boxes on Form 40Trader
s.sch003
Where arrangements have been made for the provision of management...
Regulated
- Disclose management services arrangements in Form 40Trader
s.sch006
Auditors' report
Regulated
- Auditors must report on forms, certificates and reliance in insurance accountsAny Person
s.sch006
To the extent that the information and explanations they have...
Regulated
- Auditors must qualify report if unable to opine on directors’ certificateAny Person
s.sch006
Where the auditors refer in their report or in any...
Regulated
- Auditors must state whether uncertainty affects minimum margin complianceAny Person
s.sch006
Subject to paragraph 7 below, if the company carries on...
Regulated
- Include all six required statements in long-term business certificateTrader
s.sch006
Certificate by appointed actuary
Regulated
- Appointed actuary must certify long-term insurance liabilitiesEmployee
74 other schedules
s.sch001
(1) All the Forms included in the part of the...
s.sch001
Counterparty exposure
s.sch001
Liabilities
s.sch001
Reconciliation
s.sch001
Derivative contracts
s.sch001
Where, in respect of any derivative contract included in Form...
s.sch001
If— (a) the aggregate value of rights under contracts or...
s.sch001
Completion of Forms
s.sch001
Currency
s.sch001
(1) The amount of any income or expenditure shall be...
s.sch001
Presentation of amounts
s.sch001
Where in any Form an amount which is shown as...
s.sch001
All amounts are to be shown to the nearer £1,000....
s.sch002
All the Forms included in the part of the return...
s.sch002
In Forms 24, 25, 28, 29 and 34—
s.sch002
For the purposes of paragraphs 10 and 14 of this...
s.sch002
In all Forms to which this Schedule relates, amounts required...
s.sch002
Claims
s.sch002
In Forms 24, 25, 28, 29 and 34, where an...
s.sch002
In all Forms to which this Schedule relates, amounts required...
s.sch002
UK and overseas business
s.sch002
Provision for unexpired risks
s.sch002
The provisions of paragraph 1(2) and paragraphs 2 to 7...
s.sch002
(1) Where the amount included at column 3 line 19...
s.sch002
Cessation of business
s.sch002
Claims management costs
s.sch002
Underwriting year accounting
s.sch002
Discounting
s.sch002
Currency
s.sch002
Continuation sheets
s.sch002
All amounts shown in sterling shall be shown to the...
s.sch002
(1) Where premiums are written by a company or claims...
s.sch002
Accounting classes
s.sch002
Where a company includes business in another accounting class under...
s.sch002
Boxes marked “Accounting class” shall be completed so as to...
s.sch002
Premiums
s.sch003
All the Forms included in the part of the return...
s.sch003
The provisions of paragraph 1(2) and paragraphs 3 to 7...
s.sch003
For the purposes of this Schedule, a contract shall be...
s.sch004
The date to which the investigation relates (the “valuation date”)....
s.sch004
(1) The assumed levels of inflation of expenses and the...
s.sch004
(1) A schedule of the sum of the mathematical reserves...
s.sch004
(1) For long term business ceded on a facultative basis...
s.sch004
Where any rights of any policy holders to participate in...
s.sch004
(1) The principles on which the distribution of profits among...
s.sch004
Particulars of the bonus allocated to each category of contract,...
s.sch004
A statement of the practice regarding any bonus payments (in...
s.sch004
Separate statements in the form set out in Forms 46...
s.sch004
Separate statements in the form set out in Forms 47...
s.sch004
(1) Separate statements of assets covering long term liabilities (other...
s.sch004
The date to which the latest previous investigation under section...
s.sch004
Separate statements in the form set out in Forms 51,...
s.sch004
(1) Separate statements in the form set out in Form...
s.sch004
Separate statements of the results of the valuation in the...
s.sch004
A statement of the required minimum margin for long term...
s.sch004
A statement that the valuation has been made in conformity...
s.sch004
(1) Subject to sub-paragraph (2) below, for each category of...
s.sch004
(1) Subject to sub-paragraph (3) below, for each category of...
s.sch004
(1) The general principles and methods adopted in the valuation,...
s.sch004
(1) Unless shown in Form 51, 52, 53 or 54,...
s.sch004
In respect of non-linked contracts— (a) where appropriate, the proportion...
s.sch004
For each category of linked contract— (a) all assumptions made...
s.sch005
Subject to paragraph 2 below, for each contract entered into...
s.sch005
(1) Where a contract of reinsurance has been modified during...
s.sch005
For every contract reported pursuant to paragraph 1 above, whether...
s.sch005
(1) For each business category or risk group, or part...
s.sch005
For each accounting class and separately for contracts of facultative...
s.sch006
Certificate by directors
s.sch006
Subject to paragraph 7 below, the certificate required by regulation...
s.sch006
Subject to paragraph 7 below, the certificate required by regulation...
s.sch006
Subject to paragraph 7 below, where the directors are satisfied...
s.sch006
Except in the case of a company whose head office...
s.sch006
(1) Where, in the opinion of those signing the certificate,...
s.sch006
If the appointed actuary considers it necessary, such qualification, amplification...
Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.