The Insurance Companies (Amendment) Regulations 1998

• Citation: S.I. 1998/2996
• Sections: 11

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Insurance Companies (Amendment) Regulations 1998 and shall come into force on 1st January 1999.

(2) The Insurance Companies Regulations 1994 (“the 1994 Regulations ”), the Insurance Companies (Accounts and Statements) Regulations 1996 (“the 1996 Regulations ”) and the Insurance Companies (Reserves) Regulations 1996 (“the Reserves Regulations ”) shall have effect subject to the following amendments.

Section 2 Interpretation: Part VIII

In paragraph (1) of regulation 44 (interpretation: Part VIII), in the definition of “approved financial institution” insert “the European Central Bank” after “any of the following–” and before “the central bank of an EEA State”.

Section 3 Risks groups for general business

In paragraph (3)(f) of regulation 12 of the 1996 Regulations (risk groups for general business), after the words “Schedule 2C of the Act” insert “, or approved by the competent authority of another EEA State under Article 12 of Council Directive 92/49/ EEC ,” .

Section 4 Schedule 1 to the 1996 Regulations: balance sheet and profit and loss account

In sub-paragraph (b) of paragraph 17 of Schedule 1 to the 1996 Regulations, for “lines 21 to 47 of Form 14” substitute “lines 17 to 39 of Form 14”.

Section 5 Schedule 1 to the 1996 Regulations: balance sheet and profit and loss account

(1) The forms contained in Schedule 1 to the 1996 Regulations shall be amended as follows.

(2) In paragraph 3(b) of the instructions for completion of Form 13 (analysis of admissible assets), for the words “the United Kingdom branch of an external company (other than a pure reinsurer)” substitute “an EEA branch return of a United Kingdom deposit company”.

Section 6 Schedule 2 to the 1996 Regulations: general business: revenue account and additional information

(1) Paragraph 3 of Schedule 2 to the 1996 Regulations (currency) shall be amended as follows.

(2) In sub-paragraph 4(b) of paragraph 3, after the words “Canadian dollars” insert “, euros”.

(3) After sub-paragraph (5) of paragraph 3, insert–

(6) For the purposes of sub-paragraph (1) above, “the currency of the country concerned”, in the case of a country participating in European Economic and Monetary Union shall mean–

(a) for forms completed in respect of a financial year ending before 31st December 1999, the currency of the country concerned as at 31st December 1998;

(b) for forms completed in respect of a financial year ending on or after 31st December 1999, the euro (whether or not the amounts reported on those forms relate to accident or underwriting years ending on or after 31st December 1999).

Section 7 Schedule 2 to the 1996 Regulations: general business: revenue account and additional information

In sub-paragraph (1)(a) of paragraph 5 of Schedule 2 to the 1996 Regulations, for the words “an appropriately weighted average of European currencies” substitute “euros”.

Section 8 Schedule 2 to the 1996 Regulations: general business: revenue account and additional information

(1) The forms contained in Schedule 2 to the 1996 Regulations shall be amended as follows.

(2) In paragraph 4 of the instructions for the completion of Form 33 (underwriting year accounting reconciliation of gross claims and premiums for direct and facultative reinsurance), for “Form 20” substitute “Form 21”.

(3) Paragraph 8 of the instructions for the completion of Form 34 (underwriting year accounting: analysis of gross claims and premiums by risk group for direct insurance and facultative reinsurance) shall be omitted.

(4) In paragraph 1 of the instructions for completion of Form 36 (currency rates), for “column 1 to this form” substitute “the column to this form headed “ No. of units to £ sterling””.

Section 9 Schedule 4 to the 1996 Regulations: abstract of valuation report prepared by the appointed actuary

In paragraph 20(3) of Schedule 4 to the 1996 Regulations, for the words “in accordance with paragraph 4” substitute “in accordance with paragraph 7”.

Section 10 Schedule 4 to the 1996 Regulations: abstract of valuation report prepared by the appointed actuary

In paragraph 5 of the instructions for completion of Form 60 in Schedule 4 to the 1996 Regulations (long term business: required minimum margin), for the words “referred to in the supplementary note to Form 14 (made in accordance with the instruction 4 to that Form)” substitute “shown at line 63 to Form 14”.

Section 11 Interpretation

After sub-paragraph (3) of regulation 2 of the Reserves Regulations (interpretation), insert–

(4) For the purposes of these Regulations, the rate of conversion from the euro to the pound sterling shall be the rate applicable on the last day of the preceding October for which the rate was published in the Official Journal of the Communities.