The Insurance Companies (Amendment) Regulations 1995

  1. Introductory Text

  2. 1.Citation and Commencement

  3. 2.Interpretation: Part VIII

  4. 3.For paragraph (3) of regulation 44, substitute—

  5. 4.Application: Part VIII

  6. 5.Assets sold to or purchased from an approved credit institution or an approved investment firm subject to an agreement for resale or repurchase

  7. 6.Debts and other rights

  8. 7.Securities and beneficial interests in limited partnerships (substitution for regulation concerning unlisted securities)

  9. 8.Beneficial interests in collective investment schemes (substitution for regulation concerning unit trusts)

  10. 9.Deferred acquisition costs (substitution for regulation concerning listed investments)

  11. 10.Derivative contracts

  12. 11.Contracts and assets having the effect of derivative contracts (substitution for regulation concerning other assets)

  13. 12.Assets to be taken into account only to a specified extent

  14. 13.Interpretation: Part IX

  15. 14.Long term and general business

  16. 15.Provision for adverse changes

  17. 16.General Business Liabilities

  18. 17.Long term liabilities

  19. 18.Rates of interest

  20. 19.Schedule 10

  21. 20.Schedule 12

  22. 21.Transitional provisions

  23. Signature

    1. SCHEDULE 1

      [SCHEDULE 10 TO THE 1994 REGULATIONS]

      1. PART I DESCRIPTIONS OF PROPERTY BY REFERENCE TO WHICH BENEFITS MAY BE DETERMINED

        1. 1.Securities which are listed and to which regulation 51(2)(a) above...

        2. 2.Securities, other than those to which regulation 51(2)(a) above applies,...

        3. 3.Land (including any interest in land) in an EEA State,...

        4. 4.Loans— (a) which are fully secured by mortgage or charge...

        5. 5.Units or other beneficial interests in— (a) a scheme falling...

        6. 6.Approved securities.

        7. 7.Loans to or deposits with an approved credit institution, an...

        8. 8.Income due, or to become due, in respect of property...

        9. 9.Permitted derivative contracts.

        10. 10.Cash.

        11. 11.Units, by whatever name called, in a real or notional...

      2. PART II INDICES BY REFERENCE TO WHICH BENEFITS MAY BE DETERMINED

        1. 12.An approved index.

      3. PART III INTERPRETATION

        1. 13.Unless the context otherwise requires, words or expressions contained in...

        2. 14.For the purposes of this Schedule, “approved index” means either—...

        3. 15.(1) For the purposes of this Schedule, “permitted derivative contract”...

        4. 16.Benefits payable under any contract to which regulation 43 applies...

    2. SCHEDULE 2

      [SCHEDULE 12 TO THE 1994 REGULATIONS]

      1. PART I EXCESS EXPOSURE: METHOD OF CALCULATION

        1. 1.Unless the context requires otherwise, words and expressions contained in...

        2. 2.For the purposes of this Schedule— “business amount” means— for...

        3. 3.The permitted asset exposure limit for assets of any of...

        4. 4.The permitted counterparty exposure limit is— (a) where the counterparty...

        5. 5.Calculation of exposure to assets

        6. 6.Adjustments in respect of futures contracts

        7. 7.For the purposes of paragraph 6 above, the company shall...

        8. 8.Adjustments in respect of options

        9. 9.For the purposes of paragraph 8 above, the company shall...

        10. 10.Adjustments in respect of an undiversified contract for differences or a contract or asset having the effect of a derivative contract

        11. 11.For the purposes of paragraph 10 above, the company shall...

        12. 12.Excess asset exposure

        13. 13.Calculation of exposure to a counterparty

        14. 14.Where an insurance company has rights in respect of an...

        15. 15.If the insurance company has liabilities to the counterparty which...

        16. 16.Excess counterparty exposure

        17. 17.Excess concentration with a number of counterparties

      2. PART II DESCRIPTION OF ASSET AND CORRESPONDING BUSINESS AMOUNT

        1. 1.A piece of land or a number of pieces of...

        2. 2.All debts due or to become due from any one...

        3. 3.All debts due or to become due from an individual,...

        4. 4.All unsecured debts (other than debts arising under the terms...

        5. 5.All unsecured debts (other than debts arising under the terms...

        6. 6.All unsecured debts (other than debts arising under the terms...

        7. 7.All debts, other than debts arising under the terms of...

        8. 8.All debts, other than short-term deposits with an approved credit...

        9. 9.All debts due or to become due from an approved...

        10. 10.The aggregate of debts of the descriptions in paragraphs 3,...

        11. 11.All investments of a kind which may be valued in...

        12. 12.The aggregate of assets of the descriptions in paragraph 11...

        13. 13.All shares and hybrid securities issued by any one issuer...

        14. 14.All securities issued by any one issuer which is not...

        15. 15.All securities issued by any one counterparty 10%

        16. 16.All holdings in any one authorised unit trust scheme or...

        17. 17.All cash 3%

        18. 18.All computer equipment 5%

        19. 19.All office machinery (other than computer equipment) taken together with...

  25. Explanatory Note