LegalizeS.I. No. 401/1977 - European Communities (Non-Life Insurance Accounts) Regulations, 1977
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
2 amending acts · 1995-07-20, S.I. No. 202/1995 - European Communities (Non-Life Insurance Accounts) Regulations, 1995
AMOUNT OF THE SOLVENCY MARGIN TO BE ESTABLISHED
SECOND RESULT
| Note: Three or Seven year account | £ |
| 1. Claims paid including those arising on reinsurance ceded but excluding those arising on reinsurance accepted whether re-ceded or not and including salvages effected. | .................... |
| Plus: | |
| 2. Claims paid on reinsurance acceptances including those relating to subsequent retrocessions | ..................... |
| Plus: | |
| 3. Reserve for outstanding claims, including acceptances, established at the end of the reference period. | ..................... |
| Less: | |
| 4. Amount of recoveries and salvages effected | ...................... |
| Less: | |
| 5. Reserve for outstanding claims, including acceptances, established at the beginning of the reference period | ...................... |
| 6. Cost of claims during reference period =[1 + 2 + 3] – [4 + 5]= | ...................... |
| 7. Annual average = 1/3rd or 1/7 of (6)= | ...................... |
| The annual average under 7 above is then divided into | |
| (i) that portion of 7 above which is not greater than 7,000,000 Units of Account which in Irish pounds is equal to | |
| £.............. × 26% = £..................... | |
| (ii) that portion of 7 above which is greater than 7,000,000 Units of Account which in Irish pounds is equal to £...................... × 23% = £.................. | |
| TOTAL 1 (Sum of (i) and (ii) above) | ...................... |
| 8. Net incurred claims as a percentage of gross incurred claims = | |
| ............................ % | |
| £ | |
| 9. Relevant percentage ............% (Amount of % at 4 above or 50% whichever is the greater) | |
| SECOND result (TOTAL 1 × Percentage entered at 9 above). | ...................... |
| SUMMARY | |
| FIRST RESULT £...................... | |
| SECOND RESULT £................... | |
| AMOUNT OF MARGIN TO BE ESTABLISHED | £.................... |
| (the higher of first and second result) | |
| --- | --- |
| TOTAL OF SCHEDULES 1 AND 2 | TOTAL OF SCHEDULES 1 AND 2 |
| of which items under Schedule 1 amount to | of which items under Schedule 1 amount to |
| and items under Schedule 2 amount to | and items under Schedule 2 amount to |
| (Signed) | (Signed) |
| (Date) | (Date) |
| (Position) | (Position) |
| (Date and signature of a responsible officer of the undertaking) |
FORM NO. 15
ALL SYNDICATES OF LLOYDS
Year Ended ....................................
| Total | Accident and Health | Motor | Marine Aviation and Transit | Fire and other damage to Property | Liability | Miscellaneous Pecuniary Loss | |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| Gross Written Premium | |||||||
| Commission | |||||||
| Claims Paid | |||||||
| Claims Outstanding |
FORM NO. 16
INDIVIDUAL SYNDICATES
Year Ended .......................
LLOYD'S SYNDICATE No .................................
| Total | Accident and Health | Motor | Marine Aviation and Transit | Fire and other damage to property | Liability | Miscellaneous Pecuniary Loss | |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| Net Written Premium | |||||||
| Claims Paid | |||||||
| Commission | mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm | mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm mmmmmmmmmmmmmmm | mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm | mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm | mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm | mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm | |
| Claims Outstanding |
FORM NO. 17
CERTIFICATE
Note:
A statement attesting the correctness of the information provided on all forms should be signed by a majority of the Directors of the undertaking. In the case of Lloyds this statement should be signed by the Chairman of the Committee of Lloyds.
A statement attesting the correctness of the information appearing on the Balance Sheet, Profit and Loss Account, Asset Analysis, Assets/Liabilities Summary (as appropriate) should be signed by the insurers auditors.
GIVEN under my Official Seal this 30th day of December, 1977.
DESMOND O'MALLEY,
Minister for Industry, Commerce and Energy.
EXPLANATORY NOTE.
This Instrument introduces a requirement for non-life insurance undertakings in Ireland to submit Statutory Returns in the form set out in the Schedule hereto in substitution for the forms of account specified in the Insurance Acts, 1909 to 1971. The provisions of this Instrument shall apply in respect of the financial year in which the Instrument is made and all subsequent financial years. The availability of the information contained in the Schedule will enable the Minister for Industry, Commerce and Energy to exercise his supervisory function in accordance with the provisions of the European Communities (Non-Life Insurance) Regulations, 1976 ( Statutory Instrument No. 115 of 1976 ).
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