S.I. No. 437/1986 - European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986

Asset Category	Asset Category	Asset Category	Assets at book value	Assets valued in accordance with Valuation Regulations	Designated assets in (2) representing the life assurance business amount	Designated assets in (2) representing the life assurance business amount	Assets in (3) localised in accordance with Regulations	Assets in (3) localised in accordance with Regulations	Assets in (3) not localised in Ireland
(1)	(2)	(3)	% of L.A.B.A.	(4)	% of liabilities	(5)
Share options and debenture options	Share options and debenture options	16
Loans secured by policies of insurance issued by the undertaking	Loans secured by policies of insurance issued by the undertaking	17
Tax recoveries due from taxation authorities	Tax recoveries due from taxation authorities	18
Deposits and current accounts with approved financial institutions	Current accounts and amounts on deposit for a fixed term of, or on deposit and withdrawable after giving notice of, 12 months or less after the end of the financial year, and certificates of deposit maturingduring that period	19
Other (to be described)	20
Insurance debts including those due from dependants and individuals	Premium income in respect of direct insurance and facultative reinsurance contracts accepted not yet paid to the undertaking less commission payable thereon	21
Insurance debts including those due from dependants and individuals	Amounts due from ceding insurers and intermediaries under reinsurance treaties accepted	22
Insurance debts including those due from dependants and individuals	Amounts due from reinsurers and intermediaries under reinsurance contracts ceded	23
Recoveries due from other insurers in respect of claims paid other than recoveries under reinsurance contracts ceded	24
Debts fully secured on land except listed debentures (which must be included in line 3), debts due from dependants (which must be included in lines 12 or 14) and debts due from individuals (which must be included in lines 29 or 31)	due more than 12 months after the end of the financial year	25
Debts fully secured on land except listed debentures (which must be included in line 3), debts due from dependants (which must be included in lines 12 or 14) and debts due from individuals (which must be included in lines 29 or 31)	due in 12 months or less after the end of the financial year or which would become due if the undertaking excercised any rights to require repayment within that period	26
Debts fully secured on land except listed debentures (which must be included in line 3), debts due from dependants (which must be included in lines 12 or 14) and debts due from individuals (which must be included in lines 29 or 31)	due in 12 months or less after the end of the financial year or which would become due if the undertaking excercised any rights to require repayment within that period
Debts fully secured on land except listed debentures (which must be included in line 3), debts due from dependants (which must be included in lines 12 or 14) and debts due from individuals (which must be included in lines 29 or 31)	due in 12 months or less after the end of the financial year or which would become due if the undertaking excercised any rights to require repayment within that period
Debts fully secured on land except listed debentures (which must be included in line 3), debts due from dependants (which must be included in lines 12 or 14) and debts due from individuals (which must be included in lines 29 or 31)	due in 12 months or less after the end of the financial year or which would become due if the undertaking excercised any rights to require repayment within that period
Total (16 to 26)	Total (16 to 26)	27

Form 15

(Sheet 3)

ASSET ANALYSIS

Name of Undertaking:

Global business/Irish business/Community business/Other

Life assurance business assets/not life assurance business assets

Financial year ended

Units IR£000

Asset Category	Asset Category	Asset Category	Asset Category	Assets at book value	Assets valued in accordance with Valuation Regulations	Designated assets in (2) representing the life assurance business amount	Designated assets in (2) representing the life assurance business amount	Assets in (3) localised in accordance with Regulations	Assets in (3) localised in accordance with Regulations	Assets in (3) not localised in Ireland
(1)	(2)	(3)	% of L.A.B.A.	(4)	% of liabilities	(5)
Debts except those which must be included in other lines	due more than 12 months after the end of the financial year	due from companies and unincorporated bodies of persons	28
Debts except those which must be included in other lines		due from individuals	29
Debts except those which must be included in other lines	due in 12 months or less after the end of the financial year, or which would become due if the undertaking exercised any right to require repayment within that period	due from companies and unincorporated bodies of persons	30
due from individuals	31
Shares in Building Societies and Industrial and Provident Societies	Shares in Building Societies and Industrial and Provident Societies	Shares in Building Societies and Industrial and Provident Societies	32
Cash	Cash	Cash	33
Computer equipment	Computer equipment	Computer equipment	34
Other office machinery, furniture, motor vehicles and other equipment	Other office machinery, furniture, motor vehicles and other equipment	Other office machinery, furniture, motor vehicles and other equipment	35
Life interests, reversionary interests and similar interests in property	Life interests, reversionary interests and similar interests in property	Life interests, reversionary interests and similar interests in property	36
Linked assets	Linked assets	linked assets in internal linked funds (as shown in line 12 on Form 12)	37
		other linked assets	38
Other assets (to be described)	Other assets (to be described)	Other assets (to be described)	39
Total of Sheet 1 (15.15)	Total of Sheet 1 (15.15)	Total of Sheet 1 (15.15)	40
Total of Sheet 2 (15.27)	Total of Sheet 2 (15.27)	Total of Sheet 2 (15.27)	41
Total of Sheet 3 (28 to 39)	Total of Sheet 3 (28 to 39)	Total of Sheet 3 (28 to 39)	42
Total Assets (40 + 41 + 42)	Total Assets (40 + 41 + 42)	Total Assets (40 + 41 + 42)	43
Amount included in line 43 attributable to debts due from related companies, other than those under contracts of insurance or reinsurance.	Amount included in line 43 attributable to debts due from related companies, other than those under contracts of insurance or reinsurance.	Amount included in line 43 attributable to debts due from related companies, other than those under contracts of insurance or reinsurance.	44

Instructions for completion of Form 15

• (a) by every Irish head office undertaking, External branch undertaking and Irish deposit undertaking in respect of—

• (i) the total assets representing the fund or funds maintained by it in accordance with the Insurance Acts and Regulations;

• (ii) the assets appropriated by it in respect of each separate life assurance business fund or group of funds for which separate assets have been appropriated; and

• (iii) the total assets of the undertaking which are not life assurance business assets;

• (b) by every Community branch undertaking and every Community deposit undertaking in respect of life assurance business carried on by it through an agency or branch in the State in respect of—

• (i) the assets of the undertaking relating to that business and representing the fund or funds maintained in accordance with the Insurance Acts and Regulations, and

• (ii) the assets of the undertaking relating to that business and appropriated by it in respect of each life assurance fund or group of funds for which separate assets have been appropriated, and

• (iii) the total assets of the undertaking, which are not life assurance business assets, relating to that business.

Where additional assets are maintained by the undertaking in the State but are not appropriate for inclusion in Form 15, then full details of those assets shall be given in a separate schedule to this Form.

• (c) by every External branch undertaking in respect of life assurance business carried on by it through an agency or branch in the State in respect of those assets which are—

• (i) deposited with the Accountant of the Courts of Justice:

• (ii) maintained in the State, and

• (iii) maintained in the State and other Member States; and

• (d) by every Irish deposit undertaking in respect of life assurance business carried on by it through agencies or branches in the Member States concerned in respect of those assets which are—

• (i) deposited with the Accountant of the Courts of Justice;

• (ii) maintained in the State and such other Member States where business is carried on, and

• (iii) maintained in the State and the other Member States.

Form 16

LIABILITIES AND MARGINS

Life Assurance Business:

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

			As at the end of the financial year 1.	As at the end of the previous year 2.
Ordinary Life Assurance Business (all funds)	Mathematical reserves as shown in Schedule 4, after distribution of surplus	1
Ordinary Life Assurance Business (all funds)	Balance of life assurance business funds	2
Ordinary Life Assurance Business (all funds)	Ordinary branch business funds (1 + 2)	3
Valuation deficiencies	4
Industrial Assurance Business	Mathematical reserves as shown in Schedule 4, after distribution of surplus	5
Industrial Assurance Business	Balance of life assurance business funds	6
Industrial Assurance Business	Industrial branch business funds (5 + 6)	7
Valuation deficiencies	8
Other Insurance Liabilities	Claims admitted but not paid	9
Other Insurance Liabilities	Amounts due in respect of direct insurance and facultative reinsurance contracts accepted except amounts which must be included in line 9	10
Other Insurance Liabilities	Amounts due to ceding insurers and intermediaries under reinsurance treaties accepted except amounts which must be included in line 9	11
Amounts due to reinsurers and intermediaries under reinsurance contracts ceded	12
Other Liabilities	Loans secured	13
Other Liabilities	Loans unsecured	14
Other Liabilities	Taxation	15
Other creditors (to be described)	16
Excess of the value of designated assets representing the life assurance business funds over the amount of those funds	Excess of the value of designated assets representing the life assurance business funds over the amount of those funds	17
Total (3 + 4 + 7 to 17)	Total (3 + 4 + 7 to 17)	18
Amount included in line 18 attributable to liabilities to related companies, other than those under contracts of insurance or reinsurance	Amount included in line 18 attributable to liabilities to related companies, other than those under contracts of insurance or reinsurance	19
Amount included in line 18 attributable to liabilities in respect of property linked benefits	Amount included in line 18 attributable to liabilities in respect of property linked benefits	20

Instructions for completion of Form 16

Form 17

LIABILITIES WHICH ARE NOT LIFE ASSURANCE BUSINESS LIABILITIES

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

			At the end of the financial Year	At the end of the previous financial Year
Other than Life Assurance business Liabilities	Loans secured	1
Other than Life Assurance business Liabilities	Loans unsecured	2
Other than Life Assurance business Liabilities	Subordinated loan stock	3
Other than Life Assurance business Liabilities	Taxation	4
Other than Life Assurance business Liabilities	Recommended dividend	5
Other than Life Assurance business Liabilities	Cumulative preference share dividend accrued	6
Other than Life Assurance business Liabilities	Other creditors (to be described)	7
Total (1 to 7)	8
	Amounts included in line 8 attributable to liabilities to related companies, other than those under contracts of insurance or reinsurance	9

Form 18

STATEMENT OF OTHER INCOME AND EXPENDITURE

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

		Year of Account	Previous Year	Source
Form/Line/Column
Transfer from (to) Life Assurance Business Revenue Account	1
Investment income receivable before deduction of tax	2			See note below
Other Income	3			See note below
Total (1 to 3)	4
Management Expenses	5			See note below
Interest payable before deduction of tax	6
Taxation other than that applicable to life assurance business	7
Dividends paid and/or recommended	8
Other expenditure	9			See note below
Total (5 to 9)	10
Excess of income over expenditure (4-10)	11
Opening balance	12
Closing balance (11 + 12)	13

Instruction for completion of Form 18

The amounts at lines 2, 3, 5 and 9 exclude any amounts included elsewhere in the returns.

Form 19

STATEMENT OF NET ASSETS

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

		As at the end of the financial year 1.	As at the end of the previous year 2.	Source
Form/Line/Column
Life Assurance business — Designated assets plus linked assets	1			15.43.3 + 15.37.2 + 15.38.2
Life Assurance business — liabilities and margins	2			16.18.1
Excess of the value of designated assets representing the life assurance business funds over those funds	3
Assets which are not life assurance business assets	4			15.43.2
Liabilities which are not life assurance business liabilities	5			17.8.1
Net available assets (4-5)	6
Unpaid capital — as per line 12	7
Net assets (6 + 7)	8
Authorised share capital	9
Paid up share capital	10
Share premium account	11
Half of the unpaid up share capital or fund where the part which has been paid up amounts to at least 25% of that capital or fund	12
Assets representing the balance of net assets	13
Total (10 to 13) and equal to line 8	14

Form 20

STATEMENT OF SOLVENCY

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

	As at the end of the financial year 1	As at the end of the previous year 2	Source
Form/Line/Column

LIFE ASSURANCE BUSINESS—AVAILABLE ASSETS

Life assurance business designated assets	1			19.1.1
Excess of the value of designated assets representing the life assurance business funds over those funds	2			19.3.1
Assets which are not life assurance business assets allocated towards life assurance business required minimum solvency margin	3			19.4.1 See instruction 1 below
Total mathematical reserves (after distribution of surplus)	4			See instruction 2 below
Other insurance and non-insurance liabilities	5			See instruction 3 below
Available assets for Life Assurance business required minimum solvency margin (1 + 2 + 3 – 4 - 5)	6

IMPLICIT ITEMS ADMITTED UNDER ARTICLE 17 (2) (E) OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE) REGULATIONS. 1984 (S.I. 57 OF 1984)

Future profits	7
Zillmerising	8
Hidden reserves	9
Total of available assets and implicit items (6 + 7 + 8 + 9)	10

REQUIRED MINIMUM SOLVENCY MARGIN

Required minimum solvency margin for life assurance business	11			30.13
Explicit required minimum solvency margin (^1/6 x 11, or minimum guarantee fund if greater)	12
Excess (deficiency) of available assets over explicit required minimum solvency margin (6-12)	13
Excess (deficiency) of available assets and implicit items over the required minimum solvency margin (10-11)	14

CONTINGENT LIABILITIES

Quantifiable contingent liabilities in respect of other than life assurance business as shown in a supplementary note to Form 17	15
Quantifiable contingent liabilities in respect of life assurance business as shown in a supplementary note to Form 16	16

Instructions for completion of Form 20

Form 21

EMPLOYMENT STATISTICS

Name of Undertaking:

Financial year ended

	Irish Head Office Undertaking	Irish Head Office Undertaking	Undertaking with Head Office outside Ireland
	In Ireland	Outside Ireland	In Ireland
Full-time Staff Employed
Total Payroll
Part-time Staff Employed
Total Payroll

Form 22

AUDITORS' REPORT REQUIRED BY ARTICLE 21 OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE ACCOUNTS, STATEMENTS AND VALUATIONS) REGULATIONS, 1986.

Name of Undertaking:

Global business

Financial year ended

Form 23

CERTIFICATE BY DIRECTORS ETC., REQUIRED BY ARTICLE 22 (a) OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE ACCOUNTS, STATEMENTS AND VALUATIONS) REGULATIONS, 1986.

Name of Undertaking:

Global business

Financial year ended

Form 24

CERTIFICATE BY APPOINTED ACTUARY REQUIRED BY ARTICLE 22 (b) OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE ACCOUNTS, STATEMENTS AND VALUATIONS) REGULATIONS, 1986.

Name of Undertaking:

Global business

Financial year ended

SCHEDULE 3

PART 1

Auditors' Report

• (a) in the auditors' opinion, whether the parts of the return required to be audited (that is Forms 1 to 20) have been properly prepared in accordance with the provisions of the Regulations of 1984 and these Regulations;

• (b) in the auditors' opinion and according to the information and explanations they have received, —

• (i) whether the certificate required to be signed by the directors in accordance with Article 22 (a) has been properly prepared in accordance with the Regulations of 1984 and these Regulations;

and

• (ii) whether it was reasonable for the persons giving the certificate to have made the statements therein;

• (c) that in giving their opinion the auditors have relied, —

• (i) on the certificate of the actuary given in accordance with Part 3 of this Schedule with respect to the mathematical reserves and required minimum solvency margin, required Community minimum solvency margin or required Irish minimum solvency margin, as the case may be, of the undertaking;

and

• (ii) on the identity and value of any implicit items as they have been admitted in accordance with Part VI of these regulations.

SCHEDULE 3

PART 2

Certificate by directors etc.

• (a) that for the purposes of preparing the return —

• (i) proper accounts and records have been maintained and adequate information has been obtained by the undertaking, and

• (ii) an appropriate system of control has been established and maintained by the undertaking over its transactions and records;

• (b) that the value shown for each category of asset has been determined in conformity with Article 6 and includes the value of only such assets or such parts thereof as are permitted to be taken into account;

• (c) that the amount shown for each category of liability (including contingent and prospective liabilities) has been determined in conformity with Article 6; and

• (d) that the assets held throughout the financial year enabled the undertaking to comply with Articles 60 and 61.

• (a) in the case of an Irish head office undertaking or (in respect of its global business) an Irish deposit undertaking or External branch undertaking, that —

• (i) immediately following the end of the financial year the amount of the undertaking's required minimum solvency margin was as shown in Form 20;

and

• (ii) at the end of the financial year the amount of the undertaking's available assets and quantifiable contingent liabilities (other than those included in Forms 16 or 17 in accordance with paragraph 5 (1) of Schedule 2) and the identity and value of items admitted as implicit items in accordance with Article 17 (2) (e) of the Regulations of 1984 and these Regulations, were as shown in Form 20;

• (b) in respect of the life assurance business carried on by an External branch undertaking through an agency or branch in the State, that—

• (i) immediately following the end of the financial year the amount of the undertaking's required minimum solvency margin was as shown in Form 20;

• (ii) at the end of the financial year the amount of the undertaking's available assets and quantifiable contingent liabilities (other than those included in Forms 16 or 17 in accordance with paragraph 5 (1) of Schedule 2 to these Regulations) and the identity and the value of items admitted as implicit items in accordance with Article 30 (1) of the Regulations of 1984 and these Regulations were as shown in Form 20;

• (iii) that the undertaking has kept assets representing the required minimum solvency margin of an amount at least equal to the amount of the guarantee fund or minimum guarantee fund, if greater, required by Article 31 of the Regulations of 1984 within the State and has kept assets representing the remainder of that required minimum solvency margin in the State or in an other member State;

and

• (iv) that the deposit made in accordance with Article 28 (1) (e) of the Regulations of 1984 has been maintained at a level equal to at least the minimum specified in that Article;

• (c) in respect of the life assurance business carried on by an Irish deposit undertaking through agencies or branches in the member States concerned, that —

• (i) immediately following the end of the financial year the amount of the undertaking's required Community minimum solvency margin was as shown in Form 20;

• (ii) at the end of the financial year the amount of the undertaking's available assets and quantifiable contingent liabilities (other than those included in Forms 16 or 17 in accordance with paragraph 5 (1) of Schedule 2) and the identity and value of items admitted as implicit items in accordance with Article 30 of the Regulations of 1984 and these Regulations were as shown in Form 20;

• (iii) that the undertaking has kept assets representing the required Community minimum solvency margin of an amount at least equal to the appropriate guarantee fund or minimum guarantee fund, if greater, in the member States concerned and has kept assets representing the remainder of that required minimum solvency margin within the member States concerned and the other member States;

and

• (iv) that the deposit made in accordance with Article 28 (1) (e) of the Regulations of 1984 has been maintained at a level equal to at least the minimum specified in that Article;

• (d) In the case of a branch or agency of a Community undertaking and of a Community deposit undertaking, that —

• (i) the value of the assets of the life assurance business carried on by the undertaking in the State was maintained at not less than the amount of the liabilities of that business;

• (ii) the designated assets proffered at the end of the financial year as representing liabilities (including contingent and prospective liabilities) to Irish policyholders were —

• (a) held for that purpose and free of all other foreseeable liabilities of the undertaking,

and

• (b) of an appropriate amount, nature, term and currency for that purpose.

• (a) except in the case of an undertaking which has no shareholders, that assets attributable to life assurance business, the income arising therefrom, the proceeds of any realisation of such assets and any other income or proceeds allocated to the life assurance business fund or funds have not been applied otherwise than for the purpose of the life assurance business;

• (b) that the register required by Article 23 (3) of the Regulations of 1984 has been maintained throughout the year and, in respect of the assets listed in the register, the value of those assets on the closing date for which the accounts and balance sheets of the head office of the undertaking are furnished to the competent supervisory authority, such values being those in such accounts and balance sheets;

• (c) that any amount payable from or receivable by the life assurance business fund or funds in respect of services rendered by or to any other business carried on by the undertaking or by or to a connected company has been determined and, where appropriate, apportioned on terms which are believed to be no less than fair to that fund or those funds, and any exchange of assets representing such funds for other assets of the undertaking has been made at fair market value;

• (d) that all guarantees given by the undertaking of the performance by a related company of a contract binding on the related company which would fall to be met by any life assurance business fund have been disclosed in the return, and that the fund or funds on which each such guarantee would fall have been identified therein;

• (e) in the case of an Irish head office undertaking, Irish deposit undertaking or External branch undertaking, that —

• (i) the provisions of Article 23 (4) (a) of the Regulations of 1984 have been complied with,

and

• (ii) the returns in respect of life assurance business are not distorted by agreements between the undertakings concerned or by any arrangements which could affect the apportionment of expenses and income.

• (2) Where by virtue of subparagraph (1), any statements have been omitted from the certificate, this fact shall be stated in a note.

SCHEDULE 3

PART 3

Certificate by appointed actuary

• (a) shall state, if such be the case,—

• (i) that in his opinion proper records have been kept by the undertaking adequate for the purposes of the valuation of the liabilities of its life assurance business;

• (ii) that the mathematical reserves as shown in Form 16, together, if the case so requires, with an amount specified in the certificate (being part of the excess of the value of the designated assets representing the life assurance business funds over the amount of those funds shown in Form 16) constitute proper provision at the end of the financial year for the liabilities (other than liabilities which had fallen due before the end of the financial year) arising under or in connection with contracts for life assurance business including any increase in those liabilities arising from a distribution of surplus as a result of an investigation as at that date into the financial condition of the life assurance business;

and

• (iii) that for the purposes of subparagraph (ii), the liabilities have been assessed in accordance with Part IV in the context of assets valued in accordance with Part V, as shown in Form 15;

and

• (b) shall state the amount of the required minimum solvency margin, required Community minimum solvency margin or required Irish minimum solvency margin, as the case may be, applicable to the undertaking's life assurance business immediately following the end of the financial year (including any amounts resulting from any increase in liabilities arising from a distribution of surplus as a result of the investigation into the financial condition of the life assurance business).

SCHEDULE 4

ABSTRACT OF VALUATION REPORT PREPARED BY THE APPOINTED ACTUARY

(FORMS 25 TO 30)

The abstract shall state that the valuation has been made in conformity with Article 26.

The following information shall be given, the answers being numbered to accord with the numbers of corresponding paragraphs of this Schedule and any monetary amounts being shown in Irish pounds (converted from other currencies, where necessary, at the latest closing middle rate available on the date to which the investigation relates)—

• (a) a full description of the benefits including any guarantees and options;

• (b) the percentage of premiums invested (deemed or actual) for specimen ages and terms;

• (c) a list of the internal linked funds to which benefits under the contract may be linked, with details of the type of unit allocated where the fund is divided into more than one type;

• (d) a list of the recognised unit trusts to which benefits under the contract may be linked.

• (2) For each internal linked fund —

• (a) the general nature of the investments of the fund and the charges that are made to the fund in respect of investment expenses;

• (b) for each type of unit based on that fund, the initial and periodic charges made and the nature of any other pricing adjustments.

• (3) For each recognised unit trust, the rate of discount, commission or other allowance made to the undertaking on the purchase or sale of units.

• (a) the basis of the provision made for any mismatching between the nature (including currency) and term of the assets held and the liabilities valued;

• (b) where the net premium method has been used, whether and to what extent it has been modified and for what purposes the modification has been made and whether any modifications on account of zillmerising conform to Article 30;

• (c) whether any negative reserves arose and the steps taken to ensure that no contract of insurance was treated as an asset;

• (d) whether any specific reserve has been made for future bonus and, if so, at what rate or rates;

• (e) the basis of the provision made for any prospective liability for tax on unrealised capital gains;

• (f) in the case of linked contracts and deposit administration contracts, the basis of the provision made for any investment performance guarantees;

• (g) the basis of the provision made for any guarantees and options (other than investment performance guarantees).

• (2) For the purposes of this paragraph —

where, in determining the provisions referred to in sub-paragraphs (a) and (e), account has been taken of the fact that the fund has been brought into Form 28 at book value in accordance with Article 38 (5), that fact shall be stated.

• (2) If the tables used have not been published, full details of the rates of mortality or disability used.

• (a) where appropriate, the proportion of the office premiums explicitly or implicitly reserved for expenses and profits for each type of insurance (to be shown in column 8 of Form 25);

• (b) the method by which provision is made for expenses after premiums have ceased or where no future premiums are payable or where the method of valuation does not take credit for future premiums as an asset;

• (c) where a prospective method of valuation has not been used, details of the tests of the adequacy of the method used;

• (d) where, in valuing contracts falling within the circumstances described in Article 29 (2), future premiums brought into account are not in accordance with that Article, such additional information as is necessary to demonstrate whether the mathematical reserves determined in the aggregate for each of the main categories of contract are greater than an amount for each such category calculated in accordance with Articles 27 to 36:

Provided that where the mathematical reserves (after deduction of reinsurance cessions) determined in the aggregate for all categories of contracts referred to in subparagraph (d) represent less than 5 per cent of the total mathematical reserves (after deduction of reinsurance cessions) for all non-linked contracts, it shall be sufficient for the actuary to state that the mathematical reserves for each such category of contracts are not less than the mathematical reserves that would be determined on a net premium reserving basis which shall be specified by the actuary in the abstract.

• (a) all assumptions made in calculating the valuation net liability in columns 11 and 12 of Form 26;

and

• (b) where explicit provision has not been made for meeting the expenses likely to be incurred in future in fulfilling the existing contracts on the basis of specific assumptions in regard to the relevant factors, details of the basis used in testing the adequacy of the reserves to satisfy Article 33 (1);

and

• (c) where explicit provision has been made for meeting the expenses likely to be incurred in future in fulfilling the existing contracts, full particulars of that provision.

• (a) the aggregate of premiums payable by the undertaking and the aggregate amount deposited at the date to which the valuation relates under any deposit back arrangements;

and

• (b) the amount of any such premiums payable by the undertaking to a reinsurer with whom it is connected and the aggregate of such amounts deposited at that date under any deposit back arrangements with all such reinsurers.

• (2) Where the undertaking is the cedant, particulars of reinsurance treaties in force at the date to which the valuation relates, stating —

• (a) whether the reinsurer is authorised to carry on insurance business in a member State;

• (b) whether the undertaking and the reinsurer are connected;

• (c) the nature and extent of cover given under the treaty;

• (d) the premiums payable under the treaty during the period since the date to which the last valuation report related;

• (e) the amount deposited at that date in respect of the treaty under any deposit back arrangements;

• (f) the extent to which provision has been made for any liability of the undertaking to refund any amounts of reinsurance commission in the event of lapses or surrenders of the contract;

and

• (g) whether the treaty is closed to new business.

• (a) a revenue account in the format of Form 1 for each such part except where such information is provided elsewhere:

• (b) the principles and methods applied in apportioning the investment income, increase or decrease in the value of assets brought into account, expenses and taxation between each part, where these particulars are not provided elsewhere.

• (i) direct business and reinsurance accepted;

• (ii) reinsurance ceded.

• (b) Form 29 need not be completed if the gross annual office premiums for supplementary insurance in force on the valuation date do not exceed 1 per cent of the gross annual office premiums in force on that date for all life assurance business, provided it can be stated that the entry in line 10 of Form 30 exceeds the amount that would be obtained if Form 29 were to be completed. In this circumstance, the method of estimating the entry in line 10 of Form 30, together with a statement of the gross annual office premiums in force at the valuation date in respect of supplementary insurance, shall be given.

[N.B. In any year when a statement of life assurance business is prepared it shall be sufficient:

• (a) instead of giving the full information required by paragraphs 3 and 4, to refer to the previous abstract when full information in respect of the category of contract was last given, that is if full information in respect of every category of contract was given in that abstract,

and

• (b) instead of giving the full information required by paragraph 5, to state whether changes have been made since the previous abstract when full information was last given, that is if full information of the general principles and methods adopted in the valuation was given in that abstract.]

Form 25

VALUATION SUMMARY OF NON-LINKED CONTRACTS

Name of Undertaking:

Global business/Irish business/Community Business/ Other

Financial year ended

Fund/Part of Fund

Type of Insurance	Valuation basis	Valuation basis	Number of contracts	Amount of sums assured or annuities per annum, including vested reversionary bonuses	Amount of annual premiums	Amount of annual premiums	Proportion of office premiums reserved for expenses and profits	Value of sums assured or annuities per annum, including vested reversionary bonuses	Value of annual premiums	Value of annual premiums	Amount of mathematical reserves
Rate of interest	Mortality of disability table	Office premiums	Net premiums	Office premiums	Net premiums
1	2	3	4	5	6	7	8	9	10	11	12

Form 26

VALUATION SUMMARY OF LINKED CONTRACTS

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Fund/Part of Fund

OB/IB

Name of Contract	Valuation basis	Valuation basis	Number of contracts	Amount of sums assured, annuities per annum, or other measure of benefit, including vested reversionary bonuses	Amount of sums assured, annuities per annum, or other measure of benefit, including vested reversionary bonuses	Amount of sums assured, annuities per annum, or other measure of benefit, including vested reversionary bonuses	Amount of annual premiums	Amount of annual premiums	Category of unit link	Unit liability	Non-unit liabilities	Non-unit liabilities	Amount of mathematical reserves
Rate of interest	Mortality table	Guaranteed on death	Current on death	Guaranteed on maturity	Office premiums	Net premiums	Mortality and expenses	Options and guarantees other than investment performance guarantees
1	2	3	4	5	6	7	8	9	10	11	12	13	14

Instructions for completion of Forms 25 and 26

• (i) Irish business

• (ii) Non-Irish business

The totals net of reinsurance ceded of Irish business and non-Irish business are also to be shown together with a summary of global net total business.

Separate totals for column 5 on Form 25 and columns 5, 6 and 7 on Form 26 shall be shown for sums assured, for annuities per annum and for other measures of benefit.

• (i) life assurance business

• (ii) general annuity business

• (iii) pension business

• (iv) permanent health business

• (v) capital redemption business.

• (i) with participation in profits

• (ii) without participation in profits.

• (i) whole life assurance

• (ii) endowment assurance

• (iii) pure endowment assurance

• (iv) term assurance

• (v) other assurance (to be specified)

• (vi) miscellaneous assurance

• (vii) deferred annuity

• (viii) annuity in payment

• (ix) other annuity (to be specified)

• (x) miscellaneous annuity

• (xi) group pension

• (xii) group life

• (xiii) other group (to be specified)

• (xiv) permanent health insurance

• (xv) capital redemption assurance

• (xvi) annuity certain

• (xvii) supplementary insurance.

Form 25 — Each category of contract which is valued on a different valuation basis;

Form 26 — Each category of contract which provides different guarantees or options, and each category of unit link. For the purpose of determining the category of the unit link, all recognised unit trusts may be considered to be one category and all internal linked funds may be considered to be one category.

Reserves for tax on capital gains or for investment performance guarantees may be shown on separate lines in the mathematical reserves column, where they are calculated on an aggregate basis, or in additional columns of non-unit liabilities, where they are calculated on an individual basis.

Provided that, in relation to any category of such combined contract, any types of insurance included in the combination which in the aggregate account for less than 10 per cent of the total mathematical reserves under that category of contract need not be separately distinguished.

Form 27

ANALYSIS OF UNIT LIABILITIES

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Fund/Part of Fund

OB/IB

Name of unit link	Valuation price per unit	Number of units deemed allocated to contracts	Unit liability
1	2	3	4
Total

Instructions for completion of Form 27

Form 28

VALUATION RESULT AND DISTRIBUTION OF SURPLUS

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

Fund/Part of Fund

OB/IB

Valuation result	Fund carried forward as per revenue account	Fund carried forward as per revenue account	1
Valuation result	Bonus payments made to policyholders in anticipation of a surplus	Bonus payments made to policyholders in anticipation of a surplus	2
Valuation result	Transfers out of Fund/Part of Fund	Net transfer to (from) statement of other income and expenditure	3
Valuation result		Net transfer to (from) other Funds/Parts of Funds	4
Valuation result	Net transfers out of Fund/Part of Fund (3 + 4)	Net transfers out of Fund/Part of Fund (3 + 4)	5
Valuation result	Total (1 + 2 + 5)	Total (1 + 2 + 5)	6
Valuation result	Mathematical reserves for non-linked contracts	Mathematical reserves for non-linked contracts	7
Valuation result	Mathematical reserves for linked contracts	Mathematical reserves for linked contracts	8
Valuation result	Total (7 + 8)	Total (7 + 8)	9
Surplus including contingency and other reserves held towards the solvency margin (deficiency) (6-9)	Surplus including contingency and other reserves held towards the solvency margin (deficiency) (6-9)	10
Composition of surplus	Balance of surplus brought forward unappropriated from last valuation	Balance of surplus brought forward unappropriated from last valuation	11
Composition of surplus	Transfers into Fund/Part of Fund	Net transfer from (to) statement of other income and expenditure	12
Composition of surplus		Net transfer from (to) other Funds/Parts of Funds	13
Composition of surplus	Net transfer into Fund/Part of Fund (12 + 13)	Net transfer into Fund/Part of Fund (12 + 13)	14
Composition of surplus	Surplus arising since the last valuation	Surplus arising since the last valuation	15
Total (11 + 14 + 15) (= 10)	Total (11 + 14 + 15) (= 10)	16
Distribution of surplus	Bonus payments made to policyholders in anticipation of a surplus	Bonus payments made to policyholders in anticipation of a surplus	17
Distribution of surplus	Allocated to policyholders by way of	Cash bonuses	18
Distribution of surplus		Reversionary bonuses	19
Distribution of surplus		Other bonuses	20
Distribution of surplus		Premium reductions	21
Distribution of surplus	Total allocated to policyholders (17 to 21)	Total allocated to policyholders (17 to 21)	22	22
Distribution of surplus	Net transfer out of Fund/Part of Fund (= 5)	Net transfer out of Fund/Part of Fund (= 5)	23
Distribution of surplus	Total distributed surplus (22 + 23)	Total distributed surplus (22 + 23)	24
Distribution of surplus	Balance of surplus (including contingency and other reserves held towards the solvency margin) carried forward unappropriated	Balance of surplus (including contingency and other reserves held towards the solvency margin) carried forward unappropriated	25
Distribution of surplus	Total (24 + 25) (= 10)	Total (24 + 25) (= 10)	26
Distribution of surplus	Percentage of distributed surplus allocated to policyholders of Fund/Part of Fund	Percentage of distributed surplus allocated to policyholders of Fund/Part of Fund	27
Corresponding percentage at previous valuation	Corresponding percentage at previous valuation	28

Instructions for completion of Form 28

Form 29

SUPPLEMENTARY INSURANCE

CALCULATION OF REQUIRED SOLVENCY MARGIN

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

						The financial year 1	The previous year 2
Gross premiums or contributions receivable	Gross premiums or contributions receivable	Gross premiums or contributions receivable	Gross premiums or contributions receivable	Gross premiums or contributions receivable	1
Premiums or contributions cancelled and premium contribution taxes and levies (included in line 1)	Premiums or contributions cancelled and premium contribution taxes and levies (included in line 1)	Premiums or contributions cancelled and premium contribution taxes and levies (included in line 1)	Premiums or contributions cancelled and premium contribution taxes and levies (included in line 1)	Premiums or contributions cancelled and premium contribution taxes and levies (included in line 1)	2
Subtotal A (1-2)	Subtotal A (1-2)	Subtotal A (1-2)	Subtotal A (1-2)	Subtotal A (1-2)	3
Adjusted subtotal A if financial year is not a 12 month period to produce an annual figure	Adjusted subtotal A if financial year is not a 12 month period to produce an annual figure	Adjusted subtotal A if financial year is not a 12 month period to produce an annual figure	Adjusted subtotal A if financial year is not a 12 month period to produce an annual figure	Adjusted subtotal A if financial year is not a 12 month period to produce an annual figure	4
Division of subtotal A (or adjusted subtotal A if appropriate)	Division of subtotal A (or adjusted subtotal A if appropriate)	Up to and including Irish pound equivalent of 10M ECU x 18%	Up to and including Irish pound equivalent of 10M ECU x 18%	Up to and including Irish pound equivalent of 10M ECU x 18%	5
Excess (if any) over 10M ECU x 16%	Excess (if any) over 10M ECU x 16%	Excess (if any) over 10M ECU x 16%	6
Subtotal B (5 + 6)	Subtotal B (5 + 6)	Subtotal B (5 + 6)	Subtotal B (5 + 6)	Subtotal B (5 + 6)	7
Claims paid	Claims paid	Claims paid	Claims paid	Claims paid	8
Claims outstanding carried forward at end of financial year	Claims outstanding carried forward at end of financial year	Claims outstanding carried forward at end of financial year	Claims outstanding carried forward at end of financial year	Claims outstanding carried forward at end of financial year	9
Claims outstanding brought forward at beginning of financial year	Claims outstanding brought forward at beginning of financial year	Claims outstanding brought forward at beginning of financial year	Claims outstanding brought forward at beginning of financial year	Claims outstanding brought forward at beginning of financial year	10
Subtotal C (8 + 9 - 10)	Subtotal C (8 + 9 - 10)	Subtotal C (8 + 9 - 10)	Subtotal C (8 + 9 - 10)	Subtotal C (8 + 9 - 10)	11
Amounts recoverable from reinsurers in respect of claims included in subtotal C	Amounts recoverable from reinsurers in respect of claims included in subtotal C	Amounts recoverable from reinsurers in respect of claims included in subtotal C	Amounts recoverable from reinsurers in respect of claims included in subtotal C	Amounts recoverable from reinsurers in respect of claims included in subtotal C	12
Subtotal D (11 — 12)	Subtotal D (11 — 12)	Subtotal D (11 — 12)	Subtotal D (11 — 12)	Subtotal D (11 — 12)	13
Required margin of solvency for Supplementary Insurance	Required margin of solvency for Supplementary Insurance	Required margin of solvency for Supplementary Insurance	Required margin of solvency for Supplementary Insurance	Required margin of solvency for Supplementary Insurance
Subtotal B x	[image omitted]	[image omitted]	or		14

Note: "Supplementary insurance" means the insurance specified in Article 1 (1) (c) of the Directive.

Form 30 (Sheet 1)

REQUIRED MINIMUM SOLVENCY MARGIN

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

Class	Classes I and II	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Classes IV and VI	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Total for all classes	Total for all classes
Relevant factor (Note 4)	4%	4%	1%	Nil	Total	4%	4%	1%	Nil	Total	4%	1%	The financial year	The previous year
1. Mathematical reserves before deduction for reinsurance:
(a) Reserves before distribution of surplus
(b) Reserves for bonus allocated to policyholders
(c) Reserves after distribution of surplus
2. Mathematical reserves after deduction for reinsurance:
(a) Reserves before distribution of surplus
(b) Reserves for bonus allocated to policyholders
(c) Reserves after distribution of surplus
3. Ratio of 2 (c) to 1 (c) or 85% if greater

Form 30 (Sheet 2)

REQUIRED MINIMUM SOLVENCY MARGIN

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

Class	Classes I and II	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Classes IV and VI	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Total for all classes	Total for all classes
Relevant factor (Note 4)	4%	4%	1%	Nil	Total	4%	4%	1%	Nil	Total	4%	1%	The financial year	The previous year
4. Required solvency margin — first result = 1 (c) x 3 x relevant factor
5. Non negative capital at risk before reinsurance:
(See Note 1)
(a) Temporary assurances with required solvency margin of 0.1%
(b) Temporary assurances with required solvency margin of 0.15%
(c) All other contracts with required solvency margin of 0.3%
(d) Total for (a) + (b) + (c)
6. Non-negative capital at risk after reinsurance (all contracts ) (See Note 1)

Form 30 (Sheet 3)

REQUIRED MINIMUM SOLVENCY MARGIN

Name of Undertaking:

Global business/Irish business/Community business/Other

Financial year ended

Units IR£000

Class	Classes I and II	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Class III business with relevant factor of	Classes IV and VI	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Class VII business with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Unallocated additional mathematical reserves with relevant factor of	Total for all classes	Total for all classes
Relevant factor (Note 4)	4%	4%	1%	Nil	Total	4%	4%	1%	Nil	Total	4%	1%	The financial year	The previous year
7. Ratio of 6 to 5 (d), or 50% if greater
8. Required solvency margin—second result (see Note 2)
9. Sum of first and second result = 4 + 8
10. Required solvency margin for Supplementary Insurance
11. Total required solvency margin = 9 + 10
12. Minimum guarantee fund
13. Required minimum solvency margin (greater of 11 and 12)

Notes:

SCHEDULE 5

STATEMENT OF LIFE ASSURANCE BUSINESS BY THE APPOINTED ACTUARY

(FORMS 31 TO 44)