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S.I. No. 360/1994 - European Communities (Life Assurance) Framework Regulations, 1994

Type Statutory Instrument

Publication 1994-11-29

Last updated 2015-11-20

State Partially repealed superseded text

Text As published

Source Irish Statute Book

articles 80

These amending acts are not in its history: the source does not say when their effect began (2)

IE-2000-act-43: 43/2000, ss. 1(4), 14 — The directory cites 43/2000, but the 2000 annual index ends at Act No. 42 and the official URL returns 404; the citation may be erroneous.
IE-2000-act-43: 43/2000, ss. 1(4), 14 — The directory cites 43/2000, but the 2000 annual index ends at Act No. 42 and the official URL returns 404; the citation may be erroneous.

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.

15 amending acts · 2015-11-20, Finance (Miscellaneous Provisions) Act 2015

Reform history JSON API

(ii) the aggregate of the value for the time being of the units allocated to the contract (or, where entitlement is not denoted by means of units, the value for the time being of any other measure of entitlement under the contract equivalent to units) and the total amount of the premiums remaining to be paid during such of the term of the contract as is appropriate for zillmerising or, if such premiums are payable beyond the age of seventy-five, until that age, excluding in all cases any vested reversionary bonuses and any capital sums for temporary assurances.

(2) Where, under the contracts relating to any such business as is mentioned in sub-paragraph (1), the payment of premiums is to stop before the sum assured becomes due, then, notwithstanding sub-paragraph (1), the "relevant capital sum" of life assurance activities for the purpose of Article 2 (g) (ii) of Part A of Annex II to these Regulations shall be taken to mean the mathematical reserves appropriate to the contracts in question at the end of the premium-paying term.

(3) Reserves for vested reversionary bonuses shall not be regarded as mathematical reserves for the purpose of this Article.

The implicit item relating to hidden reserves referred to in Article 2 (g) (iii) of Part A of Annex II to these Regulations may be given its full value.

ANNEX VII

Reinsurance, Currency Matching, Localisation, Documents of Title

In this Annex:

"assets" means:

( a ) in the case of non-linked contracts, designated assets as defined in Article 2 (16) of Annex V to these Regulations; and

( b ) in the case of linked contracts, linked assets as defined in Article 2 of these Regulations;

"liabilities" and "reserves" refer to provision by an undertaking to cover liabilities arising under or in connection with contracts for life assurance;

"property linked benefits" has the meaning assigned to it in Article 2 of these Regulations.

(1) Reserves may, subject to sub-paragraph (2), be established and maintained after the deduction of reinsurance cessions, provided such reinsurance arrangements are acceptable to the Minister.

(2) If more than 75 per cent. of the gross premiums written in respect of any one of the individual categories of contracts set out in sub-paragraph (4) is reinsured, then the primary insurer shall establish and maintain reserves, equivalent to a minimum of 25 per cent. of gross premiums or 25 per cent. of gross reserves (whichever is the greater) in that class. The primary insurer shall hold assets, localised in the European Communities (or in the State if so directed by the Minister), representing that amount accordingly.

(3) Where the reinsurance arrangements are not acceptable to the Minister he may require that, in respect of any one of the individual categories of contracts set out in paragraph (4), reserves be maintained before the deduction of reinsurance cessions.

(4) The individual categories of contacts referred to in sub-paragraphs (2) and (3) are:

(i) life assurance contracts;

(ii) general annuity contracts;

(iii) pension business contracts;

(iv) permanent health contracts;

(v) capital redemption contracts.

(1) The currency in which an insurer's commitments are payable shall be determined in accordance with the following rules—

( a ) Where the cover provided by a contract is expressed in terms of a particular currency, the insurer's commitments are considered to be payable in that currency.

( b ) Subject to the prior approval of the Minister, undertakings need not apply the matching principle where commitments are payable in a currency other than the currency of one of the European Community Member States, if investments in that currency are regulated, if the currency is subject to transfer restrictions or if, for similar reasons, it is not suitable for covering technical reserves.

( c ) Where the part of the liabilities of an undertaking expressed as being payable in any particular currency exceeds 5 per cent of the undertaking's total liabilities the undertaking shall hold sufficient assets expressed in or capable of being realised without exchange risk into that currency to cover at least 80 per cent. of the undertaking's liabilities in the currency. However, the company need not cover its liabilities by assets in a particular currency if those assets would amount to 7 per cent. or less of the remainder of its assets in other currencies.

( d ) For the purposes of sub-paragraph (c), an asset is capable of being realised without exchange risk into a currency if it is reasonably capable of being realised into that currency without risk that changes in exchange rates would reduce the cover of liabilities in that currency.

( e ) Whenever under the preceding procedures a commitment has to be covered by assets expressed in the currency of a Member State, this requirement shall also be considered to be satisfied when up to 50 per cent. of the assets or such other level as the Minister may approve are expressed in ecus.

( f ) Where any part of the assets covering the technical reserves is invested in collective investments which are denominated in the currency of the commitment but which are themselves invested in assets denominated in other currencies, such assets should be considered to be non-matching assets to the extent that the underlying assets are denominated in currencies which do not match the currency of the commitment and which are not capable of being realised into the currency of the commitment in accordance with sub-paragraph (d ) above.

(2) Insofar as liabilities for property linked benefits are covered by assets which determine the benefits payable under linked contracts, sub-paragraph (1) above shall not apply.

(3) Assets held pursuant to sub-paragraph (1) shall be localised in the Member States or in the country of the currency in which the liabilities are expressed.

(1) Notwithstanding the provisions of Section 3,

( a ) an undertaking with its head office in the State shall establish and maintain assets in the Member States equal to not less than 60 per cent. of its combined linked and non-linked liabilities in respect of business written in the European Communities subject to the provision that assets equal to not less than 80 per cent. of the undertaking's non-linked liabilities shall be so established and maintained;

( b ) an Irish deposit undertaking, a Community deposit undertaking and an External branch undertaking shall establish and maintain assets in the State equal to not less than 100 per cent. of its liabilities. The Minister may direct that this requirement shall be satisfied if the assets are established and maintained in the Member States in accordance with sub-paragraph 1 (a) above.

(2) For the purposes of applying sub-paragraph (1) to tangible assets, assets consisting of a claim against a debtor or a listed or unlisted investment, the following assets shall be regarded as being localised in the Member States (or the State as the case may be)—

( a ) a tangible asset, where it is situated in the Member States (or the State as the case may be);

( b ) an asset consisting of a claim against a debtor:

(i) in any case where the debtor is an incorporated company, where the head office of that company is situated in the Member States (or the State as the case may be);

(ii) in any case where the debtor is an unincorporated body of persons, where the body of persons is resident or ordinarily resident in the Member States (or the State as the case may be);

(iii) in any case where the debtor is an individual, where the individual is resident or ordinarily resident in the Member States (or the State as the case may be);

( c ) an asset consisting of a listed investment, where it is listed or dealt in on a regulated market in the Member States (or the Irish Stock Exchange as the case may be);

( d ) an asset consisting of an unlisted investment issued by an incorporated company, where the head office of that company is situated in the Member States (or the State as the case may be).

(3) An asset consisting of an approved security issued and guaranteed by a Government outside the Member States (or the State as the case may be) shall not be regarded as localised in Member States (or the State as the case may be).

(4) Notwithstanding the provisions of sub-paragraph (1), an External branch undertaking and an Irish deposit undertaking shall maintain assets in the State up to the amount of the guarantee fund required by Part B of Annex II to these Regulations and any excess either in the State or in another Member State.

The documents of title of the assets localised in the State or the Member States in accordance with Article 4 shall be held in the Member States (or the State as the case may be) and, in the case of an undertaking having its head office outside the Member States, the authorised agent shall have full authority to dispose of those assets in the name of the undertaking in accordance with any direction from the Minister acting under the powers vested in the Minister under the Insurance Acts and Regulations.

SCHEDULE 1 Summary of Accounts to be Completed Annually.

Denotes the forms to be completed by each undertaking (as appropriate).

Note: An undertaking writing business in the EC by way of a branch must complete a separate set of returns in respect of each Member State in which it has a branch establishment.

SCHEDULE 2 Forms of Account and Additional Information

(Forms 1 to 21)

Completion of Forms

All the Forms set out in the part of the return to which this Schedule relates (Forms 1 to 21) shall be laid out as shown in this Schedule and shall be prepared in accordance with, and include every account, note and statement required by, the instructions for completion appended to those Forms.

Currency

(1) Except as provided in sub-paragraph (2), the following shall be expressed in Irish pounds as if conversion had taken place at the closing middle rate on the last day for which the appropriate rate is available in the financial year to which the figures relate—

( a ) the value of any asset or liability expressed in a currency other than Irish pounds;

( b ) amounts of premiums and other income receivable in a currency other than Irish pounds;

( c ) amounts of claims and other expenditure payable in a currency other than Irish pounds.

(2) Notwithstanding the provisions of sub-paragraph (1), amounts of income and expenditure in currencies other than Irish pounds may be expressed in Irish pounds using other bases of conversion provided that a note is included in the returns stating the bases employed.

Presentation of Amounts

(1) Negative amounts shall be shown between round brackets.

(2) Where any amount which is shown as brought forward from a previous year differs from the corresponding amount shown as carried forward from that year and the difference is not due solely to the fact that a different rate has been used to express other currencies in Irish pounds, a note of explanation shall be included in the return.

(3) Amounts due to or from the undertaking shall be shown as gross amounts.

(4) Amounts shall be shown to the nearest IR£1,000.

Management Services

Where arrangements have been made for the provision of management services to an undertaking by another company (whether an undertaking or not)—

( a ) the undertaking shall annex to Form 1 relating to its financial year during any part of which those arrangements are in force, and

( b ) the other company (being an undertaking) shall annex to Form 1 relating to its financial year during any part of which those arrangements are in force a statement that the arrangements have been so in force in the financial year and naming the parties to them.

Contingent Liabilities

(1) Contingent liabilities are normally to be included under the appropriate headings in Form 16 in respect of life assurance business and Form 17 in respect of liabilities which are not life assurance business liabilities.

(2) The matters referred to in the following sub-paragraphs are to be stated by way of a note to Forms 16 and 17—

( a ) particulars of any charge on the assets of the undertaking to secure the liabilities of any other person (other than liabilities arising under a contract of insurance) including, where practicable, the amount secured;

( b ) whether any provision has been made for any liability to tax on capital gains which might arise if the undertaking disposed of its assets and, if so; the amount of the provision;

( c ) the general nature of any other contingent liabilities not included in the manner specified in sub-paragraph (1) (other than a liability arising under a contract of insurance) and, where practicable, the amounts or estimated amounts of those liabilities.

Additional information on derivative instruments

(6) Every undertaking which is required to complete Form 12A and/or Form 15A, in respect of each financial year, shall annex to the Form a statement comprising a summary of—

( a ) investment guidelines operated by the company during the relevant financial year for the use of derivative contracts;

( b ) the extent to which any of the amounts recorded in Form 15, and in Form 8 would be materially changed if assets which the company had agreed to acquire or dispose of under derivative contracts outstanding at the end of the relevant financial year (in the case of options, being only those options which it is prudent to assume will be exercised) had been so acquired and disposed of;

( c ) where a summary required by sub-paragraph (b)above would have been materially different if the requirement had applied to derivative contracts outstanding at any other time during the relevant financial year, the extent of that difference;

( d ) the maximum loss which would be incurred by the company (its "exposure") in the event of failure by any one other person to fulfil obligations under derivative contracts outstanding at the end of the relevant financial year, both under existing market conditions and in the event of other foreseeable market conditions, together with an assessment of whether such exposure would have been materially different at any other time during the relevant financial year; and

( e ) the circumstances surrounding the use of any instrument which—

(i) is (wholly or in part) a derivative instrument or a contract having equivalent effect; and

(ii) does not fall within Article 12 of Annex V of these Regulations.


Life Assurance Business 0.25"	REVENUE ACCOUNT	Form 1

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Fund/Part of Fund/Summary OB/IB

Instructions for completion of Form 1

The entry at 1.1.1. shall be equal to 2.9.3.

the entry at 1.8.1 shall be equal to 3.24.3 and

the entry at 1.9.1. shall be equal to 2.16.3.

Where an undertaking decides to allocate to the life assurance business the whole or any part of investment income and/or net capital gains arising from assets not attributable to its life assurance business, the amounts in question shall be shown as a transfer in line 13.

Where a transfer is made to the statement of other income and expenditure, the entry as 1. 13.1 shall show amounts which have been included in line 23 of Form 28. Transfers from or to other funds shall be included in line 6 or 12, with transfers to reserves associated with a transfer of contracts from one fund to another being distinguished from other transfers.

Where an undertaking maintains more than one life assurance fund, a statement shall be annexed to Form 1 giving 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 the different funds.

The composition of the entry on line 11 should be disclosed in a note appended to this form.

Transfers to/from an investment reserve should be included in line 5 or line 11 as appropriate and the amount of same disclosed in a note appended to this form.


Life Assurance Business	ANALYSIS OF PREMIUMS AND EXPENSES	Form 2

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000


Fund/Part of Fund/Summary	OB/IB

---	---
Analysis of reinsurance premiums (line 9 column (2) )	Reinsurance accepted
Analysis of management Expenses (lines 14 and 15 column (3))	Reinsurance ceded
	Incurred in Ireland
	Incurred outside Ireland

Instruction for completion of Form 2

Form 2 shall be completed separately in respect of each fund in respect of which a separate revenue account is to be prepared in Form 1.


Life Assurance Business	ANALYSIS OF PREMIUMS BY CLASS	Form 2A

Name of Undertaking:

Global business/Irish business/EC business/Other:

Member State:

Financial year ended:

Units IR£000

Fund/Part of Fund/Summary


Irish head office/EC branch establishment/Freedom of services business	OB/IB

Instructions for completion of Form 2A.

(1) This form must be completed by each head office undertaking.

(2) The total premiums shown at line 17.2 and 17.5 should equate to the entries at Form 2.9. 1 and 2.9.3 respectively.

(3) An undertaking writing business in the EC by way of a branch establishment must complete a separate Form 2A in respect of each branch in each Member State.

(4) An undertaking writing business in the EC on a freedom of services basis must complete a separate Form 2A in respect of each Member State in which business is written on a freedom of service basis.

(5) An undertaking writing business outside the EC must complete a separate form 2a in respect ofeach country in which business is written.

(6) The name of the Member State or country should be indicated on the appropriate line at the top of the form.


Life Assurance Business	ANALYSIS OF CLAIMS	Form 3

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR £ 000


Fund/Part of Fund/Summary	OB/IB

Instructions for completion of Form 3.

In the case of industrial assurance, claims payable on survival in respect of periodical endowment benefits shall be shown separately from other claims payable on the maturity of contracts of industrial assurance.

Form 3 shall be completed separately in respect of each fund in respect of which a separate revenue account is to be prepared.

A note should be appended to the form stating what portion of the gross figure in line 24, column 1, is attributable to claims arising under contracts of reinsurance which the undertaking has taken on.


Life Assurance Business	SUMMARY OF CHANGES IN BUSINESS - ORDINARY BRANCH	Form 4

---	---
Name of Undertaking:
Global business/Irish business/EC business/Other:	Non-linked/linked
Financial year ended:

Units IR£000

Instructions for completion of Form 4.

In the case of lines 3 and 10, transfers to/from other life assurance business and any amounts included in respect of currency adjustments shall be shown separately.

Information is to be given in this form for all non-group contracts and is to be gross of reinsurance ceded.

Separate statements are to be given for non-linked and linked contracts.

For group contracts only, the number of contracts in force at the end of the year and the estimated number of persons covered thereunder are to be given in a note to the appropriate statement.

New business data in line 2 should not include the total number of contracts 'sold' and the premiums generated during the year, but rather should only include those which actually went on the undertaking's books after the expiry of the 'cooling off period'. Cancelled contracts and refunds made within the cooling off period should not be included.


Life Assurance Business	SUMMARY OF CHANGES IN BUSINESS — INDUSTRIAL BRANCH	Form 5

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instructions for completion of Form 5

Policies discontinued by return of premiums on death of assured shall be included in class (a) and not class (d).

Paid-up policies which are written off shall be included in class (a) in the case of whole life policies and class (b) in the case of endowments.

Transfers to/from other life assurance business and any amounts included in respect of currency adjustments shall be shown separately.


Life Assurance Business	ANALYSIS OF NEW BUSINESS — ORDINARY BRANCH	Form 6

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instructions for completion of Form 6

All amounts shall be shown gross of reinsurance ceded.

The information is to be analysed and sub-totalled within each type of business in the sequence specified below—


(i) life assurance business	(iv) permanent health business
(ii) general annuity business	(v) capital redemption business.
(iii) pension business

The information is to be further analysed and sub-totalled within each basis of participation in profits the sequence specified below—

(i) non-linked contracts: with participation in profits,

(ii) non-linked contracts: without participation in profits,

(iii) linked contracts.

Within each sub-division required under Instructions 2 and 3, the appropriate types of insurance from the following list shall be shown separately—


(i) whole life assurance	(viii) other annuity (to be specified)
(ii) endowment assurance	(ix) group pension
(iii) pure endowment assurance	(x) group life
(iv) term assurance	(xi) other group (to be specified)
(v) other assurance (to be specified)	(xii) permanent health assurance
(vi) deferred annuity	(xiii) capital redemption assurance
(vii) annuity in payment	(xiv) annuity certain

In the case of group contracts, the information given shall relate only to new contracts and shall be exclusive of increments under existing contracts.

Renewable group contracts should be classified as regular premium and included in Form 6 in year of issue only.

Contracts written on recurrent single premium basis should be classified as annual premium contracts and included only in year of issue.

All columns should be totally with the exception of columns 4 and 7.


Life Assurance	ANALYSIS OF NEW BUSINESS - INDUSTRIAL BRANCH	Form 7

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instruction for completion of Form 7

If any table other than those shown in columns 1 and 2 (e.g. a table providing for recurring payments) is of significant amount details shall be given in column 3 with an appropriate heading. In the case of a table including a recurring payment, the sum assured on death before the date of the first recurring payment shall be shown against "sums assured" above and the amount of the recurring payment shall be shown separately in brackets.


Life Assurance Business:	EXPECTED INCOME FROM DESIGNATED NON-LINKED ASSETS	Form 8

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000


Fund	OB/IB

Instructions for completion of Form 8

Where Form 15 is for the same fund or group of funds:—


The entry at 8.1.1. shall be equal to 15.1.3.	The entry at 8.6.1 shall be equal to 15.7.3.
The entry at 8.2.1 shall be equal to 15.2.3.	The entry at 8.7.1. shall be equal to 15.17.3 + 15.18.3.
The entry at 8.3.1 shall be equal to 15.3.3 + 15.4.3 + 15.5.3.	The entry at 8.8.1 shall be equal to 15.8.3 + 15.9.3 + 15.10.3.
The total for 8.4.1 + 8.5.1 shall be equal to 15.6.3.	The entry at 8.11.1 shall be equal to 15.48.3.

The expected income is to be given as the amounts before deduction of tax which would be received in the next financial year on the assumption that the assets will be held throughout that year and that the factors which affect income will remain unchanged but account shall be taken of any changes in those factors known to have occurred by the valuation date (in particular, changes of the type mentioned at sub-paragraphs (a) to (d) of Article 7 (5) of Annex IV). The figures shown in this form shall be those determined prior to any adjustments necessitated by Article 7 (6) of Annex IV.

Where a particular asset is required to be taken into account only to a specified extent by virtue of the application of Article 14 of Annex V, the expected income from that asset shall be included only to the same extent.

Where regard is had to expected income from an asset in respect of which the payment of interest is in default, that fact and the amount of interest involved shall be stated.

The entries at 8.2.3 and 8.3.3 shall be equal to 9.8.4 and 9.16.4 respectively. The yields to be inserted in column 3 for other categories of asset shall be the running yields. The entry at 8.11.3 shall be the weighted average of the yields in column 3, where the weight given to each asset is the value of that asset applicable for entry in column 1. Assets not producing income shall be included in the calculation.

Separate statements of the expected income from non-linked assets shall be given in respect of each fund or group of funds for which separate assets are appropriated.

If an undertaking carrying on both industrial assurance business and life assurance business does not separately identify the assets representing the industrial assurance business, this Form shall be prepared in respect of all the undertaking's life assurance business.


Life Assurance Business:	ANALYSIS OF DESIGNATED NON-LINKED FIXED INTEREST SECURITIES	Form 9

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000


Fund	OB/IB

Instructions for completion of Form 9

The gross redemption yield for each asset shall be calculated in accordance with Article 7 (3) and (4) of Annex IV leaving out of account any adjustment considered necessary because of Article 7 (6) of Annex IV. Where a number of assets with different gross redemption yields are held, the weighted average gross redemption yield shall be calculated using as weights the value of the assets applicable for entry in column 1.

Where securities may be redemed over a period at the option of the guarantor or insurer, they shall be classified on the assumption that they will be redeemed at the latest possible date or, if it is assumed that they will be redeemed at an earlier date, a note shall be provided explaining what assumption has been made.

9.8.1, 9.8.2, 9.16.1 and 9.16.2 shall be equal to the values at 8.2.1, 8.2.2, 8.3.1, and 8.3.2 respectively.

The entries at 9.8.4 shall be the weighted average of the yields in column 4 for lines 1 to 7 and 9 to 15 respectively, where the weight given to each yield is the value shown in column 1.

Separate statements of the expected income from non-linked assets shall be given in respect of each fund or group of funds for which separate assets are appropriated.


Life Assurance Business	Form 10

ANALYSIS OF HOLDINGS IN UCITS AND IN RECOGNISED UNIT TRUSTS DIRECTLY MATCHING LIABILITIES IN RESPECT OF PROPERTY LINKED BENEFITS

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instructions for completion of Form 10

The basis on which the assets have been valued shall be stated in a note to this Form.

An indication as to whether the holding is in a UCITS or a Unit Trust should be included in respect of each entry in Column 1.

Life Assurance Business

ANALYSIS OF ASSETS WHICH ARE MATCHING LIABILITIES IN RESPECT OF PROPERTY LINKED BENEFITS OTHER THAN HOLDINGS IN UCITS, RECOGNISED UNIT TRUSTS OR INTERNAL LINKED FUNDS.

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR000

Instructions for completion of Form 11

The information in Form 11 is to be subdivided and totalled according to the names of categories of linked contract under which the liabilities in respect of property linked benefits are matched by such assets.

The basis on which the assets have been valued shall be stated in a note to the Form.


Life Assurance Business	BALANCE SHEET FOR INTERNAL LINKED FUNDS

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

OB/IB

Instructions for the completion of Form 12

The entries at line 21 shall be the same as those at line 15 on Form 14.

The entry at line 13 in the Total column shall be equal to line 42 on Form 15.

The basis on which the assets have been valued and the total amount of unrealised gain or loss relating to each internal linked fund shall be given in a separate statement.

Approved derivative instruments should be included with other assets in line 12. Details of investments in approved derivative instruments should be shown in Form 12A.


Life Assurance Business	Form 12A

ANALYSIS OF DERIVATIVE INSTRUMENTS USED IN INTERNAL LINKED FUNDS

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Life Assurance business assets/not life assurance business assets:

Units IR£000

OB/IB

Instructions for Completion of Form 12A

Derivative investments used in connection with property linked contracts shall only be included in Form 12A. All other derivative instruments shall be excluded.

The derivative instruments shall be analysed according to the type of assets shown in the second column of this form that represents the principal subject of the contract.

All amounts in respect of assets and liabilities under derivative instruments (whether with one or more approved credit institutions or counterparties) shall be shown gross unless there is a legal right of set-off.

The basis on which the asset value of derivative instruments shown in lines 1 to 15 columns (1) and (3) of this form has been determined shall be shown in a separate statement.

The amount of any liability under a derivative instrument shall be determined in accordance with the provisions of Annex IV of these Regulations, but excluding any deduction for any margin as shall have been paid or transferred in respect of that contract.

The net effect of any margins paid, transferred, or received in respect of instruments in lines 1 to 15 shall be shown at line 16.

The provision for adverse changes in value shown at line 17.2 shall be the amount determined in accordance with Annex IV of these Regulations.


Life Assurance Business	ANALYSIS OF DERIVATIVE INSTRUMENTS USED IN INTERNAL LINKED FUNDS	Form 13

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

OB/IB

Instructions for completion of Form 13

The entries in column 5 for the total values of all units in force in each internal linked fund shall equal the entries in line 21 on Form 12.

The total of column 6 shall equal the total of the entries in line 14 on Form 12. Undertakings should ensure that all information relating to the value of units held by each internal linked fund in each unit link of other internal linked funds which when added give the totals shown in column 6, is retained on file and can be made available at the request of the Minister.

If the total number of units exceeds the number of the units allocated to policyholders, the number of surplus units shall be included in an additional column headed "Value of surplus units excluding those held by other internal linked funds".

The amount of any over and/or underfunding of each internal linked fund shall be stated in a note.


Life Assurance Business	REVENUE ACCOUNT FOR INTERNAL LINKED FUNDS	Form 14

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR £000

Instruction for completion of Form 14

Funds shall be entered in the same column positions on this form and on Form 12.


ASSET ANALYSIS	Form 15
Name of Undertaking:	(Sheet 1)
Global business/Irish business/EC business/Other:
Life assurance business assets/not life asurance business assets:
Financial year ended:
Units IR£000

---	---
ASSET ANALYSIS	Form 15
Name of Undertaking:	(Sheet 2)
Global business/Irish business/EC business/Other:
Life assurance business assets/not life asurance business assets:
Financial year ended:
Units IR£000

---	---
ASSET ANALYSIS	Form 15
Name of Undertaking:	(Sheet 3)
Global business/Irish business/EC business/Other:
Life assurance business assets/not life assurance business assets:
Financial year ended:
Units IR£000

Instructions for completion of Form 15

Form 15 shall be completed for the total assets of the undertaking and shall be completed (as appropriate)—

( 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 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 Court 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.

The information required at (i), (ii) and (iii) of sub-paragraph (c) and (d) may be accommodated on one form where this is more appropriate.

Linked assets shall be included in lines 42 and 43 wherever appropriate and not in lines 1 to 41 or line 44.

In line 41 "life interests, reversionary interests and similar interests in property" means those interests of the kind described in Article 11 of Annex V.

Columns (3), (4) and (5) are not required to be completed for the purpose specified in paragraph 1 (a) (iii).


Life Assurance Business	ANALYSIS OF DERIVATIVE INSTRUMENTS	Form 15A
Name of Undertaking:
Global business/Irish business/EC business/Other:	Global business/Irish business/EC business/Other:
Financial year ended:
Life Assurance business assets/not life assurance business assets:	Life Assurance business assets/not life assurance business assets:
Units IR£000

Instructions for completion of Form 15A

Form 15A shall be completed in respect of the total assets of the undertaking. Form 15A shall also be completed for each fund or group of funds and each category of assets referred to in instructions 1 and 2 to Form 15.

Derivative investments used in connection with property linked contracts shall be excluded from Form 15A. All other derivative instruments shall be included, except for those which are assets of the company but to which Article 12 of Annex V of these Regulations does not apply.

The derivative instruments shall be analysed according to the type of assets shown in the second column of this form that represents the principal subject of the contract.

All amounts in respect of aspects and liabilities under derivative instruments (whether with one or more counterparties) shall be shown gross unless there is a legal right of set-off.

The asset value of derivative instruments shown in lines 1 to 15 columns (1) and (3) of this form shall be determined in accordance with Article 12 of Annex V of these Regulations but excluding any deduction for margins made in accordance with paragraph (2) of that Article.

The net effect of any margins paid, transferred, or received in respect of instruments in lines 1 to 15 shall be shown at line 41.

The provisions for adverse changes in value shown at line 17.2. shall be the amount determined in accordance with Annex IV of these Regulations.

The entry at 18.1 shall be shown at Form 15.40.2.

10.

The entry at line 18.2 shall be included in Form 16.16.1 or Form 17.7.1. as appropriate.


Life Assurance Business	LIABILITIES AND MARGINS	Form 16

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instructions for completion of Form 16

The entries at 16.1 and 16.5 shall equal the sum of lines 9, 19, 20 and 21 of the appropriate Form 28.

The amount of any cash bonuses allocated but not yet paid to policyholders, as shown in 28.18 (which together with 28.25 constitutes the balance of the life assurance business funds) shall be stated in a note.

The value of designated assets representing the life assurance business funds is determined by deducting from the total value of the designated assets an amount equal to the liabilities itemised in lines 9 to 16. The amount of any additional mathematical reserves included in line 17 which have been taken into account in the actuary's certificate because the amount of the mathematical reserves determined in Schedule 4 was not calculated in all respects in relation to assets valued in accordance with Annex V, shall be stated in a note.


Life Assurance Business	LIABILITIES WHICH ARE NOT LIFE ASSURANCE BUSINESS LIABILITIES	Form 17

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Life Assurance Business

STATEMENT OF OTHER INCOME AND EXPENDITURE

Form 18

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instruction for completion of Form 18

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

STATEMENT OF NET ASSETS

Form 19

Name of Undertaking

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

STATEMENT OF SOLVENCY

Form 20

Name of Undertaking:

Global business/Irish business/EC business/Other:

Financial year ended:

Units IR£000

Instructions for completion of Form 20

The entry at line 3 shall be equal to 19.4.1 - 19.5.1 + 19.7.1.1.

The entry at line 4 shall be equal to the sum of lines 1 and 5 in Form 16 and the amount (if any) stated in a note to that Form in accordance with instruction 3 to that Form.

The entry at line 5 shall be equal to the sum of lines 9 to 16 and the amount of any cash bonuses stated in a note to that Form in accordance with instruction 2 to that Form.

The entries at lines 15 and 16 shall not include provision for any liability to tax on capital gains referred to in paragraph 5 (2) (b) of Schedule 2.

Form 21

EMPLOYMENT STATISTICS

Name of Undertaking:

Financial year ended:

SCHEDULE 3

PART 1

Auditors' Report

The auditors' report required by Article 31 of these Regulations shall, in addition to any statement required by the Companies Acts, 1963 to 1990 state—

( 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 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 32 (a) has been properly prepared in accordance with 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 Annex VI of these Regulations.

PART 2

Certificate by directors etc.

Subject to paragraph 6 the certificate required by Article 32 (a) of these Regulations shall state, in relation to the part of the return comprising Forms 1 to 20—

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

(i) proper accounts and records have been maintained and adequate information has beren 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 16 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 16; and

( d ) that the assets held throughout the financial year enabled the undertaking to comply with Annex VII to these Regulations.

subject to paragraph 6 the certificate required by Article 32 (a) of these Regulations shall state,

( 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 paragraph 2 (g) of Part A of Annex II to 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 value of items admitted as implicit items in accordance with Part A of Annex II to 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 Part B of Annex II to these Regulations within the State and has kept assets representing the remainder of that required minimum solvency margin in the State or in another Member State; and

(iv) that the deposit made in accordance with Article 65 (1) (e) of these Regulations 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 Part A of Annex II to 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 65 (1) (e) of these Regulations 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 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.

The directors' certificate required by Article 32 (a) of these Regulations shall also state, subject to paragraph 6—

( 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 12 (6) of these Regulations 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 items 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 5 (3) of these Regulations 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.

The directors' certificate required by Article 32 (a) shall state, subject to paragraph 6, whether proper accounts and records have been maintained in the State in respect of business supervised in the State.

(1) Where, in the opinion of those signing the certificate, the circumstances are such that any of the statements required by paragraphs 2 to 5, (other than subparagraphs (a), (b) (i) and (ii) of paragraph 3), cannot truthfully be made, the relevant statements shall be omitted;

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

PART 3

Certificate by appointed actuary

The certificate required by Article 32 (b) of these Regulations to be signed by the appointed actuary—

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

(i) that in the actuary's 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 sub-paragraph (ii), the liabilities have been assessed in accordance with Annex IV in the context of assets valued in accordance with Annex V, as shown in Form 15, and

(iv) that the undertaking's premiums for new business are sufficient, on reasonable actuarial assumptions, to enable it to meet all its commitments and, in particular, to establish adequate technical reserves, taking into account all aspects of the undertaking's financial situation but without the input from resources other than premiums and income earned thereon being systematic and permanent in such a way that it may jeopardise the undertaking's solvency in the long term; and

(v) that the Guidance Notes "Actuaries and Long Term Insurance Business (GN1)" and "Additional Guidance for Appointed Actuaries (GN8)" issued by the Society of Actuaries in Ireland have been complied with; 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).

The appointed actuary shall, if it is considered necessary, add to the certificate such qualifications, amplifications or explanations as may be appropriate.

Form 22

AUDITORS' REPORT REQUIRED BY ARTICLE 31 OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE) FRAMEWORK REGULATIONS, 1994

Name of Undertaking:

Global business:

Financial year ended

Form 23

CERTIFICATE BY DIRECTORS ETC. REQUIRED BY ARTICLE 32 (a) OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE) FRAMEWORK REGULATIONS, 1994

Name of Undertaking:

Global business:

Financial year ended:

Form 24

CERTIFICATE BY APPOINTED ACTUARY REQUIRED BY ARTICLE 32 (b) OF THE EUROPEAN COMMUNITIES (LIFE ASSURANCE) FRAMEWORK REGULATIONS, 1994

Name of Undertaking:

Global business:

Financial year ended:

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 paragraph 2 of Annex IV to these Regulations.

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)—

The date to which the investigation relates.

The date to which the latest previous investigation related.

For each category of non-linked contract, other than those fully described by the entry in column 1 of Form 25, a full description of the benefits including any premium rate guarantees and options.

(1) For each category of linked contract—

( 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.

(1) The general principles and methods adopted in the valuation including specific reference to the following—

( 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 paragraph 6 of Annex IV of these Regulations;

( 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);

( h ) the basis of any reserves held against derivative instruments.

(2) For the purposes of this paragraph—

Where, in determining the provisions referred to in sub-paragraph (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) of these Regulations, that fact shall be stated.

(1) Where applicable, the rates of interest and tables of mortality and disability assumed in the valuation of the various categories of contracts (to be shown in Forms 25 and 26).

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

(3) Details of indices used in estimating a "price earnings ratio" for the purposes of Article 8 of Annex V to these Regulations.

In respect of non-linked contracts—

( 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 paragraph 5 of Annex IV to these Regulations, 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 paragraphs 3 to 12 of Annex IV to these Regulations;

Provided that where the mathematical reserves (after deduction of reinsurance cessions) determined in the aggregate for all categories of contracts referred to in sub-paragraph (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.

For each category of linked contract—

( 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 paragraph 9 of the Annex IV to these Regulations; 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 description of the investment policy pursued during the period covered by the report, including, if appropriate, specific reference to investments in derivative instruments.

10.

The proportion of the total mathematical reserves (other than liabilities for property linked benefits under linked contracts) as shown in Forms 25 and 26 not matched by assets in the same currency.

11.

(1) For reinsurance ceded on a facultative basis, separate particulars of business ceded to insurers authorised to transact business in the territory of a Member State, to insurers not so authorised and to specialist reinsurers showing, in each case—

( 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 and the nature and extent of the underwriting and other risks transferred 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.

12.

Where any rights of any policyholders to participate in profits relate to profits from particular parts of a life assurance fund—

( 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.

13.

Particulars and source of the principles on which the distribution of profits among policyholders and shareholders is made.

14.

Particulars and source of the principles on which projected future bonus rates are made together with details of such rates.

15.

Particulars of the bonus allocated to each category of contract, including the basis of calculation and the circumstances and the form of payment. (Wherever appropriate, rates of bonus are to be expressed as a fraction of the attribute of the contract to which they are related, e.g. as rates per £1,000 of the sum assured and existing bonuses).

16.

Where the rates of bonus allocated depend on the original term of the contract or on the period of years a contract has been in force or on the age of the life assured, specimen rates at 5-year intervals of original term of duration or at 10-year intervals of age, as the case may be. (Where the rates of bonus allocated depend on a formula or a series of formulae, then the formula or formulae should be listed instead of the specimen rates).

17.

Where any conditions attach to the allocation of bonus to any category of contract concerning the number of years premiums are to be paid before a bonus vests or otherwise, particulars of such conditions in relation to each category of contract.

18.

Particulars of the practice regarding bonus payments (in addition to those for which the undertaking has become contractually liable) to be made on claims arising in the period up to the next investigation together with the rates at which such bonus payments are to be determined.

19.

Separate valuation summaries in the forms set out in Forms 25 and 26 and separate analyses of unit liabilities in the form set out in Form 27 in respect of each separate fund or part of a fund for which a surplus is determined under Article 5 for—

(i) direct business and reinsurance accepted;

(ii) reinsurance ceded.

20.

Separate statements of the results of the valuation in the form set out in Form 28 in respect of each separate fund or part of a fund for which a surplus is determined under Article 15 of these Regulations.

21.

Separate statements of the required minimum solvency margin for life assurance business in the form set out in Form 30.

22.

( a ) Subject to sub-paragraph (b), a separate statement of the required solvency margin for supplementary insurance in the form set out in Form 29;

( 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.]


VALUATION SUMMARY OF NON-LINKED CONTRACTS	Form 25
Name of Undertaking:
Global business/Irish business/EC business/Other:
Financial year ended:
Fund/Part of fund	OB/IB

Group:

Excess:


VALUATION SUMMARY OF LINKED CONTRACTS	Form 26
Name of Undertaking:
Global business/Irish business/EC business/Other:
Financial year ended:
Fund/Part of fund	OB/IB

Instructions for completion of Forms 25 and 26

Information shall be shown separately and totalled within each section in the sequence specified below:

(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.

The information shall tie analysed and subtotalled within each type of business in separate sheets and in the following sequence:


Form 25/Form 26	(i) life assurance business
Form 25/Form 26	(ii) general annuity business
Form 25/Form 26	(iii) pension business
Form 25/Form 26	(iv) permanent health business
Form 25/Form 26	(v) capital redemption business

The information shall be further analysed and subtotalled within each basis of participation in profits in the following sequence:

(i) with participation in profits

(ii) without participation in profits.

Within each subdivision required under paragraphs 2 and 3 above the appropriate types of insurance from the following list shall be shown separately:

(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

A further subdivision into each separate category of contract is required as follows:

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.

Special reserves (including reserves calculated on an aggregate basis for tax on capital gains and investment performance guarantees) or adjustments shall be shown on separate lines in the mathematical reserves column and the particulars of such reserves or adjustments shall be specified.

Any contract which consists of a combination of different types of insurance shall be treated as a number of separate contracts each dealing with one of the different types of insurance so combined and the amount by which the total number of contracts shown in column 4 of any valuation summary exceeds the actual number of contracts to which that valuation summary relates shall be stated:

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.

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