IE
S.I. No. 401/1977 - European Communities (Non-Life Insurance Accounts) Regulations, 1977.
Table of Provisions (18)
Statutory Text (18 Articles)
1. Claims paid including those arising on reinsurance ceded but excluding those arising on reinsurance accepted whether re-ceded or not and including salvages effected.
....................
Plus
2. Claims paid on reinsurance acceptances including those relating to subsequent retrocessions
.....................
Plus
3. Reserve for outstanding claims, including acceptances, established at the end of the reference period.
.....................
Less
4. Amount of recoveries and salvages effected
......................
Less
5. Reserve for outstanding claims, including acceptances, established at the beginning of the reference period
......................
6. Cost of claims during reference period =[1 + 2 + 3] – [4 + 5]=
......................
7. Annual average = 1/3rd or 1/7 of (6)=
......................
The annual average under 7 above is then divided into
(i) that portion of 7 above which is not greater than 7,000,000 Units of Account which in Irish pounds is equal to
£.............. × 26% = £.....................
(ii) that portion of 7 above which is greater than 7,000,000 Units of Account which in Irish pounds is equal to £...................... × 23% = £..................
TOTAL 1 (Sum of (i) and (ii) above)
......................
8. Net incurred claims as a percentage of gross incurred claims =
............................ %
£
9. Relevant percentage ............% (Amount of % at 4 above or 50% whichever is the greater)
SECOND result (TOTAL 1 × Percentage entered at 9 above).
......................
SUMMARY
FIRST RESULT £......................
SECOND RESULT £...................
AMOUNT OF MARGIN TO BE ESTABLISHED
£....................
(the higher of first and second result)
TOTAL OF SCHEDULES 1 AND 2
£.....................
of which items under Schedule 1 amount to
£.....................
and items under Schedule 2 amount to
£.......................
(Signed)
...........................................................
(Date)
...........................................................
(Position)
...........................................................
(Date and signature of a responsible officer of the undertaking)
FORM NO. 15
ALL SYNDICATES OF LLOYDS
Year Ended ....................................
Total
Accident and Health
Motor
Marine Aviation and Transit
Fire and other damage to Property
Liability
Miscellaneous Pecuniary Loss
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Gross Written Premium
Commission
Claims Paid
Claims Outstanding
FORM NO. 16
INDIVIDUAL SYNDICATES
Year Ended .......................
LLOYD'S SYNDICATE No .................................
Total
Accident and Health
Motor
Marine Aviation and Transit
Fire and other damage to property
Liability
Miscellaneous Pecuniary Loss
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Net Written Premium
Claims Paid
Commission
mmmmmmmmmmmmmmm
mmmmmmmmmmmmmmm
mmmmmmmmmmmmmmm
mmmmmmmmmmmmmmm
mmmmmmmmmmmmmmm
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
Claims Outstanding
FORM NO. 17
CERTIFICATE
Note
A statement attesting the correctness of the information provided on all forms should be signed by a majority of the Directors of the undertaking. In the case of Lloyds this statement should be signed by the Chairman of the Committee of Lloyds.
A statement attesting the correctness of the information appearing on the Balance Sheet, Profit and Loss Account, Asset Analysis, Assets/Liabilities Summary (as appropriate) should be signed by the insurers auditors.
GIVEN under my Official Seal this 30th day of December, 1977.
DESMOND O'MALLEY,
Minister for Industry, Commerce and Energy.
EXPLANATORY NOTE.
This Instrument introduces a requirement for non-life insurance undertakings in Ireland to submit Statutory Returns in the form set out in the Schedule hereto in substitution for the forms of account specified in the Insurance Acts, 1909 to 1971. The provisions of this Instrument shall apply in respect of the financial year in which the Instrument is made and all subsequent financial years. The availability of the information contained in the Schedule will enable the Minister for Industry, Commerce and Energy to exercise his supervisory function in accordance with the provisions of the European Communities (Non-Life Insurance) Regulations, 1976 (
Statutory Instrument No. 115 of 1976
).
10. TOTAL
Note
Premium is Net of Commission.
FORM NO. 5
PREMIUM AND REINSURANCE ANALYSIS OF...............................
Year Ended....................................
The business on this Form was written in
Total
Accident & Health
Motor Vehicle
Marine Aviation and Transit
Fire and other Damage to Property
Liability
Miscellaneous pecuniary Loss (including Credit and suretyship)
Treaty reinsurance Accepterd not included in Columns 2-7
Ireland
All countries
1.
£000
Direct Business and facultative reinsurance accepted.
Treaty Reinsurance Accepted
Gross Premiums
ANALYSIS OF REINSURANCE CEDED
Premiums ceded
Reinsurance Claim Recoveries incurred.
Commission receivable
Net retention as % of Gross Premium.
FORM NO. 6
PREMIUM AND REINSURANCE ANALYSIS OF...............................
Year ended.............................................
Analysis of Premiums Accepted
£000
Direct business and facultative reinsurance accepted.
Treaty Reinsurance Accepted
Gross Premiums
Analysis of Reinsurance Ceded
Premiums Ceded
Reinsurance Claim Recoveries incurred
Commission Receivable
Net retention as % of Gross Premiums
FORM NO. 7
MONTHLY PREMIUM ANALYSIS OF.....................................
Year Ended..........................................
The business on this form was written in
Total
Accident and Health
Motor vehicle
Marine, Aviation & Transit Insurance excluding 3 year business
Fire and Other Damage to Property
Liability
Miscellaneous pecuniary Loss (including credit and suretyship).
Ireland
All countries
1
Gross
Net
£000
£000
Breakdown by month in respect of direct business and facultative reinsurance accepted in respect of annual risks debited/commencing in
Month 1..................................
2..................................
3.................................
4..................................
5..................................
6..................................
7..................................
8..................................
9..................................
10..................................
11..................................
12..................................
(Sub-total)
Risks of less than 12 months in force at the end of the year
Risks of more than 12 months in force at the end of the year
Risks expired at the end of the year
*Risks commencing in the previous year but debited in the current year
*Risks commencing in the succeeding year but debited in the current year
TOTAL
*These items only to be completed when this Form is prepared on a "risks commencing in" basis.
FORM NO. 8
CLAIMS SETTLEMENT ANALYSIS OF..............................
Year of Origin
Insurance Class
Total No. of Claims
Total Est. Value of Claims as of year of origin.
Year of Account
Number of Claims
Number of Claims settled
Gross Claims payments
Gross claims outstanding at end of year
Latest Estimate of Gross Liablility in respect of year of origin.
Reported
IBNRS
Total
Settled in Year
To date
% to date of column 4
Settled in Year or on Account
To date
% to date of column 18.
No. of claims
Payments on account included in Col. 11.
Estimated Liability at the end of year
At no cost
At Some cost
Total
Reported claims
IBNR
Total
Total of Column 11 and 17.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
19
19
19
Note
This form should be completed in respect of motor vehicle, employers liability and public liability insurance business.
Note
To exclude treaty reinsurance business accepted.
FORM NO. 9
ASSET ANALYSIS OF......................................
Year Ended.................................
Assets
Book Value
Value per Administrative Rules*
Assets Admissible as representing T.R.'s on Irish Business
Assets in (3) localised in accordance with Rules
Assets in (3) not localised in Ireland
(1)
(2)
(3)
%
(4)
%
(5)
1 (A) Property-Land
(B) Ground Rents
2 Debts secured on land
3 Debts due within 12 months
4 Debts due outside 12 months
5 Quoted Equity shares
6 Other quoted shares and quoted debentures
7 Unquoted Shares
8 Debts due from Individuals
9 Computer Equipment
10 Office machinery, furniture, motor vhicles etc.
11 Securities issued by Irish Government, Municipal or Public Body.
12 Securities issued by E.E.C. Government or Public Body.
13 Securities issued by Non-EEC Government or Public Body.
14 (A) Cash with approved Banks
(B) Cash with approved Building Societies
(C) Cash with other approved Financial Institutions
15 Interests in Unit Trust Schemes
16 Debts due from Intermediaries and policyholders
17 Debts due on Reinsurance
18 Debts due—secured on a policy of insurance
19 Value of salvage rights due
20 Life and Reversionary interests in property
21 Shares in and debts due from dependent companies
22 Other assets to be described
TOTALS
100
100
(i) Assets covering Technical Reserves of Foreign Branches of Irish Head Offices .. .. .. .. .. .. .. ..
£
(ii) Assets in excess of total Technical Reserves, held by Irish Head Offices
£
(iii) Localised Assets as % of Total Admissible Assets covering Technical Reserves (total Col. (4) as % of Col. (3)
%
(iv) Net premium income as defined in Appendix I of Administrative Rules
£
(v) Localised Balances Due from Intermediaries as % of (iv) above
%
*Administrative Rules approved by the Minister for Industry and Commerce in December, 1976.
We hereby certify that the values of the Assets set forth in the above statement have been ascertained and reviewed at the date of this statement and are shown therein at amounts which in our belief do not exceed the true values appropriate to the headings specified.
Authorised Agent
Chairman
Director
Chief Executive
Director
FORM NO. 10
BALANCE SHEET OF.......................
AS AT ....................................
NON-LIFE BUSINESS
This Year
Previous Year
Total
Total
£
£
£
£
SHARE CAPITAL
Authorised
Issued
RESERVES
General Reserve
Investment Reserve
Share Premium Account
Profit and Loss Account
LONG TERM LOANS
TECHNICAL RESERVES
Unearned Premium Reserve (Net of Reinsurance)
Unearned Premium Reserve (Gross) £
Unexpired Risk Reserve (Net of Reinsurance)
Unexpired Risk Reserve (Gross) £
Outstanding Claims Provision (Net of Reinsurance)
Outstanding Claims Provision (Gross) £
Three Year Account Fund (Gross)
OTHER LIABILITIES AND PROVISIONS
Amount Payable to Reinsurers.
Reinsurance Deposits Retained.
Due to Other Insurers (Co-Insurance)
Bank Loans and Overdrafts.
Other Loans.
Other Creditors.
Taxation
Proposed Dividend
Total Liabilities
FIXED ASSETS (at Cost or Valuation less Depreciation)
Property.
Fixtures and Fittings.
Motor Vehicles.
Other fixed assets
CURRENT ASSETS
Amount due from Brokers and Agents, Policyholders.
Amount due from Reinsurers.
Deposits retained by Reinsurers.
Amounts due from Other Insurers.
Other Debtors.
Cash on Current Account and in hand
GOODWILL
Total Assets
Stock Exchange Securities are included in the above Balance Sheet at Cost Price, and the values are in the aggregate, after taking into account the Investment Reserve Fund, below the Middle Market Price on 19 . Mortgages and Loans included in the Balance Sheet are in our belief in the aggregate adequately secured.
We hereby certify that the values of all the Assets set forth in the above Balance Sheet have been ascertained and reviewed at the date of the Balance Sheet and are shown therein at amounts which in our belief do not exceed in the aggregate the realisable or market value of the Assets after taking into account the Investment Reserve Funds. Assets and Liabilities in foreign currencies have been converted in accordance with standard accounting practice.
We further certify that no part of any Fund has been applied directly or indirectly for any purpose other than the class of business to which it is applicable.
Chairman
Director
Managing Director
Director
FORM NO. 11
PROFIT AND LOSS ACCOUNT OF.......................................
Year Ended .......................................
NON-LIFE BUSINESS
This Year
Ended 19
Previous Year
Ended 19
Total
Total
£
£
£
£
Underwriting Profit/Loss transferred from Underwriting Accounts.
Investment Income
Profit or Loss on Sale of Investments.
Less Interest Payable
Management Expenses not charged to Underwriting Accounts.
Profit before Taxation and Extraordinary Items
Taxation
Profit after Taxation and before Extraordinary Items
Extraordinary Items Less Taxation
Profit after Taxation and Extraordinary Items
Transfer to or from Reserves
Dividends Paid and Proposed
Profits Retained.
Chairman
Director
Managing Director
Director
FORM NO. 12
ASSETS/LIABILITIES—SUMMARY IN RESPECT OF BUSINESS IN REPUBLIC OF IRELAND.
LIABILITIES
Technical Reserves—-MAT Business (See Form 1 or 2)
Technical Reserves—-Other Classes
Unearned premium reserve
Additional unexpired risk reserve.
Outstanding Claims
Other Liabilities and Provisions
Assets
(To be shown at current market value)
Investments
Fixed Assets
Current Assets
Goodwill
Other Assets
SURPLUS/DEFICIT
FORM NO. 13
EMPLOYMENT STATISTICS
Name of Company: .......................................
As at (Date) ............................................
Undertaking with Head Office in Ireland
Undertaking with Head Office outside Ireland
In Ireland
Outside Ireland
In Ireland
Full-time Staff Employed
Total payroll
FORM NO. 14
STATEMENT OF THE SOLVENCY MARGIN
OF
............................................................ .......................
(Name of Undertaking)
AS AT
............................................................ ......
(Date)
ALL ASSETS AVAILABLE TO COVER THE MINIMUM SOLVENCY MARGIN
SCHEDULE 1
£
1.1 Paid up share capital or effective initial fund
......................
1.2 One half of the unpaid share capital or effective initial fund once the paid up part reaches one-quarter of the capital or fund.
......................
1.3 Reserves not corresponding to underwriting liabilities
1.3.1 statutory reserves
.....................
1.3.2 free reserves
.....................
Total 1.3
......................
1.4 Carry-forward of profits
1.4.1 balance carried forward from previous years
.........................
1.4.2 non-allocated profits in respect of the last financial period after appropriation of the balance on the profit and loss account
...........................
Total 1.4
......................
1.5 One-half of the possible call for supplementary contributions within the financial year (up to a limit of one-half of the solvency margin)
......................
1.6 Other items (specify)
Total 1.1 to 1.6
......................
1.7 Intangible items appearing in the balance sheet (to be detailed on a separate sheet)
......................
TOTAL SCHEDULE I
(Sum of 1.1 to 1.6 less 1.7)
......................
SCHEDULE 2
Note
The amounts under this schedule are permitted at the request of and upon proof being shown by, the undertaking and in accordance with the 2nd Protocol to the 1st E.E.C. Coordination Directive on Non-Life insurance.
2.1 Reserves resulting from underestimation of assets.
................................
2.2 Reserves resulting from overestimation of liabilities.
................................
(includes £........................ for the unexpired risks reserve
—
-up to a limit of 20% of the solvency margin)
TOTAL SCHEDULE 2
(Sum of 2.1 and 2.2)
.......................
£
ALL ASSETS AVAILABLE TO COVER THE MINIMUM SOLVENCY MARGIN
......................
(Sum of Schedules 1 and 2)
Items shown under Schedule 2 represent ......................% of the margin.
AMOUNT OF THE SOLVENCY MARGIN TO BE ESTABLISHED
FIRST RESULT
Note Accounts for the latest financial year to be used.
£
11. COMMISSION (Direct Business and Facultative Reinsurance Accepted)
12. Management Expenses
Incurred in Ireland
Incurred outside Ireland
13. TOTAL MANAGEMENT EXPENSES
14. Other Expenditure (to be described)
15. TOTAL EXPENDITURE
16. UNDERWRITING PROFIT/LOSS
(Transferred to Profit and Loss Account).
FORM NO. 3
UNDERWRITING REVENUE ACCOUNT FOR MARINE AVIATION AND TRANSIT THREE-YEAR BUSINESS
of.......................................
Year Ended....................................
The business on this Form was written in
Business Transacted in the Underwriting Year 19
Business Transacted in the Underwriting Year 19
Business Transacted in Current Year 19
Income and expenditure in 19 (The Year of Account) Total of Columns 3, 6 and 8.
Ireland
EEC (Excluding Ireland)
Total Business
Income and Expenditure in 19 (The second year preceding the Year of Account)
Income and Expenditure in 19 (The year preceding the Year of Account)
Income and Expenditure in 19 (The year of Account)
Total of Columns 1, 2 and 3.
1.
2.
3.
4.
Gross
Net
Gross
Net
Gross
Net
Gross
Net
£000
£000
£000
£000
£000
£000
£000
£000
17. Certificate
*
*
*
*
*Denote this Form to be completed by each undertaking.
FORM NO. 1
GROSS UNDERWRITING REVENUE ACCOUNT OF ........................
Year ended ........................
The business on this Form was written in
TOTAL
Accident & Health
Motor Vehicle
Marine Aviation & Transit (if not included in Fom No. 3)
Fire and other damage to property
Liability
Miscellaneous pecuniary loss (including credit and suretyship)
Treaty reinsurance accepted
Ireland
EEC (Excluding Ireland)
Total Business
1
Gross
Net
£000
£000
S.I. No. 401 of 1977.
EUROPEAN COMMUNITIES (NON-LIFE INSURANCE ACCOUNTS) REGULATIONS, 1977.
I, DESMOND O'MALLEY, Minister for Industry, Commerce and Energy in exercise of the powers conferred on me by
section 3
of the
European Communities Act, 1972
(No. 27 of 1972) and for the purpose of giving effect to Council Directive 73/239/EEC*, hereby make the following Regulations
*OJ No. L228, 16.8.1973, pages 3-19