IE
S.I. No. 202/1995 - European Communities (Non-Life Insurance Accounts) Regulations, 1995.
Table of Provisions (24)
Statutory Text (24 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
/3 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 £ x 26% = £ ________
(ii) That portion of 7 above which is greater than 7,000,000 units of account which in Irish pounds is equal to £ x 23% = £ ________
Total 1 (sum of (i) and (ii) above)
8. Net incurred claims as a percentage of gross incurred claims =
9. Relevent percentage (amount of % at 8 above or 50% whichever is the greater)
SECOND RESULT (Total 1 × percentage entered at 9 above)
£_____________
FORM NO. 14
STATEMENT OF THE SOLVENCY MARGIN
OF (NAME OF UNDERTAKING)
AS AT (DATE)
SUMMARY
£
First result
£
Second result
£
Amount of margin to be established (the higher of first and second results)
=======
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)
GENERAL BUSINESS — SUMMARY OF TREATY REINSURANCE BUSINESS CEDED
FORM NO. 15
COMPANY ________________________________
YEAR ENDED ________
PART 1
ACCOUNTING CLASS/RISK GROUP, AS APPROPRIATE __________________
Description of Treaty
Period covered by Treaty
Ceding Company's Maximum Net Retention or "Estimated Maximum Loss" in respect of
Total Treaty Liability (per risk) (per Event)
Cessions to Reinsurers carrying on business in Ireland
Cessions to other Reinsurers
Full details of any provision made for doubtful recoveries/bad debts from Reinsurers should be set out on a separate page. If no provision has been made, a nil entry should be recorded in this column.
Any one Risk
Any one Event
Number of Reinsurers
Premiums Payable
Number of Reinsurers
Premiums Payable
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
£000
£000
£000
£000
£000
Note: Details of any reinsurer removed from the reporting company's reinsurance security listing during the year of account should be given in a note to this form. If no reinsurer has been deleted, this should be recorded also.
In relation to financial reinsurance the requirements in Article 14, Subarticle 3 of the European Communities (Non-Life Insurance) Framework Regulations, 1994, should be met.
GENERAL BUSINESS — SUMMARY OF TREATY REINSURANCE BUSINESS CEDED
FORM NO. 15
COMPANY ________________________________
YEAR ENDED ________
PART 2
DETAILS REQUIRED IN RESPECT OF ALL REINSURERS WHOSE PARTICIPATION EXCEEDS 5% OF TOTAL GROSS PREMIUMS CEDED
Name of all Reinsurers whose participation exceeds 5% of Gross Premiums ceded
Address of Registered Office or Principal Office if unincorporated
Controlled or non-controlled Reinsurer, i.e. is reinsurer supervised by an insurance/ reinsurance supervisory authority
Connection, if any, between the reinsurer and the reporting company
Treaty cession as % of Gross Written Premiums
Reinsurance Premiums Payable to the Reinsurer in the financial year
Debt due to the reporting company at the end of the financial year
11.
12.
13.
14.
15.
16.
17.
%
£000
£000
GENERAL BUSINESS — SUMMARY OF FACULTATIVE REINSURANCE BUSINESS CEDED
FORM NO. 16
COMPANY ________________________________
YEAR ENDED ________
ACCOUNTING CLASS/RISK GROUP, AS APPROPRIATE __________________
Name of all Reinsurers whose Liability is in excess of £100,000 per risk or per event, as appropriate
Address of Registered Office or Principal Office if unincorporated
Period covered where different from the ceding company's financial year
Controlled or non-controlled reinsurer
Connection, if any, between the reinsurer and the reporting company
Facultative cession as % of Gross Written Premiums
Total Facultative Liability (per risk) (per event)
Reinsurance Premiums payable to the reinsurer in the financial year
Debt due to the ceding company at the end of the financial year
1.
2.
3.
4.
5.
6.
7.
8.
9.
%
£000
£000
£000
Note: Where there are more than ten facultative reinsurers (whose liability is in excess of £100,000 per risk or per event) in an accounting class/risk group, a general summary should be given showing the number of such reinsurers involved and the aggregate totals for columns 6 to 9.
Details of any reinsurer removed from the reporting company's reinsurance security listing during the year of account should be given in a note to this form. If no reinsurer has been delisted, this should be recorded also.
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.
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 20th day of July, 1995.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
This Instrument introduces new Statutory Returns, in the form set out in the Schedule hereto, which are required to be submitted by authorised non-life insurance undertakings whose head office is established in Ireland or outside the European Union. The provisions of this Instrument, which replace those of the European Communities (Non-Life Insurance Accounts) Regulations, 1977, 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 Enterprise and Employment to exercise his supervisory function in accordance with the provisions of the European Communities (Non-Life Insurance) Framework Regulations, 1994 (
Statutory Instrument No. 359 of 1994
).
10. Office machinery, motor vehicles, furniture, etc.
11. Securities issued by Irish Government, municipal or public body
12. Securities issued by EU Government or public body
13. Securities issued by non-EU Government or public body
14. ( b ) Cash in hand.
15. ( b ) Interest in UCITS as described in paragraph 9 (d) of Annex III*
16. Debits due from intermediaries and policyholders
17. Debits due on reinsurance
18. Value of salvage rights or subrogation rights due
19. Shares in dependent companies
20. Debts due from dependent companies
21. Deferred acquisition costs
22. Other — specify
23. Totals
Net technical reserves on total business £
Net technical reserves on risks situated in EU £
* Valuation of assets as per Annex III of the European Communities (Non-Life Insurance) Framework Regulations, 1994.
† Undertakings with their head office outside the European Union should specify the assets localised in Ireland.
†† This column is for information only.
We hereby certify that the values of the assets set out in the above statement have been ascertained 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.
CHAIRMAN
DIRECTOR
MANAGING DIRECTOR/CHIEF EXECUTIVE
DIRECTOR
FORM NO. 7
MATCHING OF ASSETS
(a)
(b)
Currency in which Insurance
Commitments are payable
(Specify)
Currency in which Technical
Reserves are held
(Specify)
Currency
e.g. IR£
Stg£
DM
Total
Currency
Total
(1) Specify percentage amount of technical reserves represented by assets denominated in ECU's if advantage has been taken of paragraph 9 of Annex IV of the European Communities (Non-Life Insurance) Framework Regulations, 1994 _______ %.
FORM NO. 8
YEAR ENDED
CLAIMS SETTLEMENT ANALYSIS
Year of Origin
Insurance Class
Total No. of Claims
Total Est. Value of Claims as of year of origin
Number of Claims
Number of Claims settled
Gross Claims payments
Gross Claims outstanding at end of year
Year of Account
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 Column 11
Estimated Liability at end of year
Total
Latest Estimate in Gross Liability in Gross Liability in respect of year of origin
At no Cost
At some Cost
Total
Reported Claims
IBNR
Total of Column 11 and 17
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Notes
S.I. No. 202 of 1995.
EUROPEAN COMMUNITIES (NON-LIFE INSURANCE ACCOUNTS) REGULATIONS, 1995.
I, RICHARD BRUTON, Minister for Enterprise and Employment, 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 No. 73/239/EEC of 24 July 1973,
1
Council Directive No. 88/357/EEC of 22 June 1988,
2
Council Directive No. 90/618/EEC of 8 November 1990,
3
and Council Directive 92/49/EEC of 18 June 1992,
4
hereby make the following Regulations