Solvency II And The Taxation Of Life Insurance Companies - GOV.UK

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Solvency II and the Taxation of Life InsuranceCompaniesWho is likely to be affected?This measure is relevant to UK life insurance companies and Friendly Societies. It will alsoaffect overseas life insurance companies operating in the UK through a permanentestablishment.General description of the measureThe measure will establish a new regime for the taxation of life insurance companies. Itrepresents a wide ranging and fundamental revision of both the basis on which lifecompanies' taxable profits are computed and the detailed rules by which those profits aretaxed.Policy objectiveThe new life company tax regime supports the Government's policy of making the taxsystem simpler by bringing the taxation of life companies more in line with other companies,and aligning it more closely with the commercial realities of life insurance business.It also encourages competition by eliminating distortions arising from the way in which profitson certain types of insurance policy are currently taxed.Background to the measureThe measure is made necessary by the EU Solvency II Directive, which will fundamentallychange the regulatory framework on which life company taxation is currently based. As aresult of these changes, regulatory returns made by insurance companies to the FinancialServices Authority will no longer provide the information necessary to make the currenttaxation basis work. Change is therefore essential.The Government began informal consultation in 2009, and has maintained closeco-operation with the life insurance industry since then through a series of joint workinggroups.A first consultation document Solvency II and the taxation of insurance companies waspublished on 10 March 2010 on the HM Treasury website.The new regime was announced at Budget 2011. A Technical Note Solvency II and thetaxation of insurance companies, published on 23 March 2011 on the HM Revenue &Customs (HMRC) website, set out the broad framework of the new regime. A secondconsultation document Life insurance companies: a new corporate tax regime was publishedon the HMRC website on 5 April 2011.A series of 13 open meetings were held over the summer of 2011 to consider aspects of thenew regime.Detailed proposalOperative dateThe measure will have effect from 1 January 2013.

Current lawThe main current provisions governing life company taxation are in Chapter I of Part XII ofthe Income and Corporation Taxes Act 1988 (ICTA), and in sections 82 to 90 of the FinanceAct 1989.The legislation is modified for Friendly Societies by Chapter II of Part XII of ICTA and by theFriendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (SI2005/2014 as amended by SI 2007/2134 and SI 2008/1937).The legislation is modified for the UK permanent establishments of overseas life insurancecompanies by SI2006/3271.The current legislation constitutes a tax regime which is unique to life insurance companies.Its key features are that: trading profits are calculated on the basis of regulatory returns made to the FinancialServices Authority (FSA), not on the basis of statutory accounts, as is the case forcompanies generally; life companies are taxed on the ‘Income minus Expenses’ (I minus E) basis, which aimsto tax (at different rates) profits made by the shareholders and the investment returnarising for the benefit of certain policyholders; three categories of insurance business are recognised for tax purposes, all subject todifferent tax rules; and, a life insurance company's investment income, gains and losses are split between thosecategories on the basis of a series of formulae set out in the legislation.Proposed revisionsLegislation will be included in Finance Bill 2012. Changes under the new regime will beextensive. The main changes are that: trading profits will be calculated on the basis of life companies' statutory accounts, in linewith general tax rules; life companies will still be subject to I minus E, but, unlike now, only the type of businesswhere it is appropriate to tax shareholder profit and policyholder investment returntogether will be taxed on that basis. Life protection business, which does not attractsignificant investment return, will be excluded from I minus E; two of the existing categories of business recognised for tax purposes will beamalgamated, reducing their number from three to two; the allocation of income, gains and profits between the categories will be determined byreference to the actual commercial activities of individual companies instead of statutoryformulae; and life companies will be brought within the rules on loan relationships and intangible fixedassets which apply to companies generally.Some detailed rules relating to the transition and Friendly Societies will be included insecondary legislation.

Summary of impactsExchequerimpact ( m)EconomicimpactImpact onindividualsandhouseholdsEqualitiesimpactsImpact onbusinessincluding civilsocietyorganisationsOperationalimpact ( m)(HMRC orother)Other impacts2011-122012-132013-142014-152015-16This measure is currently estimated to be broadly revenue neutral overthe scorecard period. The final costing will be subject to scrutiny by theOffice for Budget Responsibility, and set out at Budget 2012.The measure as a whole is not expected to have any significant economicimpacts. However, it will encourage competition in the life protectionmarket and eliminate tax-driven anti-competitive distortions andencourage product innovation.The tax changes apply to life companies only.There will probably be (in the medium term) an increase in premium ratesfor protection type life assurance policies, potentially in the range of 4 percent to 10 per cent. However, this will be in the context of a generalreduction in premiums in recent years. This measure should also help tofoster increased competition which is expected to result in downwardpressure on prices.No impacts on people with protected characteristics are anticipated.The measure affects the life insurance sector only (approximately 250companies including Friendly Societies).There will be some one-off familiarisation and training costs for taxspecialists. The measure simplifies the tax regime and brings taxcomputations more in line with commercial operations and accountingprocedures.The impact on compliance and ongoing annual administrative costs willbe negligible. The measure does not require companies to collect andprocess additional data; it will require changes to the tax computations,which companies are already required to produce.Impact on HMRC will be negligible.There will be training andfamiliarisation costs for a small number of specialists, offset by significantsimplification of the tax rules.Small firms impact test: The new rules will affect approximately 30Friendly Societies classified as small firms (that is, with fewer than 20employees). These have to be included in the measure as they are partof the life insurance sector. The main representative body for FriendlySocieties has been fully engaged in consultation, and generally welcomethe changes.Monitoring and evaluationTax returns will provide the information required to make a reliable assessment of the taximpact of the new rules.HMRC has an established programme of liaison with industry which will capture issuesaround implementation and ongoing compliance and administrative costs.Further adviceIf you have any questions about this change, please contact Andy Stewardson on 0207 1472600 (email: andy.stewardson@hmrc.gsi.gov.uk).

Consultation draftCONTENTSPART 1INSURANCE COMPANIES CARRYING ON LONG-TERM BUSINESSCHAPTER 1INTRODUCTORYOutline of provisions of Part1OverviewMeaning of “life assurance business”2Meaning of “life assurance business”Meaning of “basic life assurance and general annuity business”345678Meaning of “basic life assurance and general annuity business”Section 3: meaning of “pension business”Section 3: meaning of “child trust fund business”Section 3: meaning of “individual savings account business”Section 3: meaning of “overseas life assurance business”Section 3: meaning of “protection business”Meaning of “long-term business” and “PHI business”9Meaning of “long-term business” and “PHI business”Meaning of contract of “insurance” or “long-term insurance” and “insurance company”1011Meaning of “contract of insurance” and “contract of long-term insurance”Meaning of “insurance company”

iiConsultation draftCHAPTER 2CHARGE TO TAX ON I - E BASIS ETCSeparate businesses etc1213Separate businesses for BLAGAB and other-long term businessException where BLAGAB small part of long-term businessBLAGAB taxed on I - E basis141516Charge to tax on I - E profitExclusion of charge under s.35 of CTA 2009 etcRules for calculating I - E profit or excess BLAGAB expensesNon-BLAGAB long-term business17Charge to tax on profits of non-BLAGAB long-term businessPHI only business18Companies carrying on only PHI businessCHAPTER 3THE I - E BASISIntroduction19The I - E basisDefinitions of expressions comprising “I”2021Meaning of “income”Meaning of “BLAGAB chargeable gains” etcDefinitions of expressions comprising “E”22232425262728293031Meaning of “adjusted BLAGAB management expenses”Section 22: meaning of “ordinary BLAGAB management expenses” etcSection 22: meaning of other expressionsSpreading of acquisition expensesSection 25: meaning of “acquisition expenses”Amounts treated as ordinary BLAGAB management expensesRestrictions in relation to ordinary BLAGAB management expensesGeneral annuity businessGeneral annuity business: meaning of “steep-reduction annuity” etcGeneral annuity business: payments made in pre-1992 accounting periodsSpecial rules applying to I - E basis323334Loan relationships, derivative contracts and intangible fixed assetsInvestment return where risk in respect of policy or contract re-insuredRegulations under section 33(4): supplementary provision

iiiConsultation draftDeemed I - E receipts35Certain BLAGAB trading receipts to count as deemed I - E receiptsMinimum profits charge3637Minimum profits testAdjustment of I - E profit or excess BLAGAB expensesNon-BLAGAB allowable losses38Use of non-BLAGAB allowable losses to reduce I - E profitOverseas life insurance companies39Expenses referable to exempt FOTRA profitsCHAPTER 4APPORTIONMENT RULES FOR I - E CHARGEIntroduction40Application of ChapterAllocation of income and losses from assets and of expenses41Commercial allocationAllocation of chargeable gains and allowable losses on disposals of assets424344Application of sections 43 and 44Assets wholly or partly matched to BLAGAB liabilitiesCommercial allocation for disposals not wholly dealt with by section 43CHAPTER 5I - E PROFIT: POLICYHOLDERS’ RATE OF TAXTax rate on policyholders’ share of I - E profit45464748Policyholders’ rate of tax on policyholders’ share of I - E profitRules for determining policyholders’ share of I - E profitMeaning of “the adjusted amount”Meaning of “BLAGAB non-taxable distributions” and “shareholders’ share”Policyholder tax and calculation of BLAGAB trade profit or loss495051Deduction for current policyholder taxExpenses or receipts for deferred policyholder taxMeaning of “the closing deferred policyholder tax balance” etc

ivConsultation draftCHAPTER 6TRADE CALCULATION RULES APPLYING TO LONG-TERM BUSINESS5253545556Application of ChapterAllocations to policyholdersDividends and other distributionsIndex-linked gilt-edged securitiesReceipts or expenses relating to long-term business fixed capitalCHAPTER 7TRADING APPORTIONMENT RULES5758Application of ChapterCommercial allocation of accounting profit or loss and tax adjustmentsCHAPTER 8ASSETS HELD FOR PURPOSES OF LONG-TERM BUSINESSTransfers of assets from different categories596061UK life insurance companiesOverseas life insurance companies: rule corresponding to s.59Transfers of business and transfers within a groupShare pooling rules626364UK life insurance companiesOverseas life insurance companies: rule corresponding to s.62Sections 62 and 63: supplementaryLong-term business fixed capital65Assets forming part of long-term business fixed capitalCHAPTER 9PROPERTY BUSINESSES6667Separate property businesses for BLAGAB property etcLosses from property businesses where land held for long-term businessCHAPTER 10RELIEF FOR BLAGAB TRADE LOSSES ETCThe reliefs686970Relief for BLAGAB trade losses against total profitsCarry forward of BLAGAB trade losses against subsequent profitsGroup relief

vConsultation draftRestrictions7172Restrictions in respect of non-trading deficitNo relief against policyholders’ share of I - E profitCHAPTER 11TRANSFERS OF LONG-TERM BUSINESSTransfers of BLAGAB737475Relief for transferee in respect of transferor’s BLAGAB expensesIntra-group transfers and demutualisationTransfers between non-group companies: present value of in-force businessTransfers of non-BLAGAB long-term business76Application of ss. 74 and 75 to transfers of non-BLAGAB long-term businessTransfers of long-term business: anti-avoidance777879Anti-avoidanceClearance procedureSection 78: supplementaryInterpretation80Meaning of “group” of companiesCHAPTER 12DEFINITIONS818283848586Meaning of “BLAGAB trade profit” and “BLAGAB trade loss”Meaning of “the long-term business fixed capital”Meaning of assets that are “matched to” liabilitiesMinor definitionsAbbreviationsIndex of defined terms, etcCHAPTER 13SUPPLEMENTARYPowers conferred on Treasury or HMRC Commissioners87888990Power to amend Part 1 etcPower to amend definition of “insurance business transfer scheme” etcPower to modify provisions applying to overseas life insurance companiesOrders and regulationsMinor and consequential amendments and transitional provision9192Minor and consequential amendmentsTransitional provision

viConsultation draftCommencement etc9394CommencementAccounting periods straddling 1 January 2013PART 2FRIENDLY SOCIETIES CARRYING ON LONG-TERM BUSINESSOutline of provisions of Part95OverviewLong-term business rules to apply to friendly societies9697Friendly societies subject to same basic rules as mutual insurersFriendly societies subject to transfer of business rulesExempt BLAGAB or eligible PHI business9899100101102103104Exemption for certain BLAGAB or eligible PHI businessMeaning of “BLAGAB or eligible PHI business”Meaning of “exempt” BLAGAB or eligible PHI businessSocieties with no provision for assuring gross sums exceeding 2,000 etcTransfers from insurance companies to friendly societiesTransfers from friendly societies to insurance companies etcException in case of breach of maximum benefits payable to membersExempt BLAGAB or eligible PHI business: benefits payable by friendly societies etc105106107Maximum benefits payable to membersSection 105: supplementarySection 105: statutory declarationsExempt BLAGAB or eligible PHI business: directions to old societies108Directions given to old societiesExemption for other business109110111112113114Societies registered before 1 June 1973, etcIncorporated friendly societiesTransfers from friendly societies to insurance companies etcTransfers between friendly societiesWithdrawal of qualifying statusPayments by non-qualifying societies treated as qualifying distributionsMiscellaneous115116Transfer schemes under s.6(5) of FSA 1992Exemption for unregistered friendly societiesInterpretation117Minor definitions

viiConsultation draft118119AbbreviationsIndex of defined termsRegulations120RegulationsConsequential amendments and transitional provision121122Consequential amendmentsTransitional provisionCommencement etc123124CommencementAccounting periods straddling 1 January 2013Schedule 1Part 1Part 2Part 3Part 4Schedule 2Part 1Part 2Part 3Schedule 3Schedule 4———————————Part 1: minor and consequential amendmentsAmendments of ICTAAmendments of FA 1989Amendments of other ActsConsequential repealsPart 1: transitional provisionDeemed receipts or expensesSpecific transitional provisionsSupplementaryPart 2: consequential amendmentsPart 2: transitional provision

Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory1PART 1INSURANCE COMPANIES CARRYING ON LONG-TERM BUSINESSCHAPTER 1INTRODUCTORYOutline of provisions of Part1Overview(1)This Part makes special provision for corporation tax purposes in relation tolife assurance business and other long-term business carried on by insurancecompanies.(2)Chapter 1 explains some of the key concepts for the purposes of this Part,including the concept of basic life assurance and general annuity business(abbreviated to “BLAGAB”).(3)Chapter 2—(a) provides for the profits of BLAGAB to be subject to a charge tocorporation tax on the I - E basis as the profits of a separate business,and(b) provides for the profits of other long-term business to be charged tocorporation tax under section 35 of CTA 2009 as the profits of a singletrade.(4)Chapter 3 sets out the rules applicable to the I - E charge (which operate in partby reference to the calculation of an insurance company’s BLAGAB trade profitor loss).(5)Chapter 4 sets out rules for determining for the purposes of the I - E charge howto apportion items to an insurance company’s basic life assurance and generalannuity business.(6)Chapter 5—(a) provides for the policyholders’ share of the I - E profit to be charged atthe policyholders’ rate (the basic rate of income tax), and(b) provides for policyholder tax to be taken into account in calculating aninsurance company’s BLAGAB trade profit or loss.(7)Chapter 6 contains special rules that are to apply for the purpose of calculatingan insurance company’s BLAGAB trade profit or loss or the profits of aninsurance company’s other long-term business.(8)Chapter 7 sets out rules for determining for the purposes of that calculationhow to allocate items between BLAGAB and other long-term business.

2Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory(9)The remainder of the Part contains—(a) provision in relation to assets held for the purposes of an insurancecompany’s long-term business (see Chapter 8),(b) provision in relation to property businesses carried on by insurancecompanies (see Chapter 9),(c) provision for relieving BLAGAB trade losses and restrictions in relationto the policyholders’ share of an I - E profit (see Chapter 10),(d) provision in relation to the transfer of BLAGAB or other long-termbusiness (see Chapter 11), and(e) provision in relation to definitions and other supplementary material(see Chapters 12 and 13).Meaning of “life assurance business”2Meaning of “life assurance business”(1)This section defines for the purposes of this Part what is meant by “lifeassurance business”.(2)Business is “life assurance business” if—(a) it consists of the effecting or carrying out of contracts of insurancewhich fall within paragraph I, II, III or VII(b) of Part 2 of Schedule 1 tothe FSMA (Regulated Activities) Order 2001, or(b) it is capital redemption business (see subsection (3)).(3)Business is “capital redemption business” if it consists of the effecting on thebasis of actuarial calculations, and the carrying out, of contracts under which,in return for one or more fixed payments, a sum of a specified amount (or aseries of sums of a specified amount) become payable at a future time or overa period.Meaning of “basic life assurance and general annuity business”3Meaning of “basic life assurance and general annuity business”(1)This section defines for the purposes of this Part what is meant by “basic lifeassurance and general annuity business”.(2)“Basic life assurance and general annuity business” means life assurancebusiness other than—(a) pension business (which is defined for the purposes of this section bysection 4),(b) child trust fund business (which is defined for the purposes of thissection by section 5),(c) individual savings account business (which is defined for the purposesof this section by section 6),(d) business which consists of the effecting or carrying out of immediateneeds annuities (within the meaning of section 725 of ITTOIA 2005),(e) re-insurance of life assurance business other than excluded business,(f) overseas life assurance business (which is defined for the purposes ofthis section by section 7), or

Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory(g)(3)43protection business (which is defined for the purposes of this section bysection 8).In subsection (2)(e) “excluded business” means business of any descriptionexcluded for the purposes of this section by regulations made by HMRCCommissioners.Section 3: meaning of “pension business”(1)This section defines for the purposes of the definition of “basic life assuranceand general annuity business” given by section 3 what is meant by “pensionbusiness”.(2)Life assurance business is “pension business” if—(a) it consists of the effecting or carrying out of contracts entered into forthe purposes of a registered pension scheme, or(b) it is the re-insurance of business within paragraph (a).(3)Subsection (4) applies if the pension scheme ceases to be a registered pensionscheme as a result of the withdrawal of its registration under section 157 of FA2004.(4)The company’s life assurance business that was pension business when thescheme was a registered pension scheme is treated as ceasing to be pensionbusiness at the beginning of the company’s period of account in which thescheme so ceases to be a registered pension scheme.(5)If—(a)immediately before 6 April 2006 an annuity contract fell within any ofthe descriptions of contracts specified in section 431B(2) of ICTA as ithad effect immediately before that date, but(b) the contract does not fall to be regarded for the purposes of this sectionas having been entered into for the purposes of a registered pensionscheme,the contract is treated for the purposes of this section as having been enteredinto for those purposes.5Section 3: meaning of “child trust fund business”(1)This section defines for the purposes of the definition of “basic life assuranceand general annuity business” given by section 3 what is meant by “child trustfund business”.(2)Life assurance business is “child trust fund business” if it consists of theeffecting or carrying out of child trust fund policies.(3)But the re-insurance of business consisting of the effecting or carrying out ofchild trust fund policies is not “child trust fund business”.(4)In this section “child trust fund policy” means a policy of life insurance whichis an investment under a child trust fund (within the meaning of the ChildTrust Funds Act 2004).

4Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory6Section 3: meaning of “individual savings account business”(1)This section defines for the purposes of the definition of “basic life assuranceand general annuity business” given by section 3 what is meant by “individualsavings account business”.(2)Life assurance business is “individual savings account business” if it consistsof the effecting or carrying out of individual savings account policies.(3)But the re-insurance of business consisting of the effecting or carrying out ofindividual savings account policies is not “individual savings accountbusiness”.(4)In this section “individual savings account policy” means a policy of lifeinsurance which is an investment of a kind specified in regulations made as aresult of section 695(1) of ITTOIA 2005.7Section 3: meaning of “overseas life assurance business”(1)This section defines for the purposes of the definition of “basic life assuranceand general annuity business” given by section 3 what is meant by “overseaslife assurance business”.(2)Life assurance business is “overseas life assurance business” if—(a) it consists of the effecting or carrying out of contracts withpolicyholders or annuitants who are not resident in the UnitedKingdom, and(b) it does not consist of excluded business,but the re-insurance of business that meets conditions paragraphs (a) and (b) isnot “overseas life assurance business”.(3)For this purpose “excluded business” means—(a) business which is pension business within the meaning of section 4,(b) business which is child trust fund business within the meaning ofsection 5,(c) business which is individual savings account business within themeaning of section 6, or(d) business of any description excluded by regulations made by HMRCCommissioners.(4)HMRC Commissioners may by regulations—(a) make provision as to the circumstances in which a trustee who is apolicyholder or annuitant residing in the United Kingdom is to betreated for the purposes of this section as not residing there, and(b) provide that nothing in Chapter 9 of Part 4 of ITTOIA 2005 is to applyto a policy or contract which constitutes overseas life assurancebusiness as a result of provision made under paragraph (a).(5)HMRC Commissioners may by regulations make provision for giving effect tothis section.(6)Regulations under subsection (5) may in particular—(a) provide that, in prescribed circumstances, any prescribed issue as towhether business is, or is not, overseas life assurance business (oroverseas life assurance business of a particular kind) is to bedetermined by reference to prescribed matters,

Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory(b)(c)(d)(e)5require companies to obtain certificates, undertakings, information ordeclarations from any person for the purposes of the regulations,make provision for dealing with cases where any issue withinparagraph (a) is (for any reason) wrongly determined, includingprovision allowing for charges to tax to be imposed (with or withoutlimits on time) on the insurance company concerned or on thepolicyholders or annuitants concerned,require companies to supply information and make available books,documents and other records for inspection by officers of Revenue andCustoms, andmake provision (including provision imposing penalties) forcontravention of, or non-compliance with, the regulations.(7)The matters that may be prescribed under subsection (6)(a) include—(a) the giving of certificates or undertakings,(b) the giving or possession of information, and(c) the making of declarations.(8)Regulations under this section may—(a) make different provision for different cases or circumstances, and(b) contain incidental, supplementary, consequential, transitional,transitory or saving provision (including provision amending anyenactment or instrument made under any enactment).8Section 3: meaning of “protection business”(1)This section defines for the purposes of the definition of “basic life assuranceand general annuity business” given by section 3 what is meant by “protectionbusiness”.(2)Life assurance business is “protection business” if it consists of the effecting orcarrying out of any contract of long-term insurance in relation to which thefollowing conditions are met—(a) the benefits payable cannot exceed the amount of premiums paidexcept on death or in respect of incapacity due to injury, sickness orother infirmity, and(b) the contract is made on or after 1 January 2013.(3)For the purposes of subsection (2)(a) ignore—(a) any benefit (other than a payment of money) that, when the contract isentered into, is provided as an inducement for entering into thecontract and that is not repayable (to any extent) in any circumstances,(b) any case where the amount by which the benefits can exceed theamount of premiums paid is an insignificant proportion of thosepremiums, and(c) any case which a reasonable person, as the policyholder under thepolicy effected by the contract, can reasonably regard as highly unlikelyto arise.(4)If at any time—(a) a contract is varied otherwise than as a result of the operation of, or theexercise of rights conferred by, provisions forming part of the contractor a connected arrangement, and

6Consultation draftPart 1 — Insurance companies carrying on long-term businessChapter 1 — Introductory(b)as a result of the variation the contract becomes, or ceases to be, one inrespect of which the condition in subsection (2)(a) is met,the contract is to be treated for the purposes of this section as ending at thattime and a new contract (on the varied terms) is to be treated for thosepurposes as being made immediately after that time.(5)For this purpose a “connected arrangement”, in relation to a contract, meansany agreement or other arrangement entered into in connection with themaking of the contract.(6)If—(a)a contract (“the new contract”) is made on or after 1 January 2013 as aresult of the operation of, or the exercise of rights conferred by,provisions of a contract (“the old contract”) made before that date, and(b) the provisions of the new contract were (or could have been)determined by reference to provisions of the old contract when the oldcontract was made,the new contract is to be regarded for the purposes of this section as if it weremade before 1 January 2013.Meaning of “long-term business” and “PHI business”9Meaning of “long-term business” and “PHI business”(1)For the purposes of this Part “long-term business” means—(a) life assurance business, or(b) other business which consists of the effecting or carrying out ofcontracts of long-term insurance.(2)For the purposes of this Part “PHI business” means the other businessmentioned in subsection (1)(b).Meaning of contract of “insurance” or “long-term insurance” and “insurance company”10Meaning of “contract of insurance” and “contract of long-term insurance”For the purposes of this Part—“contract of insurance” has the meaning given by article 3(1) of the FSMA(Regulated Activities) Order 2001, and“contract of long-term insurance” means a contract which falls within Part2 of Schedule 1 to that Order.11Meaning of “insurance company”(1)This section defines for the purposes of this Part what is meant by “insurancecompany”.(2)A perso

59 UK life insurance companies 60 Overseas life insurance companies: rule corresponding to s.59 61 Transfers of business and transfers within a group Share pooling rules 62 UK life insurance companies 63 Overseas life insurance companies: rule corresponding to s.62 64 Sections 62 and 63: supplementary Long-term business fixed capital

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accounting; and (3)the need to level the playing fleld in the EU market. The main goals of this paper are: † To demonstrate and explain some of the more important difierences among the current U.S. and Canadian regulatory capital regimes, and the proposed EU Solvency II standard formula. † To support the use of economic valuation principles in the solvency as-sessment of life insurance .

differences in the valuation of technical provisions and associated reinsurance recoverables, the financial statements include property, plant and equipment at cost, which are valued at fair value under Solvency II, deferred tax calculated on the expected tax impact once the valuation adjustments from GAAP to Solvency II unwind, and

Emphasis of Matter - Basis of Accounting We draw attention to the 'Valuation for solvency purposes' and 'Capital Management' sections of the SFCR, which describe the basis of accounting. The SFCR is prepared in compliance with the financial reporting provisions of the PRA Rules and Solvency II regulations, and

Chapter 4: Financial Performance Indicators and Measures Forum Guide to Core Finance Data Elements Solvency Ratios Solvency ratios are used to evaluate a school district’s ability to repay its long-term obligations, such as bonds, or to cover future costs, such as compensated absences and leave pay. Solvency ratios are categorized either