188体育

FA00/S107 (7) defines certain of the terms used in the legislation.

• 鈥楶eriod of account鈥�: the rules operate by reference to a 鈥榩eriod of account鈥�. This means a period for which accounts of the business are drawn up, and in nearly all cases will be identical with the accounting period for which the company assesses itself for corporation tax. In relation to Lloyd鈥檚 it means an underwriting year in which profits are declared. The application of the rules to Lloyd鈥檚 is dealt with in Chapter 3 of the Lloyd鈥檚 Manual.
• 鈥楾echnical provisions鈥�: this term has the same meaning as in Schedule 3 to the accounting Regulations SI2008/410, and refers to the amount in the accounts for unpaid liabilities. It includes provisions for unearned premiums and unexpired risks (see, however, Rule 10 on UPP and URP - GIM6320).
• 鈥楺ualifying contract鈥� means a reinsurance contract. The definition is relevant to Regulations 3 and 4 - GIM6240.
• 鈥楪eneral insurer鈥� means any of the following that carry on general insurance business, as defined in the Financial Services and Markets Act 2000:

• an insurance company which has permission under FSMA Part 4 to carry on 鈥榞eneral business鈥� in the UK. This means contracts within Part 1 of Schedule 1 to the Regulated Activities Order 2001, SI2001/544 (see GIM3090). This includes UK resident companies, and companies from outside the EEA with a UK branch
• an EEA firm with Schedule 3 FSMA Directive passport rights (a firm with its head office in the European Economic Area, other than the UK, carrying on business at or through a branch in the UK - see GIM10030)
• a 鈥楾reaty firm鈥� under Schedule 4 FSMA (a firm authorised in another EEA state - these are similar to the Directive passport rights, but granted on a case by case basis, see GIM10040)
• a controlled foreign company (GIM11080)
• an underwriting member of Lloyd鈥檚.