Amendment of regulation 19
3.  Regulation 19 of the principal Regulations is amended —
(a)by inserting, immediately after paragraph (4), the following paragraph:
(4A)  In respect of the general business of an insurer, the amount of premium liabilities or claim liabilities as at the end of an accounting period for each line of business described in Form 6 in the First Schedule to the Insurance (Accounts and Statements) Regulations 2004 shall not be less than the corresponding amount of premium liabilities and claims liabilities as valued by the actuary under section 37(1)(b) of the Act.”;
(b)by deleting the word “premiums” wherever it appears in paragraph (5)(b) and (c)(i) and substituting in each case the words “net premiums written in the accounting period”;
(c)by inserting, immediately before the words “premiums written” in paragraph (6) (i) and (ii), the word “net”;
(d)by deleting the semi-colon at the end of paragraph (e) of the definition of “marine and aviation policy” in paragraph (7) and substituting a full-stop; and
(e)by deleting the definition of “premiums” in paragraph (7).