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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive insurer other than a non-directive friendly society.

8.1

01/01/2016

The premiums amount is:

  1. (1) 18% of the gross adjusted premiums amount; multiplied by
  2. (2) the reinsurance ratio.

8.2

01/01/2016

For the purpose of 8.1, the gross adjusted premiums amount is the higher of the gross written premiums and gross earned premiums (as adjusted in accordance with 12.1) for the financial year in question, adjusted by:

  1. (1) except for a pure reinsurer which ceased to conduct new reinsurance contracts before 31 December 2006, increasing the amount included in respect of the premiums for general insurance business classes 11, 12 and 13 by 50%;
  2. (2) deducting 66.7% of the premiums for actuarial health insurance that meets the conditions set out in 13.1; and
  3. (3) multiplying the resulting figure by 12 and dividing by the number of months in the financial year. For the purposes of this calculation, the number of months in the financial year is the number of complete calendar months in the financial year plus any fractions of a month at the beginning and the end of the financial year.