Glossary

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small firm for external audit purposes
Term Definition Legal instruments

score

15/11/2018

THIS DEFINITION ONLY APPLIES TO THE EXTERNAL AUDIT PART

means for the relevant financial year end the sum of the following: 

(1) general insurance gross written premium x (6.71 x 10-7);

(2) general insurance best estimate liability x (3.97 x 10-8);

(3) life insurance gross written premium x (3.11 x 10-7); and

(4) life insurance best estimate liability x (1.18 x 10-8),

     where:

(a) each of the four components to the calculation of score is floored at a zero value, such that where any calculation at (1) to (4) produces a negative number, that number shall be substituted with a zero; and

(b) general insurance gross written premiumgeneral insurance best estimate liabilitylife insurance gross written premium and life insurance best estimate liability are all expressed in pounds sterling. Where a firm reports in a currency other than pounds sterling, this means the relevant reported figures converted into pounds sterling using the daily spot exchange rate as published on the Bank of England website applicable on the “as at date” of the reporting.