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Companies Act 2006

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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

  • Act amendment to earlier affecting provision S.I. 1989/638, Sch. 4 by S.I. 2024/410 Sch. 2 para. 1
  • Act amendment to earlier affecting provision S.I. 2008/373 reg. 11(1) by S.I. 2013/1971 reg. 9(a) (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
  • Act amendment to earlier affecting provision S.I. 2008/373 reg. 3(4) by S.I. 2013/1971 reg. 4 (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

  • s. 479A(2)(c)(zi) inserted by S.I. 2019/177 reg. 4(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 4 substituted by regs. 4, 4A immediately before IP completion day by S.I. 2019/1392, regs. 1(2), 4)
  • s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34 by S.R. 2024/78 reg. 31(4)
  • s. 479B(a)(iii) amendment to earlier affecting provision S.I.2008/1991 reg.34A by S.R. 2024/78 reg. 31(5)
  • s. 1087A-1807C applied by S.I. 2009/2436, Sch. 1 para. 20(1)(ca) (as substituted) by S.I. 2024/410 Sch. 2 para. 5(d)(ii)
  • Sch. 10 para. 6(2D) inserted by S.I. 2019/177 reg. 28(e) (This amendment not applied to legislation.gov.uk. Reg. 28(e) omitted immediately before IP completion day by virtue of S.I. 2020/523, regs. 1(2), 14(e)(iv))
  • Sch. 10 para. 7(2A) inserted by S.I. 2019/177 reg. 29(b) (This amendment not applied to legislation.gov.uk. Reg. 29 substituted immediately before IP completion day by S.I. 2020/523, regs. 1(2), 14(f))
843Realised profits and losses of long-term insurance business [F1of certain insurance companies] U.K.
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[F2(1)The provisions of this section have effect for the purposes of this Part as it applies in relation to an authorised insurance company carrying on long-term business, other than—

(a)a person to whom section 833A applies; or

(b)an insurance special purpose vehicle.]

(2)An amount included in the relevant part of the company's balance sheet that—

(a)represents a surplus in the fund or funds maintained by it in respect of its long-term business, and

(b)has not been allocated to policy holders or, as the case may be, carried forward unappropriated in accordance with asset identification rules made under [F3Part 9A] of the Financial Services and Markets Act 2000 (c. 8),

is treated as a realised profit.

(3)For the purposes of subsection (2)—

(a)the relevant part of the balance sheet is that part of the balance sheet that represents accumulated profit or loss;

(b)a surplus in the fund or funds maintained by the company in respect of its long-term business means an excess of the assets representing that fund or those funds over the liabilities of the company attributable to its long-term business, as shown by an actuarial investigation.

(4)A deficit in the fund or funds maintained by the company in respect of its long-term business is treated as a realised loss.

For this purpose a deficit in any such fund or funds means an excess of the liabilities of the company attributable to its long-term business over the assets representing that fund or those funds, as shown by an actuarial investigation.

(5)Subject to subsections (2) and (4), any profit or loss arising in the company's long-term business is to be left out of account.

(6)For the purposes of this section an “actuarial investigation” means an investigation made into the financial condition of an authorised insurance company in respect of its long-term business—

(a)carried out once in every period of twelve months in accordance with rules made under [F4Part 9A] of the Financial Services and Markets Act 2000, or

(b)carried out in accordance with a requirement imposed under section 166 of that Act,

by an actuary appointed as actuary to the company.

(7)In this section “long-term business” means business that consists of effecting or carrying out contracts of long-term insurance.

This definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.

[F5(8) In this section “ insurance special purpose vehicle ” means a special purpose vehicle within the meaning of [F6Article 13(26) of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)] . ]

Textual Amendments

F3Words in s. 843(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 117(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4Words in s. 843(6)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 117(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6Words in s. 843(8) substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 25

Commencement Information

I1S. 843 wholly in force at 6.4.2008; s. 843 not in force at Royal Assent see s. 1300; s. 843 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(k) (with savings in arts. 7, 12 and subject to transitional adaptations in Sch. 1 paras. 14-20 and with savings in Sch. 4 paras. 33-35)

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