Working Party on DoT Returns

Document description

The Insurance Companies (Accounts and Statements) Regulations 1980 come into force on 1 January 1981 and insurance companies will have to submit annual returns in accordance with these Regulations for accounting years starting on or after that date. These 1980 Regulations [1980 Regs] will materially change the format of the returns to be made to the supervisory authority, the Department of Trade [DOT], by insurance companies operating in the U.K. The DOT prepared a preliminary guidance note in January 1980 explaining the 'broad purpose and effect of the regulations' and will be providing more detailed guidance in due course. The purpose of this note is to outline the differences between the information to be submitted in the new-style returns from that currently required under the 1968 Regulations [1968 Regs.] This note deals solely with the Forms for non-life business and concentrates on those items likely to be of interest to actuaries. It should therefore not be taken as a complete guide to the 1980 Regs especially by anyone who will be closely involved in the production of the returns within a company.