Insurance Accounts Regulations 1980

1 Citation

2 Interpretation

3 Statutory financial state ments

4 Balance sheet and state ment of income for general business

5 Balance sheet and state ment of income for long-term business

6 Balance sheet and state ment of income for com posites

7 Statement of capital and surplus for all insurers

8 Notes to statutory finan cial statements

9 Instructions relating to statutory financial state ments

10 Requirements relating to preparation of accounts generally

11 Offences

12 Commencement

SCHEDULE I

PRESCRIBED FORMS OF STATUTORY FINANCIAL STATEMENTS

Form 1
Statutory Balance Sheet (General Business)

Form 2
Statutory Statement of Income (General Business)

Form 3
Statutory Open Year Business Revenue Statement (General Business)

Form 4
Statutory Balance Sheet (Long-term Business)

Form 5
Statutory Statement of Income (Long-term Business)

Form 6
Statutory Balance Sheet (Section 24(6) Composite)

Form 7
Statutory Statement of Income (Section 24(6) Composite)

Form 8
Statutory Statement of Capital and Surplus

SCHEDULE II
NOTES TO STATUTORY FI NANCIAL STATEMENTS

Part I
Matters to be set forth in a General Note to the Statutory Financial Statements

Part II
Matters to be set forth in Notes to the Statutory Balance Sheet

Part III
Matters to be set forth in Notes to the Statutory Statement of Income

Part IV
Matters to be set forth in Notes to the Statutory Statement of Capital and Surplus

SCHEDULE III
INSTRUCTIONS AFFECTING THE STATUTORY BALANCE SHEET

Part I
Instructions for all insurers

Part II
Additional Instructions for In surers carrying on general business only

Part III
Additional Instructions for In surers carrying on long-term business only

SCHEDULE IV
INSTRUCTIONS AFFECTING THE STATUTORY STATEMENT OF INCOME

Part I
Instructions for all insurers

Part II
Additional Instructions for In surers carrying on general business only

Part III
Additional Instructions for In surers carrying on long-term business only

SCHEDULE V
INSTRUCTIONS AFFECTING THE STATUTORY STATEMENT OF CAPITAL AND SURPLUS

Citation

1 These Regulations may be cited as the Insurance Accounts Reg ulations 1980.

Interpretation

2 In these Regulations, except where the context otherwise re quires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

"account" includes any of the statements specified in regulation 3(2), and any note or other document annexed or attached to any such statement;

"the Act" means the Insurance Act 1978;

"affiliate", in relation to an insurer, means a body forming part of a group with that insurer;

"association" has the meaning assigned thereto in the definition of "group";

"composite" means an insurer which in the relevant year carried on both general business and long-term business;

"fair value determined in good faith", in relation to an investment held by an insurer, means the value of that investment, being the value that in the opinion of the directors, exercising good faith, that investment would realize on a sale or other dispo sition of that investment within a reasonable period of time;

"Form" means any Form in Schedule I;

"funds held by ceding reinsurers" means funds held by ceding reinsurers under the terms of contracts of insurance;

"group" means any two or more bodies, whether corporate or un-incorporate, that are in association, and two bodies shall for the purposes of these Regulations be deemed to be in associ ation if one of them has control of the other or both are under the control of the same person or persons;

"independent", in relation to an appraisal, means that the ap praisal is made by a person who —

(a) makes such appraisals in the ordinary course of his business; and

(b) is not financially interested in any way in the business of the person whose property is being appraised, apart from the appraisal;

"insurance" has the same meaning as the expression "insurance business" has in the Act;

"liability insurance business" means the business of effecting and carrying out contracts of insurance against risks of the persons insured incurring liabilities to third parties;

"loss reserve specialist" means a person approved by the Minister for the purposes of the Act as a person qualified to assess the sufficiency of' insurance loss reserves;

"non-admitted", in relation to an asset, means an asset or por tion of an asset that is not allowed by these Regulations to be taken into account in preparing the statutory balance sheet;

"policy" or "policy of insurance" means any contract of insurance (including any contract to pay an annuity on human life), whether or not there is in being any instrument in writing evidencing the contract;

"policy loan" means a loan made to a policyholder by an insurer carrying on long-term business on the security of the cash surrender value of the policyholder's policy of insurance;

"policy reserve" means the amount by which the present value of any benefits due under a policy of insurance exceeds the pre sent value of the net premiums payable under the policy;

"products liability insurance" means liability insurance business where the risks, the subject of the contract of insurance, are risks of the persons insured incurring liabilities in relation to the manufacture or sale by them of, or some other dealing by them in, products that are, or may be claimed to be, in some respect defective;

"professional liability insurance" means liability insurance busi ness where the risks, the subject of the contract of insurance, are risks of the persons insured incurring liabilities in rela tion to the negligent or other exercise by those persons of some professional skill;

"quoted"—

(a) in relation to an investment, means an investment as re spects which there has been granted a quotation or permission to deal on a stock exchange in Bermuda rec ognized by the Minister for the purposes of the Act, or on any stock exchange or over-the-counter market of repute outside Bermuda; and

(b) in relation to the value of an investment, means the market value of that investment, being the value listed on such an exchange or over-the-counter market as aforesaid on the last day of the relevant year,

and "unquoted" shall have a corres ponding meaning, so, however, that any investment by all insurer in an affiliate shall not for any purpose of these Regulations be taken to be either a quoted or an unquoted investment;

"regulations" means regulations made under section 53 of the Act;

"relevant year" has the meaning assigned thereto in paragraph (3) of regulation 3;

"section 24(6) composite" means an insurer to which section 24 of the Act does not apply by reason of subsection (6) of that section;

"statutory financial statements" has the meaning assigned thereto in paragraph (2) of regulation 3:

"unearned premiums" means the amount set aside as at the end of an insurer's financial year out of premiums in respect of risks to be borne by the insurer after the end of that year, and calculated pro rata, under contracts of insurance entered into before the end of that year.

Statutory financial statements

3 (1) Except as provided otherwise in other regulations. the du ties of every insurer in relation to the preparation of statutory financial statements within the meaning of section 15 of the Act shall be those prescribed in these Regulations.

(2) The said statutory financial statements consist of —

(a) a statutory balance sheet;

(b) a statutory statement of income;

(d) where the case requires, a statutory open year business revenue statement.

(3) Every insurer shall have the duty to prepare in accordance with the requirements of these Regulations, in respect of its insurance business for each financial year, the statutory financial statements spec ified in sub-paragraphs (a) to (c) of paragraph (2), and the financial year in relation to which any particular set of financial statements have been, or are to be, prepared is in these Regulations referred to as "the relevant year".

Balance sheet and statement of income for general business

4 (1) Subject to paragraph (3), the statutory balance sheet and the statutory statement of income of an insurer which in the financial year carried on no insurance business other than general business shall respectively be in the forms set out in Forms 1 and 2.

(2) The statutory statement of income of such an insurer as aforesaid may have annexed to it a statutory open year business revenue statement in the form set out in Form 3, and any such statement may relate to one or more, or all, classes of that insurer's general business.

(3) An insurer which annexes to its statutory statement of in come a statutory open year business revenue statement —

(a) shall, in preparing Form 1, include in line 18 thereof the balance from the statutory open year business revenue statement;

(b) shall not, in preparing Form 2, include in line 3, 8, 9, 10, 11, 12 or 17 any amount which would, were it not for this sub-paragraph, have to be included there, if that amount has been included in the insurer's statutory open year business revenue statement.

Balance sheet and statement of income for long-term business

5 The statutory balance sheet and the statutory statement of in come of an insurer which in the relevant year carried on no insurance business other than long-term business shall respectively be in the forms set out in Forms 4 and 5.

Balance sheet and statement of income for composites

6 (1) Subject to paragraph (3)—

(a) the statutory balance sheet;

(b) the statutory statement of income; and

of every composite shall, in respect of its general business, respectively be in the forms called for by regulation 4.

(2) Subject to paragraph (3), the statutory balance sheet and the statutory statement of income of every composite shall, in respect of the composite's long-term business, respectively be in the forms called for by regulation 5.

(3) Subject to paragraph (4), the requirements of paragraphs (1) and (2) shall not apply in relation to any section 24(6) composite. but in stead —

(a) the statutory balance sheet and the statutory statement of income of a section 24(6) composite shall respectively be in the forms set out in Forms 6 and 7; and

(b) the statutory statement of income of a section 24(6) composite may have annexed to it a statutory open year business revenue statement in the form set out in Form 3, and any such statement may relate to one or more, or all, classes of that composite's general business.

(4) A section 24(6) composite may, if it thinks fit, comply with the requirements of paragraphs (1) and (2) voluntarily, and any section 24(6) composite which complies with those requirements need not com ply with the requirements of paragraph (3).

Statement of capital and surplus for all insurers

7 The statutory statement of capital and surplus of every insurer shall be in the form set out in Form 8.

Notes to statutory financial statements

8 (1) Every insurer shall set forth in a general note to its statu tory financial statements the matters called for in Part I of Schedule II.

(2) Every insurer shall also set forth—

(a) in notes to its statutory balance sheet;

(b) in notes to its statutory statement of income: and

(c) in notes to its statutory statement of capital and sur plus, the matters called for by Parts II, III and IV respec tively of that Schedule.

Instructions relating to statutory financial statements

9 (1) Every insurer shall comply with the following provisions of this regulation (being provisions containing instructions affecting the preparation of the several statutory financial statements).

(2) In the preparation of the statutory balance sheet the in structions set forth in the several Parts of Schedule III shall have effect in accordance with the following rules, that is to say—

(a) every insurer shall comply with the instructions in Part I;

(b) every insurer which in the relevant year carried on no insurance business other than general business shall, in addition to complying with the instructions in Part I, comply with the instructions in Part II;

(c) every insurer which in the relevant year carried on no insurance business other than long-term business shall, in addition to complying with the instructions in Part I, comply with the instructions in Part III;

(d) every section 24(6) composite shall, in addition to com plying with the instructions in Part I, comply with the instructions in Parts II and III.

(3) In the preparation of the statutory statement of income the instructions set forth in the several Parts of Schedule IV shall have effect in accordance with the following rules, that is to say—

(a) every insurer shall comply with the instructions in Part I;

(c) every insurer which in the relevant year carried on no
insurance business other than long-term business shall, in addition to complying with the instructions in Part I, comply with the instructions in Part III;

(d) every section 24(6) composite shall—

(i) in addition to complying with the instructions in Part I, comply with the instructions in Parts II and III; and

(ii) in addition include in line 36 of Form 7 the total of lines 18 and 35 of that Form,

(4) In preparing its statutory statement of capital and surplus every insurer shall comply with the instructions in Schedule V.

(5) If any instruction in Schedule III, IV or V requires any amount to be shown or any information to be given in a line of a Form in Schedule I, that amount or information must be shown or given on that line notwithstanding that that line or that Form may not contain any ex press direction or indication where the amount or information is to be shown or given.

[Regulation 9 amended by 1995:20 effective 29 April 1995]

Requirements relating to preparation of accounts generally

10 (1) All accounts shall be prepared in the English language.

(2) All amounts which for any purposes of these Regulations are to be shown in any account of any insurer shall be shown in a single currency, and that currency shall be the currency in which the books and records of the insurer are kept in the insurer's principal office in Bermuda or, where different books and records are kept in different cur rencies in that office, then the currency in which the majority of those books and records are kept:

Provided that where the Registrar pursuant to the power given to him by section 17(1) of the Act directs the production to him of statutory financial statements, and amounts in those statements are shown in a foreign currency. those amounts must be converted into their Bermudian equivalent before the said statements are so produced.

(3) For the purposes of paragraph (2), the Bermudian equiva lent of an amount in a foreign currency shall be the Bermudian dollar equivalent of that amount as converted into Bermudian dollars at the rate of exchange used by any licensed Bank in Bermuda in relation to purchases by that Bank of that foreign currency on the last day of the relevant year.

(4) For all items shown in any account of any insurer (other than a statutory open year business revenue statement) there shall be shown the corresponding amounts for the immediately preceding finan cial year.

Offences

11 (1) Any person who—

(a) fails to comply with any duty or prohibition imposed upon him by these Regulations; or

(b) in or in relation to any account makes, or joins in mak ing, any statement which he knows to be false or does not believe to be true,

shall be guilty of an offence against these Regulations.

(2) In sub-paragraph (b) of paragraph (1), the expression "make a statement" includes, in relation to any statement made, a wilful omis sion to state something that is material.

Commencement

12 [omitted]

SCHEDULE I (Regs. 2, 4, 5, 6, 7)

PRESCRIBED FORMS OF STATUTORY FINANCIAL STATE MENTS

Form 1

STATUTORY BALANCE SHEET (General Business)

[blank] name of Company

as at [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

ASSETS

STMT.

LINE No. 19XX 19XX

1. CASH AND TIME DEPOSITS XXX XXX

2. QUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) XXX XXX

(d) Total quoted investments _XXX _XXX

3. UNQUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) _XXX _XXX

4. INVESTMENTS IN AND ADVANCES
TO AFFILIATES XXX XXX

5. INVESTMENTS IN MORTGAGE LOANS
ON REAL ESTATE:

(a) First liens XXX XXX

(b) Other than first liens _XXX _XXX

7. REAL ESTATE:

(a) Occupied by the company
(less encumbrances) XXX XXX

(b) Other properties
(less encumbrances) _XXX _XXX

8. COLLATERAL LOANS XXX XXX

9. INVESTMENT INCOME DUE
AND ACCRUED XXX XXX

10. ACCOUNTS AND PREMIUMS
RECEIVABLE XXX XXX

11. REINSURANCE BALANCES
RECEIVABLE XXX XXX

12. FUNDS HELD BY CEDING
REINSURERS XXX XXX

13. SUNDRY ASSETS:

(a) ___________ XXX XXX

(b) ___________ XXX XXX

Form 2

STATUTORY STATEMENT OF INCOME (General Business)

[blank] name of Company

as at [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

STMT.

LINE No. 19XX 19XX

UNDERWRITING INCOME

1. GROSS PREMIUMS WRITTEN XXX XXX

2. REINSURANCE PREMIUMS CEDED XXX _XXX

3. NET PREMIUMS WRITTEN XXX XXX

4. INCREASE (DECREASE) IN UNEARNED
PREMIUMS XXX XXX

5. NET PREMIUMS EARNED XXX XXX

6. OTHER INSURANCE INCOME _XXX _XXX

7. _XXX _XXX

UNDERWRITING EXPENSES

8. NET LOSS INCURRED AND NET LOSS
EXPENSES INCURRED XXX XXX

9. COMMISSIONS AND BROKERAGE XXX XXX

OTHER UNDERWRITING EXPENSES

10. GENERAL AND ADMINISTRATIVE XXX XXX

11. PERSONNEL COSTS XXX XXX

12. OTHER _XXX _XXX

13. _XXX _XXX

14. UNDERWRITING PROFIT (LOSS) XXX XXX

15. TRANSFERRED FROM (TO) OPEN YEAR
BUSINESS REVENUE STATEMENT _XXX _XXX

16. NET UNDERWRITING PROFIT (LOSS) XXX XXX

17. GENERAL BUSINESS INVESTMENT
INCOME — NET _XXX _XXX

18. INCOME BEFORE THE UNDERNOTED
ITEMS XXX XXX

37. OTHER INCOME (DEDUCTIONS) _XXX _XXX

38. INCOME BEFORE TAXES _XXX _XXX

39. INCOME TAXES (IF APPLICABLE):

(a) Current XXX XXX

(b) Deferred _XXX _XXX

40. INCOME BEFORE REALIZED GAINS
(LOSSES) XXX XXX

41. REALIZED GAINS (LOSSES) _XXX _XXX

42. NET INCOME _XXX _XXX

Form 3

STATUTORY OPEN YEAR BUSINESS REVENUE STATEMENT
(General Business)

[temporarily omitted]

Form 4

STATUTORY BALANCE SHEET (Long-term Business)

[blank] name of Company

as at [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

ASSETS

STMT.

LINE No. 19XX 19XX

1. CASH AND TIME DEPOSITS XXX XXX

2. QUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) XXX XXX

(d) Total quoted investments _XXX _XXX

3. UNQUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) _XXX _XXX

4. INVESTMENTS IN AND ADVANCES
TO AFFILIATES XXX XXX

5. INVESTMENTS IN MORTGAGE LOANS
ON REAL ESTATE:

(a) First liens XXX XXX

(b) Other than first liens _XXX _XXX

6. POLICY LOANS

7. REAL ESTATE:

(a) Occupied by the company
(less encumbrances) XXX XXX

(b) Other properties
(less encumbrances) _XXX _XXX

8. COLLATERAL LOANS XXX XXX

9. INVESTMENT INCOME DUE
AND ACCRUED XXX XXX

10. ACCOUNTS AND PREMIUMS
RECEIVABLE XXX XXX

11. REINSURANCE BALANCES
RECEIVABLE XXX XXX

12. FUNDS HELD BY CEDING
REINSURERS XXX XXX

13. SUNDRY ASSETS:

(a) ___________ XXX XXX

(b) ___________ XXX XXX

14. LETTERS OF CREDIT, GUARAN TEES
AND OTHER INSTRU MENTS

(a) ___________ XXX XXX

(b) ___________ XXX XXX

15. TOTAL _XXX _XXX

LONG-TERM BUSINESS INSURANCE RESERVES, OTHER LIA BILITIES AND STATUTORY CAPITAL AND SURPLUS

STMT.

LINE No. 19XX 19XX

LONG-TERM BUSINESS
INSURANCE RESERVES

20. RESERVES FOR REPORTED CLAIMS XXX XXX

21. RESERVES FOR UNREPORTED
CLAIMS XXX XXX

22. POLICY RESERVES — LIFE XXX XXX

23. POLICY RESERVES —
ACCIDENT AND HEALTH XXX XXX

24. POLICYHOLDERS' FUNDS ON
DEPOSIT XXX XXX

25. LIABILITY FOR FUTURE
POLICYHOLDERS' DIVIDENDS XXX XXX

26. OTHER INSURANCE RESERVES —
LONG-TERM _XXX _XXX

27. TOTAL LONG-TERM BUSINESS
INSURANCE RESERVES _XXX _XXX

OTHER LIABILITIES

28. INSURANCE AND REINSURANCE
BALANCES PAYABLE XXX XXX

29. COMMISSIONS, EXPENSES, FEES
AND TAXES PAYABLE XXX XXX

30. LOANS AND NOTES PAYABLE XXX XXX

31. (a) INCOME TAXES PAYABLE XXX XXX

(b) DEFERRED INCOME TAXES XXX XXX

32. AMOUNTS DUE TO AFFILIATES XXX XXX

33. ACCOUNTS PAYABLE AND ACCRUED
LIABILITIES XXX XXX

34. FUNDS HELD UNDER REINSURANCE
CONTRACTS XXX XXX

35. DIVIDENDS PAYABLE XXX XXX

36. SUNDRY LIABILITIES:

(a) ___________ XXX XXX

(b) ___________ XXX XXX

37. LETTERS OF CREDIT, GUARAN TEES
AND OTHER INSTRU MENTS _XXX _XXX

38. TOTAL OTHER LIABILITIES _XXX _XXX

39. TOTAL GENERAL BUSINESS INSURANCE
RESERVES AND OTHER LIABILITIES _XXX _XXX

STATUTORY CAPITAL AND SURPLUS

40. TOTAL STATUTORY CAPITAL AND
SURPLUS _XXX _XXX

41. TOTAL _XXX _XXX

Form 5

STATUTORY STATEMENT OF INCOME (Long-term Business)

[blank] name of Company

as at [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

STMT.

LINE No. 19XX 19XX

19. PREMIUMS AND OTHER
CONSIDERATIONS:

(a) Life XXX XXX

(b) Annuities XXX XXX

(d) Total Premiums and
Other Considerations XXX XXX

20. LONG-TERM BUSINESS INVESTMENT
INCOME — Net XXX XXX

21. OTHER INSURANCE INCOME _XXX _XXX

22. _XXX _XXX

DEDUCTIONS

23. Claims — Life XXX XXX

24. Policyholders' Dividends XXX XXX

25. Surrenders XXX XXX

26. Maturities XXX XXX

27. Annuities XXX XXX

28. Accident and Health Benefits XXX XXX

29. Commissions XXX XXX

30. Other _XXX _XXX

31. _XXX _XXX

32. OPERATING EXPENSES _XXX _XXX

33. _XXX _XXX

34. INCREASE (DECREASE) IN POLICY
RESERVES (Actuarial Liabilities):

(a) Life XXX XXX

(b) Annuities XXX XXX

(d) Total Increase (Decrease)
in policy reserves XXX XXX

35. INCOME BEFORE THE UNDERNOTED
ITEMS XXX XXX

37. OTHER INCOME (DEDUCTIONS) XXX XXX

38. INCOME BEFORE TAXES XXX XXX

39. INCOME TAXES (IF APPLICABLE):

(a) Current XXX XXX

(b) Deferred _XXX _XXX

40. INCOME BEFORE REALIZED GAINS
(LOSSES) XXX XXX

41. REALIZED GAINS (LOSSES) _XXX _XXX

42. NET INCOME _XXX _XXX

Form 6

STATUTORY BALANCE SHEET

(Section 24(6) Composite)

[blank] name of Company

as at [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

ASSETS

STMT.

LINE No. 19XX 19XX

1. CASH AND TIME DEPOSITS XXX XXX

2. QUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) XXX XXX

(d) Total quoted investments _XXX _XXX

3. UNQUOTED INVESTMENTS:

(a) Bonds and Debentures XXX XXX

(b) Equities (preferred and ordinary) _XXX _XXX

4. INVESTMENTS IN AND ADVANCES
TO AFFILIATES XXX XXX

5. INVESTMENTS IN MORTGAGE LOANS
ON REAL ESTATE:

(a) First liens XXX XXX

(b) Other than first liens _XXX _XXX

6. POLICY LOANS XXX XXX

7. REAL ESTATE:

(a) Occupied by the company
(less encumbrances) XXX XXX

(b) Other properties
(less encumbrances) _XXX _XXX

8. COLLATERAL LOANS XXX XXX

9. INVESTMENT INCOME DUE
AND ACCRUED XXX XXX

10. ACCOUNTS AND PREMIUMS
RECEIVABLE XXX XXX

11. REINSURANCE BALANCES
RECEIVABLE XXX XXX

12. FUNDS HELD BY CEDING
REINSURERS XXX XXX

13. SUNDRY ASSETS:

(a) ___________ XXX XXX

(b) ___________ XXX XXX

14. LETTERS OF CREDIT, GUARAN TEES
AND OTHER INSTRU MENTS

(a) ___________ XXX XXX

(b) ___________ XXX XXX

15. TOTAL _XXX _XXX

GENERAL BUSINESS INSURANCE RESERVES, LONG-TERM BUSINESS INSURANCE RESERVES, OTHER LIABILITIES AND STATUTORY CAPITAL AND SURPLUS

STMT.

LINE No. 19XX 19XX

GENERAL BUSINESS INSURANCE RESERVES

16. UNEARNED PREMIUMS XXX XXX

17. LOSS AND LOSS EXPENSES
PROVISIONS XXX XXX

18. OTHER INSURANCE RESERVES —
GENERAL BUSINESS _XXX _XXX

19. TOTAL GENERAL BUSINESS
INSURANCE RESERVES _XXX _XXX

LONG-TERM BUSINESS
INSURANCE RESERVES

20. RESERVES FOR REPORTED CLAIMS XXX XXX

21. RESERVES FOR UNREPORTED CLAIMS XXX XXX

22. POLICY RESERVES — LIFE XXX XXX

23. POLICY RESERVES —
ACCIDENT AND HEALTH XXX XXX

24. POLICYHOLDERS' FUNDS ON DEPOSIT XXX XXX

25. LIABILITY FOR FUTURE
POLICYHOLDERS' DIVIDENDS XXX XXX

26. OTHER INSURANCE RESERVES —
LONG-TERM _XXX _XXX

27. TOTAL LONG-TERM BUSINESS
INSURANCE RESERVES _XXX _XXX

OTHER LIABILITIES

28. INSURANCE AND REINSURANCE
BALANCES PAYABLE XXX XXX

29. COMMISSIONS, EXPENSES, FEES
AND TAXES PAYABLE XXX XXX

30. LOANS AND NOTES PAYABLE XXX XXX

31. (a) INCOME TAXES PAYABLE XXX XXX

(b) DEFERRED INCOME TAXES XXX XXX

32. AMOUNTS DUE TO AFFILIATES XXX XXX

33. ACCOUNTS PAYABLE AND ACCRUED
LIABILITIES XXX XXX

34. FUNDS HELD UNDER REINSURANCE
CONTRACTS XXX XXX

35. DIVIDENDS PAYABLE XXX XXX

36. SUNDRY LIABILITIES:

(a) ___________ XXX XXX

(b) ___________ XXX XXX

37. LETTERS OF CREDIT, GUARAN TEES
AND OTHER INSTRU MENTS _XXX _XXX

38. TOTAL OTHER LIABILITIES _XXX _XXX

39. TOTAL GENERAL BUSINESS INSURANCE
RESERVES AND OTHER LIABILITIES _XXX _XXX

STATUTORY CAPITAL AND SURPLUS

40. TOTAL STATUTORY CAPITAL AND
SURPLUS _XXX _XXX

41. TOTAL _XXX _XXX

Form 7

STATUTORY STATEMENT OF INCOME
(Section 24(6) Composite)

[blank] name of Company

for the year ended [blank] (day/month/year)

expressed in [blank] (currency used (vide Reg. 10(2)))

STMT.

LINE No. 19XX 19XX

UNDERWRITING INCOME

1. GROSS PREMIUMS WRITTEN XXX XXX

2. REINSURANCE PREMIUMS CEDED XXX _XXX

3. NET PREMIUMS WRITTEN XXX XXX

4. INCREASE (DECREASE) IN UNEARNED
PREMIUMS XXX XXX

5. NET PREMIUMS EARNED XXX XXX

6. OTHER INSURANCE INCOME _XXX _XXX

7. _XXX _XXX

Bermuda Consolidated Legislation

Insurance Accounts Regulations 1980