Schedule 3 Amendments to Insurance Undertakings Regulations

1.

Regulation 2

(a) In paragraph (1), insert the following after the definition of "individual accounts":

" ‘investment property' means land or buildings (or both) held to earn rentals or for capital appreciation (or both);".

(b) Insert the following after paragraph (1):

"(1A) References in these Regulations to annual accounts giving a ‘true and fair view' are references -

(a) in the case of Companies Act individual accounts, to the requirement under Regulation 5 that those accounts give a true and fair view,

(b) in the case of Companies Act group accounts, to the requirement under Regulation 10 that those accounts give a true and fair view, and

(c) in the case of IFRS accounts, to the equivalent requirement under international financial reporting standards.".

(c) In paragraph (2), substitute "these Regulations or international financial reporting standards" for "or these Regulations".

2.

Regulation 5

Substitute the foll