Regulation 9

General application of provisions applicable to individual accounts

31. In its application to insurance groups, Part 1 of this Schedule has effect with the following modifications.

32. In paragraph 1 of this Schedule -

(a) the reference in sub-paragraph (1) to the provisions of Schedule 1 to these Regulations is to be construed as a reference to the provisions of Schedule 3 to these Regulations, and

(b) sub-paragraph (2) is to be omitted.

Financial years of subsidiary undertakings

33. In paragraph 2(2)(a), for "three months" substitute "six months".

Assets and liabilities to be included in group accounts

34. In paragraph 3, after sub-paragraph (1) insert -

"(1A) Sub-paragraph (1) is not to apply to those liabilities items the valuation of which by the undertakings included in a consolidation is based on the application of provisions applying only to insurance undertakings, nor to those assets items changes in the values of which also affect or establish policyholders’ rights.