(1) The average period left to run on policies at the date of calculation of the solvency margin required for the purposes of Article 17 (2) (e) (i) of the Regulations of 1984 shall be determined as the weighted average of the periods left to run on the policies in force at that date, appropriate allowance being made for premature termination of contracts.
(2) For the purposes of paragraph (1), weighting shall be based on the net single premium attaching to such policies but undertakings may use a method of calculation which involves a degree of approximation where such method is shown to the Minister's satisfaction to give similar results.
(3) Undertakings may dispense with the detailed requirements of paragraph (2) for classes of policies of minor importance, the results of which would have no significant effect on the average period to run for the undertaking concerned.
(4) In paragraph (1) a "period to run" means -
(a) for whole life assurances, the expectation of life,
(b) fo