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Utilisation of provisions - summary |
See Also
Technical provisions | Utilisation of provisions
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule summarises the excess or deficiency in technical provisions for liabilities on general insurance policies written. The excess or deficiency is calculated under the rules in FA 2000 s 107 and the General Insurance Reserves (Tax) Regulations SI 2001/1757
This schedule is only available in the General Insurance module. It is not currently available for long periods of account. The schedule may be obtained by using the Develop option from the Technical provisions schedule.
There are no data entry areas on this schedule - it summarises the excess or deficiency for all sub-schedules which have been developed. Typically, a sub-schedule will be developed for each earlier period in which a provision was made.
Interest on excess provisions
The net interest on any excess provision (or the interest credit on any deficiency of provision) is taken to schedule A as a trade receipt or expense, in accordance with FA 2000 s 107(2), (3).
Closing balance of provisions
The closing balance of technical provisions as shown on the schedule is checked to the closing balance shown on the Technical provisions schedule.
The schedule has one standard sub-schedule - Utilisation of provisions. Muliple copies of this schedule may be developed.
Where a new period is built, the summary of the excess or deficiency will be carried forward to the later period.
© 2009 Thomson Reuters.