Instructions for completion of Form 47
1. Information must be shown separately for each type of insurance business in the sequence specified below:
(a) UK life;
(b) UK pension; and
Overseas business may, at the discretion of the insurer, be subdivided by state or territory.
2. The information must be shown separately within each type of insurance business in the sequence specified below:
(a) direct insurance business;
(b) reinsurance accepted which is external to the insurance group; and
(c) reinsurance accepted which is from within the insurance group.
3. Information must be further divided by product code as follows:
Code Product Description
Conventional whole life with-profits OB 105 Conventional whole life with-profits IB 110 Conventional whole life with-profits (ISA) 115 Conventional whole life with-profits (tax exempt) 120 Conventional endowment with-profits OB savings 125 Conventional endowment with-profits OB target cash 130 Conventional endowment with-profits IB 135 Conventional endowment with-profits (ISA) 140 Conventional endowment with-profits (tax exempt) 145 Income protection with-profits 150 Income protection with-profits (Holloway) 155 Conventional pensions endowment with-profits 160 Conventional pensions endowment with-profits - increments 165 Conventional deferred annuity with-profits 170 Conventional deferred annuity with-profits - increments 175 Group conventional deferred annuity with-profits 180 Group conventional deferred annuity with-profits - increments 185 Group conventional pensions endowment with-profits 190 Group conventional pensions endowment with-profits - increments 195 Annuity with-profits (PLA) 200 Annuity with-profits (CPA) 205 Miscellaneous conventional with-profits 210 Additional reserves with-profits OB 215 Additional reserves with-profits IB 300 Regular premium non-profit WL/EA OB 305 Single premium non-profit WL/EA OB 310 Non-profit IB 315 Individual deposit administration non-profit 320 Group deposit administration non-profit 325 Level term assurance 330 Decreasing term assurance 335 Decreasing term assurance (rider benefits) 336 Mortality risk premium reinsurance 340 Accelerated critical illness (guaranteed premiums) 345 Accelerated critical illness (reviewable premiums) 350 Stand-alone critical illness (guaranteed premiums) 355 Stand-alone critical illness (reviewable premiums) 360 Income protection non-profit (guaranteed premiums) 365 Income protection non-profit (reviewable premiums) 370 Long-term care policy 375 Protection menu policy 380 Miscellaneous protection rider 385 Income protection claims in payment 390 Deferred annuity non-profit 395 Annuity non-profit (PLA) 400 Annuity non-profit (CPA) 401
Annuity non-profit (bulk transfer)
405 Annuity non-profit (CPA impaired life) 410 Group Life 411 Group death in service dependants' annuities 415 Collective Life 420 Group income protection 425 Group income protection claims in payment 430 Group critical illness 435 Miscellaneous non-profit 440 Additional reserves non-profit OB 445 Additional reserves non-profit IB 500 Life UWP single premium 505 Life UWP whole life regular premium 506 Life UWP whole life regular premium (ISA) 510 Life UWP endowment regular premium - savings 515 Life UWP endowment regular premium – target cash 516 Life UWP endowment regular premium (ISA) 520 Holloway member accounts 525 Individual pensions UWP 530 Individual pensions UWP - increments 535 Group money purchase pensions UWP 540 Group money purchase pensions UWP - increments 545 Individual deposit administration with-profits 550 Individual deposit administration with-profits - increments 555 Group deposit administration with-profits 560 Group deposit administration with-profits - increments 565 DWP National Insurance rebates UWP 570 Income drawdown UWP 571 Trustee investment plan UWP 574 UWP investment only reinsurance 575 Miscellaneous UWP 580 Term assurance rider 585 Accelerated critical illness rider 590 Stand-alone critical illness rider 595 Income protection rider 605 Miscellaneous protection rider 610 Additional reserves UWP 700 Life property linked single premium 705 Life property linked single premium quasi index linked 710 Life property linked whole life regular premium 715 Life property linked endowment regular premium - savings 720 Life property linked endowment regular premium – target cash 725 Individual pensions property linked 730 Individual pensions property linked - increments 735 Group money purchase pensions property linked 740 Group money purchase pensions property linked - increments 745 DWP National Insurance rebates property linked 750 Income drawdown property linked 755 Trustee investment plan 760 Small self administered schemes 765 Group managed fund 770 Term assurance rider 775 Accelerated critical illness rider 780 Stand-alone critical illness rider 785 Income protection rider 790 Miscellaneous protection rider 794 Property linked investment only reinsurance 795 Miscellaneous property linked 800 Additional reserves property linked 900 Life index linked single premium 901 Index linked income protection claims in payment 902 Group index linked income protection claims in payment 905 Index linked annuity (CPA) 906 Index linked annuity (bulk transfer) 907 Index linked deferred annuity 910 Miscellaneous index linked 915 Additional reserves index linked
Codes 100-215 are for with-profits business in Form 51.
Codes 300-445 are for non-profits business in Form 51.
Codes 500-610 are for Form 52.
Codes 700-800 are for Form 53.
Codes 900-915 are for Form 54.
Life regular premium product codes include paid-up policies.
Compulsory purchase annuities (CPA) include those arising from group death in service policies. "Bulk transfer" annuities referred to in codes 401 and 906 cover all annuities in payment as part of a bulk transfer of liabilities from an occupational pension scheme or a reinsurance contract; these codes are to be used for new business instead of codes 400, 405 and 905. Transfers from insurers under Part VII of the Act are recorded in Form 40, there being no premiums passing through the revenue account.
For the purposes of allocation to product codes (e.g. code 175), group business is where there is another party in the arrangement, normally an employer. An insurer may use an internal definition to allocate between individual and group business for schemes with less than ten members.
Group money purchase pensions product codes (535, 540, 735, 740) cover policies where the insurer holds details at member level. Trustee investment plan product codes (571, 755) cover policies which are not in the name of or earmarked for an individual member. Group managed fund product code (765) covers unit-linked investments for final salary pension schemes.
4. There may be more than one line for the same product code within a type and source of business to identify specific brands.
5. For direct individual policies, columns 3 and 5 are the number of new plans, i.e. eliminating the effect of multiple policies being issued as part of the same premium, identifiable increments and rider benefits. A policy holder who takes out plans of the same product code during the year will contribute to column 3 or 5 for each such plan. For direct group scheme business, where the insurer has records of benefits at member level, columns 3 and 5 are the number of new members. For group scheme business, where the insurer has no records of benefits at member level, columns 3 and 5 must be zero. For business without such records, the number of new group schemes, divided by product code, must be set out in a supplementary note (code 4701). Details of approximations made in determining columns 3 and 5 must be given in a note (code 4703). For reinsurance accepted columns 3 and 5 are nil.
6. To avoid double counting, a new scheme member for a plan offering a choice of funds may be treated as contributing to column 3 or 5 for unitised with-profits business if all the premiums in the plan are invested in the with-profits fund. For policies with protection rider benefits, the entry in column 3 or 5 must be for the main benefit in the plan.
7. Details must be given in a supplementary note (code 4702) of approximations used to apportion between product codes.