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

(c) overseas.

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

100

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.

List of Supplementary Notes

This is a list of all current supplementary notes which you may be required to supply with your return

FSA Resource Sources

GENPRU - the general prudential requirements for regulated firms.

INSPRU - the specialised sourcebook for insurers

IPRU(INS) - [Version 20130610] the residual prudential and notification requirement for insurers.

E&Y FSA Returns Guide

Ernst & Young's Insurance Returns guide - updated for 2012/3 - covers virtually everything you will need to know about completing your PRA return