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:
Product Description 100
Conventional whole life with-profits OB Conventional whole life with-profits IB Conventional whole life with-profits (ISA) Conventional whole life with-profits (tax exempt) Conventional endowment with-profits OB savings Conventional endowment with-profits OB target cash Conventional endowment with-profits IB Conventional endowment with-profits (ISA) Conventional endowment with-profits (tax exempt) Income protection with-profits Income protection with-profits (Holloway) Conventional pensions endowment with-profits Conventional pensions endowment with-profits - increments Conventional deferred annuity with-profits Conventional deferred annuity with-profits - increments Group conventional deferred annuity with-profits Group conventional deferred annuity with-profits - increments Group conventional pensions endowment with-profits Group conventional pensions endowment with-profits - increments Annuity with-profits (PLA) Annuity with-profits (CPA) Miscellaneous conventional with-profits Additional reserves with-profits OB Additional reserves with-profits IB Regular premium non-profit WL/EA OB Single premium non-profit WL/EA OB Non-profit IB Individual deposit administration non-profit Group deposit administration non-profit Level term assurance Decreasing term assurance Decreasing term assurance (rider benefits) Mortality risk premium reinsurance Accelerated critical illness (guaranteed premiums) Accelerated critical illness (reviewable premiums) Stand-alone critical illness (guaranteed premiums) Stand-alone critical illness (reviewable premiums) Income protection non-profit (guaranteed premiums) Income protection non-profit (reviewable premiums) Long-term care policy Protection menu policy Miscellaneous protection rider Income protection claims in payment Deferred annuity non-profit Annuity non-profit (PLA) Annuity non-profit (CPA) Annuity non-profit (bulk transfer)
Annuity non-profit (CPA impaired life) Group Life Group death in service dependants' annuities Collective Life Group income protection Group income protection claims in payment Group critical illness Miscellaneous non-profit Additional reserves non-profit OB Additional reserves non-profit IB Life UWP single premium Life UWP whole life regular premium Life UWP whole life regular premium (ISA) Life UWP endowment regular premium - savings Life UWP endowment regular premium – target cash Life UWP endowment regular premium (ISA) Holloway member accounts Individual pensions UWP Individual pensions UWP - increments Group money purchase pensions UWP Group money purchase pensions UWP - increments Individual deposit administration with-profits Individual deposit administration with-profits - increments Group deposit administration with-profits Group deposit administration with-profits - increments DWP National Insurance rebates UWP Income drawdown UWP Trustee investment plan UWP UWP investment only reinsurance Miscellaneous UWP Term assurance rider Accelerated critical illness rider Stand-alone critical illness rider Income protection rider Miscellaneous protection rider Additional reserves UWP Life property linked single premium Life property linked single premium quasi index linked Life property linked whole life regular premium Life property linked endowment regular premium - savings Life property linked endowment regular premium – target cash Individual pensions property linked Individual pensions property linked - increments Group money purchase pensions property linked Group money purchase pensions property linked - increments DWP National Insurance rebates property linked Income drawdown property linked Trustee investment plan Small self administered schemes Group managed fund Term assurance rider Accelerated critical illness rider Stand-alone critical illness rider Income protection rider Miscellaneous protection rider Property linked investment only reinsurance Miscellaneous property linked Additional reserves property linked Life index linked single premium Index linked income protection claims in payment Group index linked income protection claims in payment Index linked annuity (CPA) Index linked annuity (bulk transfer) Index linked deferred annuity Miscellaneous index linked 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.
