5‑3 General insurance company’s levy bas5‑3 General insurance company’s levy base

5‑3 General insurance company’s levy base

(1) For paragraph 8(3)(d) of the Act, a general insurance company’s levy base is to be worked out using this section. (2) For subsection 8(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the company. (3) The levy base is the value of the company’s assets, as at the valuation day, worked out in the same way as the information that item 13 (Total assets) in Form GRF 300.0: Statement of Financial Position (L) in Reporting Standard GRS 300.0 Statement of Financial Position requires to be included in the column in that item headed “Total Amount” would be worked out for a reporting period ending on the valuation day. (4) However, in the case of Lloyd’s, the levy base is the total of the amounts standing to the credit of all designated security trust funds (as defined by section 69 of the Insurance Act 1973) as at 31 March in the previous financial year.