Schedule 12, Part 3, Part 3, paragraph 10

This paragraph applies where— the liability is a liability under a contract of insurance the insurer carries out as principal (“contract A”), and the insurer enters into a reinsurance contract under which contract A, or any liability under contract A, is reinsured (“contract B”). In determining the value of the liability for the purposes of contract B, no account is to be taken of the reduction in value of the liability under the write-down order.

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Source: legislation.gov.uk · retrieved 2026-09-04