ABI SORP: 1990 and 1998

The key changes between the ABI SORPs of 1990 and 1998 were as follows:

Annual accounting (see GIM2090) became the recommended accounting treatment for all kinds of insurance business, deferred annual accounting was outlawed, and the funded basis became acceptable for 2, 3 or 4 year funds: only in restricted circumstances.

The revenue account became referred to as the technical account and the profit and loss account as the non-technical account.

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