For the purposes of BR-1.2.3, the CBB would usually accept that the financial year end of an overseas insurance licensee would be the same as that of the company itself. The only times that the CBB would be likely to consider allowing an insurance intermediary or insurance manager to adopt a financial period of other than 12 months would be the year in which it is authorised (i.e. a period of less than 12 months) or when the company itself changes its reporting period for the purposes of its shareholder accounts.