annualised net written premiums

21(for the purposes of PRU 7.537 INSPRU 1.4 37 ) in relation to a financial year, the net written premiums received during that financial year, except that in relation to a financial year that has been validly extended beyond, or shortened from, a period of 12 months, the amount of net written premiums is the amount determined in accordance with the formula: NWP x 365/Dwhere:

1. (1) NWP is the amount of net written premiums received in the financial year; and
1. (2) D is the number of days in that financial year.