Deduction for special reserve of approved general insurance company
14O.—(1) The Minister may by regulations provide that, for the purpose of ascertaining the income of a general insurance company approved by the Minister or such person as he may appoint from carrying on the business of insuring and reinsuring offshore risks, there shall be allowed for a period of 10 years a deduction for the prescribed amount of special reserves set aside by the approved general insurance company for prescribed offshore risks.
[37/2002]
(2) Regulations made under subsection (1) may provide for —
(a)
any amount transferred to the special reserve on an earlier date to be deemed to have been transferred out of the special reserve first;
(b)
the circumstances in which any amount which has been allowed as deduction under this section may be deemed as trading receipt for any basis period;
(c)
the adjustment of any amount deemed as trading receipt for any basis period in respect of any amount which has been allowed as deduction under this section; and
(d)
generally for giving full effect to or for carrying out the purposes of this section.
[37/2002]
(3) In this section, “offshore risk” has the same meaning as in section 26.