Deduction for special reserve of approved general insurer
14O.—(1)  The Minister may by regulations provide that, for the purpose of ascertaining the income of a general insurer 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 insurer for prescribed offshore risks.
[37/2002; 34/2005]
(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 —
“insurer” has the same meaning as in section 43C;
“offshore risk” has the same meaning as in section 26.
[34/2005]