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Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2001 RevEd
Apportionment of expenses, allowances and donations
8.—(1)  Any item of expenditure not directly attributable to the offshore general insurance business of an approved insurance company, and capital allowances and donations, allowable to the insurance company under the Act, shall be apportioned between such business and the other general insurance business of the approved insurance company; and the portion attributable to such business shall be ascertained by using the fraction —
UNKNOWN
where Po and Pi have the same meanings as in regulation 6.
(2)  There shall be apportioned between the offshore marine hull and liability business and the other offshore general insurance business of an approved marine hull and liability insurer —
(a)any amount of expenditure, capital allowances and donations apportioned to the offshore general insurance business in accordance with paragraph (1); and
(b)any item of expenditure incurred in respect of both the offshore marine hull and liability business and the other offshore general insurance business, allowable to the insurer under the Act,
and the portion attributable to its offshore marine hull and liability business shall be ascertained by using the fraction —
UNKNOWN
where Pm and Po have the same meanings as in regulation 7.
Informal Consolidation | Amended S 601/2017
Apportionment of expenses, allowances and donations
8.—(1)  Any item of expenditure not directly attributable to the offshore general insurance business of an approved insurer, and capital allowances and donations, allowable to the insurer under the Act, shall be apportioned between such business and the other general insurance business of the approved insurer; and the portion attributable to such business shall be ascertained by using the fraction —
where Po and Pi have the same meanings as in regulation 6(1).
[S 79/2009 wef Y/A 2005 & Sub Ys/A]
[S 601/2017 wef 01/04/2016]
(2)  Despite paragraph (1), where an approved insurer is also an approved marine hull and liability insurer under regulation 4, an approved captive insurer under regulation 4A or an approved specialised insurer under regulation 4B, any item of expenditure not directly attributable to the marine hull and liability insurance and reinsurance business, the offshore captive insurance business, the qualifying specialised insurance business or the offshore general insurance business of such insurer, as well as capital allowances and donations allowable to such insurer under the Act, are to be apportioned between such business and the other insurance business of such insurer in the following manner:
(a)the portion attributable to marine hull and liability insurance and reinsurance business is to be ascertained by using the fraction —
[S 612/2017 wef 01/04/2016]
(b)the portion attributable to offshore captive insurance business is to be ascertained by using the fraction —
(c)the portion attributable to offshore qualifying specialised insurance business is to be ascertained by using the fraction —
(ca)the portion attributable to qualifying specialised insurance business is to be ascertained by using the fraction —
[S 601/2017 wef 01/04/2016]
(d)the portion attributable to offshore general insurance business, other than offshore marine hull and liability insurance and reinsurance business, offshore captive insurance business and offshore qualifying specialised insurance business, is to be ascertained by using the fraction —
where Pm, Pn, Po and Pi
have the same meanings as in regulation 5B(1)(b), with references to the approved marine hull and liability insurer in that provision modified to refer to the approved insurer;
Pc
has the same meaning as in regulation 7A(1); and
Ps and Pt
have the same meanings as in regulation 5D(4)(b)(ii) and (iii).
[S 318/2016 wef 01/04/2013]
[S 601/2017 wef 01/04/2016]
[S 612/2017 wef 01/04/2016]
(3)  The Comptroller may apply any alternative method of apportionment in place of any of the prescribed fractions in paragraphs (1) and (2) if the Comptroller is satisfied that the alternative method is reasonable in the circumstances of the business of the approved insurer.
[S 318/2016 wef 05/07/2016]