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Formal Consolidation |  2001 RevEd
Income of approved specialised insurer exempt from tax
7B.—(1)  There shall be exempt from tax the following income derived by an approved specialised insurer (including one who is also an approved insurer) for the basis period for any year of assessment:
(a)the underwriting income derived from accepting offshore qualifying specialised insurance business; and
(b)such part of the income referred to in regulation 5(1)(c) as is ascertained by the formula —
where Ps
is the amount of the gross premiums received or receivable during the basis period in respect of policies for offshore qualifying specialised insurance risks underwritten by the approved specialised insurer;
Po and PoL
have the same meanings as in regulation 6(1); and
F
is the total amount of the income referred to in regulation 5(1)(c) of the approved specialised insurer for the basis period less any expenses directly attributable to the production of such income allowable under the Act.
(2)  Where the Comptroller is satisfied that any part of the insurance fund or the shareholders’ funds referred to in regulation 5(1)(c) of the approved specialised insurer (including one who is also an approved insurer) is not required to support the offshore qualifying specialised insurance business of such insurer, he may adopt such reduced amount of the income under paragraph (1)(b) as appears to him to be reasonable in the circumstances.
[S 80/2009 wef 17/02/2006]
Informal Consolidation | Amended S 518/2013
Income of approved specialised insurer exempt from tax
7B.—(1)  There shall be exempt from tax the following income derived by an approved specialised insurer (including one who is also an approved insurer) for the basis period for any year of assessment:
(a)the underwriting income derived from accepting offshore qualifying specialised insurance business; and
(b)such part of the income referred to in regulation 5(1)(c) as is ascertained by the formula —
where Ps
is the amount of the gross premiums received or receivable during the basis period in respect of policies for offshore qualifying specialised insurance risks underwritten by the approved specialised insurer;
Po and PoL
have the same meanings as in regulation 5B(1)(b), with the references to the approved marine hull and liability insurer therein modified to refer to the approved specialised insurer; and
F
is the total amount of the income referred to in regulation 5(1)(c) of the approved specialised insurer for the basis period less any expenses directly attributable to the production of such income allowable under the Act.
[S 212/2013 wef 19/02/2011]
(2)  Where the Comptroller is satisfied that any part of the insurance fund or the shareholders’ funds referred to in regulation 5(1)(c) of the approved specialised insurer (including one who is also an approved insurer) is not required to support the offshore qualifying specialised insurance business of such insurer, he may adopt such reduced amount of the income under paragraph (1)(b) as appears to him to be reasonable in the circumstances.
[S 80/2009 wef 01/09/2006]
(3)  For the purposes of paragraph (1)(b), a policy for risks arising from a natural catastrophe is to be regarded as a policy for offshore qualifying specialised insurance risks only if it is a catastrophe excess of loss policy, and the reference to “offshore qualifying specialised insurance business” in paragraph (2) is to be read accordingly.
[S 319/2016 wef 25/02/2013]