Calculation of dividends, interest and gains from sale of offshore investments for approved insurer
6.—(1) The dividends and interest under regulation 5(1)(c)(ii) derived by an approved insurer for the basis period for any year of assessment shall be ascertained by the formula —
where Po, Pi, PoL and PiL
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 insurer;
I
is the total amount of dividends and interest derived from Singapore and elsewhere by the approved insurer during the basis period from the investment of its shareholders’ funds established in Singapore less any expenses directly attributable to the production of such dividends and interest allowable under the Act;
X
is —
where Y
is the total amount of dividends and interest derived from Singapore (but excluding interest from ACU deposits) by the approved insurer during the basis period from the investment of its shareholders’ funds established in Singapore, less any expenses directly attributable to the production of such dividends and interest allowable under the Act.
[S 80/2009 wef Y/A 2005 & Sub Ys/A]
[S 212/2013 wef 19/02/2011]
(2) The gains or profits from the sale of offshore investments under regulation 5(1)(c)(ii) derived by an approved insurer for the basis period for any year of assessment shall be ascertained by the formula —
where Po, Pi, PoL and PiL have the same meanings as in paragraph (1); and
K
is the amount (after deducting losses from the gains or profits) realised during the basis period from the sale of offshore investments acquired by the approved insurer using its shareholders’ funds established in Singapore less any expenses directly attributable to the production of such gains or profits allowable under the Act.
[S 80/2009 wef Y/A 2005 & Sub Ys/A]
[S 212/2013 wef 19/02/2011]
(3) For the purposes of paragraphs (1) and (2), where the Comptroller is satisfied that any part of the shareholders’ funds of the approved insurer is not required to support its offshore general insurance business or offshore life business, he may adopt such reduced amount of I or K as appears to him to be reasonable in the circumstances.