Apportionment of expenses, allowances and donations
8.—(1) Any item of expenditure not directly attributable to the offshore general insurance business or offshore life business of an approved insurer, and capital allowances and donations, allowable to the approved insurer under the Act, shall be apportioned between such business and the other insurance business of the approved insurer; and the portion attributable to such business shall, subject to paragraph (3), be ascertained by using the fraction —
where Po, Pi, PoL and PiL have the same meanings as in regulation 6.
[S 80/2009 wef Y/A 2005 & Sub Ys/A]
[S 224/2009 wef 22/05/2009]
(2) Notwithstanding paragraph (1) and subject to paragraph (3), where an approved insurer is also an approved marine hull and liability insurer under regulation 4, an approved captive insurer under regulation 4A, an approved specialised insurer under regulation 4B or an approved takaful insurer under regulation 4C, any item of expenditure not directly attributable to the marine hull and liability business, the offshore captive insurance business, the offshore qualifying specialised insurance business, the offshore takaful business, the offshore general insurance business or the offshore life business of such insurer, and capital allowances and donations allowable to such insurer under the Act, shall 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 business shall be ascertained by using the fraction —
(b)
the portion attributable to offshore captive insurance business shall be ascertained by using the fraction —
[S 80/2009 wef 17/02/2006]
(c)
the portion attributable to offshore qualifying specialised insurance business shall be ascertained by using the fraction —
[S 80/2009 wef 01/09/2006]
[S 747/2010 wef 01/04/2008]
(d)
the portion attributable to offshore takaful business shall be ascertained by using the fraction —
[S 747/2010 wef 01/04/2008]
(e)
the portion attributable to offshore life business and offshore general insurance business, other than offshore marine hull and liability business, offshore captive insurance business, offshore qualifying specialised insurance business and offshore takaful business, shall be ascertained by using the fraction —
where Pm, Pn, 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;
Pc
has the same meaning as in regulation 7A(1);
Ps
has the same meaning as in regulation 7B(1); and
Co and CoL
have the same meanings as in regulation 6A(1).
[S 747/2010 wef 01/04/2008]
[S 80/2009 wef 25/02/2009]
[S 224/2009 wef 22/05/2009]
(3) Subject to any conditions that may be imposed by the Comptroller, alternative methods of apportionment may be applied in place of any of the prescribed fractions in paragraphs (1) and (2) if the Comptroller is satisfied that they are reasonable in the circumstances of the business of an approved insurer.