Income of approved marine hull and liability insurer exempt from tax
7.—(1) Where an approved marine hull and liability insurer whose approval is granted before 1 April 2016, satisfies such qualifying conditions as the Minister or such person as he may appoint may impose for the purposes of this regulation, there shall be exempt from tax the following income derived by the approved marine hull and liability insurer for the basis period for any year of assessment:
(a)
the underwriting income derived from carrying on marine hull and liability insurance and reinsurance business; and
[S 212/2013 wef 19/02/2011]
[S 613/2017 wef 01/04/2016]
(b)
the amount of income derived from carrying on marine hull and liability insurance and reinsurance business ascertained by the formula —
where Pm, Pn, Po, Pi, PoL, PiL, A, B, C and D
have the same meanings as in regulation 5B(1)(b).
[S 212/2013 wef 19/02/2011]
[S 602/2017 wef 01/04/2016]
[S 613/2017 wef 01/04/2016]
(2) Where the Comptroller is satisfied that any part of the insurance funds and shareholders’ funds is not required to support the marine hull and liability insurance and reinsurance business of an approved marine hull and liability insurer, he may adopt a reduced amount of the dividends, interest and gains or profits under paragraph (1)(b) as appears to him to be reasonable in the circumstances.