Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  1996 RevEd
Apportionment of income between policy-holders and shareholders
7.  Any income of an approved insurance company for any year of assessment taxable at the rate of 10% in accordance with regulation 4(1)(a) and (b)(i) shall, for the purposes of section 26 (3B)(b) and (c) of the Act, be apportioned between the policyholders and shareholders of the approved insurance company in the same ratio as the offshore life insurance surplus for the basis period for that year of assessment is allocated by the approved insurance company between its policyholders and shareholders in that basis period or, where no such allocation is made by the approved insurance company, be deemed to be apportioned wholly to its shareholders.
[S 81/2009, wef Y/A 2005 & Sub Ys/A]
Informal Consolidation | Amended S 320/2016
Apportionment of income between policyholders and shareholders
7.—(1)  Any income derived from a participating fund in relation to offshore life business by an approved insurer for any year of assessment taxable at the rate of 10% in accordance with regulation 4(1)(a) and (b)(i) shall, for the purposes of section 26(8)(b) and (c) of the Act, be apportioned between the policyholders and shareholders of the approved insurer in the same ratio as the amount referred to in section 26(7)(a)(i)(A) of the Act bears to the amount referred to in section 26(7)(a)(i)(B) of the Act for the basis period for that year of assessment.
[S 320/2016 wef 01/04/2013]
(2)  For the purposes of paragraph (1), where no allocation is made out of the participating fund by the approved insurer in accordance with section 17(6)(b) of the Insurance Act (Cap. 142), the income shall be deemed to be apportioned to the policyholders in accordance with —
(a)where the articles of association of the approved insurer specify the percentage of the gains or profits of the participating fund in respect of offshore life policies that may be distributed to the policyholders, that percentage; or
(b)where the articles of association of the approved insurer do not so specify, the difference between 100% and the maximum amount (in terms of percentage) of the fund that may be allocated to the surplus account under section 17(6)(c)(iv) of the Insurance Act, out of the total of such amount and the amount of the fund that may be allocated to participating policies by way of bonus in accordance with section 17(6)(b) of that Act.
(3)  Paragraphs (1) and (2) shall not apply to a captive insurer.