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The Overseas Life Insurance Companies (Amendment) Regulations 2007

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Amendment of regulation 6

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5.—(1) Regulation 6 (modifications of section 431(2) of the Income and Corporation Taxes Act 1988) is amended as follows.

(2) After paragraph (1) insert—

“(1A) In the definition of “foreign currency assets”(1) for the words from “which—” to the end substitute “which are denominated in a foreign currency and specified in a certificate given by a director of the company no later than three months after the end of the period of account as being all of the assets of the company’s long-term insurance fund which are held at that time during the period of account to enable the company to meet liabilities of its gross roll-up business which are denominated in that currency;”.”

(3) In paragraph (5)—

(a)after the inserted definition of “IAD Accounts” insert—

““IAS accounts” means accounts prepared in accordance with international accounting standards;”;”,

(b)in the inserted definition of “long-term insurance fund”, for the words from “means” to “in the technical account” substitute—

“means—

(a)

the technical account for life assurance business of the company included in the IAD accounts; or

(b)

such part of the income statement as relates to as relates to the life assurance business of the company included in the IAS accounts;

and references to assets of the long-term insurance fund shall be read as references to assets from which any income or gain is or would be included in that technical account or income statement, and”, and

(c)in the inserted definition of “periodical return”, after “the IAD accounts” insert “or the IAS accounts”.

(1)

The definition of “foreign currency assets” was inserted by paragraph 6(2) of Schedule 7 to the Finance Act 2007 (c. 11).

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