Article 58 Policy holders' share of profitsI1

Amend section 89 (policy holders' share of profits)^f1 as follows.

In subsection (6) for “the Insurance Companies Act 1982” substitute “Chapter 9 of the Prudential Sourcebook (Insurers)”.

For subsection (7) substitute—

“(7)

In this section—

• “Case I profits” means profits computed in accordance with the provisions of the Taxes Act 1988 applicable to Case I of Schedule D;

• “the Prudential Sourcebook (Insurers)” means the Interim Prudential Sourcebook for Insurers made by the Financial Services Authority under the Financial Services and Markets Act 2000.”.

This Article has effect in relation to periods of account ending on or after 1st December 2001.