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Regulation 3 Amounts wholly attributable to life assurance business or to gross roll-up business

Original text. Later amendments are not shown.

(1)

This regulation applies if, at the end of a section 83YC(3) period of account, each relevant financing arrangement of an insurance company has as a condition of the arrangement that—

(a)

in the case of a loan, any repayment may only be made if the company has an amount of surplus from carrying on life assurance business or gross roll-up business and the repayment is made from that surplus, or

(b)

in the case of a financial reinsurance arrangement, any recapture of liabilities may only be made if the company has an amount of surplus from carrying on life assurance business or gross roll-up business.

(2)

The section 83YC(3) amount is wholly referable to life assurance business or to gross roll-up business (as the case may be).