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Regulation 5 Other cases where relevant financing arrangements meet the loan condition only: gross roll-up business and basic life assurance and general annuity business

Original text. Later amendments are not shown.

(1)

This regulation applies if, in a section 83YC(3) period of account—

(a)

an insurance company carries on both gross roll-up business and basic life assurance and general annuity business, and

(b)

each relevant financing arrangement of the company in force in that period of account meets the loan condition (and not the reinsurance condition).

(2)

The part of the section 83YC(3) amount referable to gross roll-up business is—

GRBL LABL+PHIL

where—

  • “GRBL” is the mean of the opening and closing liabilities of the company’s gross roll-up business relating to the non-profit fund for the section 83YC(3) period of account, and

  • “LABL” and “PHIL” each have the same meaning as in regulation 4(2).