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Regulation 7 Other cases where relevant financing arrangements meet the reinsurance 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 reinsurance condition (and not the loan condition).

(2)

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

GRBL+GFRAL LABL+PHIL+TFRAL

where—

  • “GFRAL” is the mean of the opening and closing gross roll-up business liabilities reinsured under relevant financing arrangements relating to the non-profit fund for that period of account,

  • “GRBL” has the same meaning as in regulation 5(2),

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

  • “TFRAL” has the same meaning as in regulation 6(2).