# The Overseas Life Insurance Companies (Amendment No. 2) Regulations 2007, Regulation 3: Amendment of regulation 5


(1) Regulation 5 (modifications of section 76 of the Income and Corporation Taxes Act 1988) is amended as follows.
(2) In paragraph (2), in sub-paragraphs (i) and (ii) of paragraph (b) of the substituted subsection (3), for “profit and loss account” substitute “long-term business technical account”.
(3) After paragraph (4) add—
“(5) In subsection (15), after the definition of “expenses payable” insert—
““long-term business technical account” means the technical account for life-assurance business included in IAD accounts, or where the technical account included in the IAD accounts for non-life-insurance business of the company is used for all business, such part of that account as relates to the long-term business of the company;”.”

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Source: https://www.legislation.gov.uk/uksi/2007/3449/regulation/3 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-amendment-no-2-regulations-2007/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.