# The Overseas Life Insurance Companies (Amendment No. 2) Regulations 2007, Regulation 6: Amendment of regulation 15


For regulation 15 (modification of section 444AC of the Income and Corporation Taxes Act 1988) substitute—
“15. (1) Modify section 444AC (transfers of business: excess of assets or liabilities) as follows.
(2) In subsections (2)(a), (2A)(b) and (5)(b), in a case where the transferee is an EEA firm or a Treaty firm, for “transferee’s line 31 amount in relation to the transfer” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.
(3) In subsection (5A), in a case where the transferor is an EEA firm or a Treaty firm—
(a) for the words from “means— ” to “other” substitute “means, in relation to an overseas life insurance company where the company is an EEA firm or a Treaty firm,”; and
(b) omit “(in either case)”.
15A. In section 444AD(4)(b) (transfers of business: modification of s 83(2B) FA 1989), in a case where the transferee is an EEA firm or a treaty firm, for the words from “transferee’s” to “fund” substitute “value of the assets transferred to the transferee’s long-term insurance fund in consideration of the assumption by the transferee of the liabilities to policy holders and annuitants”.”

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Source: https://www.legislation.gov.uk/uksi/2007/3449/regulation/6 (the official version)
Page: https://openlegislation.uk/overseas-life-insurance-companies-amendment-no-2-regulations-2007/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.