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F16(1)In subsection (2) of section 431, the following definition shall be treated as substituted for the definition of “investment reserve”—
“ “investment reserve”, in relation to an overseas life insurance company, means the excess of the value of the relevant assets over the relevant liabilities, and for the purposes of this definition—
relevant assets are such assets of the company’s long term business fund as are—
section 11(2)(b) assets;
section 11(2)(c) assets; or
assets which by virtue of section 11B are attributed to the branch or agency in the United Kingdom through which the company carries on life assurance business; and
relevant liabilities are such liabilities of the long term business as are attributable to the branch or agency;
and in a case where section 11C applies, the value of the relevant assets shall be increased by the amount by which the notional value exceeds the section 11C value; and any expression used in this definition to which a meaning is given by section 11A has that meaning;.”
(2)In that subsection, the following definition shall be treated as substituted for the definition of “liabilities”—
“ “liabilities”, where the company concerned is an overseas life insurance company, does not include excluded liabilities and (subject to that) means—
liabilities as estimated for the purposes of the company’s periodical return, or
in the case of liabilities not estimated for the purposes of such a periodical return, liabilities as estimated for the purposes of any return equivalent to a periodical return and required to be made by the company under the law of the territory in which the company is resident, or
in the case of liabilities not estimated for the purposes of such a periodical return or equivalent return, liabilities as found from the company’s records;
and excluded liabilities are any liabilities that have fallen due or been reinsured and any not arising under or in connection with policies or contracts effected as part of the company’s insurance business;”.
(3)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(4A)In that subsection the following definition shall be inserted at the appropriate place—
“UK distribution income” has the meaning given by paragraph 5B(4) of Schedule 19AC;]
(5) In that subsection, the following definition shall be treated as substituted for the definition of “value” —
“ “value”, in relation to assets and where the company concerned is an overseas life insurance company, means—
their value as taken into account for the purposes of the company’s periodical return, or
where their value is not taken into account for the purposes of such a periodical return, their value as taken into account for the purposes of any return equivalent to a periodical return and required to be made by the company under the law of the territory in which the company is resident, or
where their value is not taken into account for the purposes of such a periodical return or equivalent return, their value as found from the company’s records;
and the reference in paragraph (c) above to the value of assets as found from the company’s records is a reference to the market value as so found or, where applicable, the current value (within the meaning of the Directive of the Council of the European Communities dated 19th December 1991 No. 91/674/EEC (directive on the annual accounts and consolidated accounts of insurance undertakings)) as so found;”.
F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1
F2Sch. 19AC para. 6(3)(4) repealed (with effect in accordance with Sch. 8 para. 55(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 8 para. 37, Sch. 29 Pt. 8(5), Note 1
F3Sch. 19AC para. 6(4A) inserted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 35(3)
F4Sch. 19AC para. 6(6) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(5), Note 2
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