Other cases where relevant financing arrangements meet the loan condition only: life assurance business and PHI business
This section has no associated Explanatory Memorandum
4.—(1) This regulation applies if, in a section 83YC(3) period of account—
(a)an insurance company carries on both life assurance business and PHI 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 life assurance business is—
where—
“LABL” is the mean of the opening and closing liabilities of the company’s life assurance business relating to the non-profit fund for the section 83YC(3) period of account, and
“PHIL” is the mean of the opening and closing liabilities of the company’s PHI business relating to the non-profit fund for that period of account.