Section 498: Requirement for periodic calculations in part surrender or assignment cases
1967.This section based on sections 540, 542, 545 and 546 of ICTA.
1968.Subsection (1) states that the section applies when there has been an assignment for money or money’s worth or a surrender. The section omits the requirement in the source legislation that a calculation is carried out at the end of each insurance year, regardless of whether there has been any such assignment or surrender. But, in an “event-less” year, there could not be any gain, so the calculation would be pointless. See Change 92 in Annex 1.
