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1. These Regulations may be cited as the Insurance Companies (Taxation of Re-insurance Business) Regulations 2018 and come into force on 1st June 2018.
2. In these Regulations—
“the Act” means the Finance Act 2012;
“90% subsidiary” means a body corporate where 90% or more of its ordinary share capital is owned directly, or indirectly, by another body corporate;
“backing assets” means the assets which back the liabilities(1) of those policies or contracts which are referable to BLAGAB and are the subject of a re-insurance arrangement;
“non-investment risk arrangement” means a re-insurance arrangement which wholly concerns the re-insurance of risk other than risk in respect of the investment return;
“re-insurance arrangement” means an arrangement by which an insurance company re-insures any risk in respect of a policy or contract attributable to its basic life assurance and general annuity business (“BLAGAB”).
3. These Regulations apply to any re-insurance arrangement which is entered into on or after 1st June 2018.
See section 139(1) of the Act.
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