Clause 37

by deleting the words “insurer approved by the Minister or such person as he may appoint” in subsection (1)(a) and (b) and substituting in each case the words “approved insurer”;

by inserting, immediately after paragraph (b) of subsection (1), the following paragraph:“(ba)exemption from tax of, or tax at the rate of 5% to be levied and paid for each year of assessment upon, such income as the Minister may specify that is derived by an approved insurer from carrying on marine hull and liability insurance and reinsurance business;”;

by inserting, immediately after the words “subsection (1)(b)” in subsection (1A)(b), the words “or (ba)”; and

by inserting, immediately after subsection (2), the following subsection:“(3) In this section, “approved” means approved by the Minister or such person as he may appoint.”.