Clause 26

by inserting, immediately after the words “approved insurer” in subsection (1)(a), the words “, whose approval is granted before 1 June 2017,”;

by inserting, immediately after paragraph (a) of subsection (1), the following paragraph:“(aa)to provide for tax at the rate of 10% 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, whose approval is granted on or after 1 June 2017, from the reinsurance of liabilities under policies relating to life business as defined in section 2(1)(a) of the Insurance Act (Cap. 142), or such description of general business within the meaning of section 2(1)(b) of that Act, as may be prescribed;”;

by deleting the words “or 22” in subsection (1)(f) and substituting the words “, 22 or 23”; (d)by inserting, immediately after the words “paragraph (a),” in subsection (2), “(aa),”; and

by inserting, immediately after the definition of “insurer” in subsection (3), the following definition:“ “marine hull and liability insurance and reinsurance business” means the business of insuring and reinsuring risks involving marine hull and liability but excludes cargo, energy and aviation risks;”.