Singapore legislation
Clause 31
Clause 31
Amendment of section 37C
Section 37C of the principal Act is amended by inserting, immediately after subsection (15), the following subsection:“(15A) This section does not entitle —
a company that is a life insurer to transfer to another company that is a life insurer, any qualifying deduction relating to any income from a participating fund of the firstmentioned life insurer that is apportioned to policyholders in accordance with regulations made under section 43(9) or 43C; or
a company that is a life insurer to claim any qualifying deduction of another company that is a life insurer against any income of the firstmentioned insurer from a participating fund that is apportioned to policyholders in accordance with regulations made under section 43(9) or 43C.”.