Singapore legislation

Clause 24

Amendment of section 26

Section 26 of the principal Act is amended —

(a)

by inserting, immediately after the words “Insurance Act (Cap. 142)” in subsection (3)(b)(i), the words “after deducting any liability in respect of reinsurance ceded to a reinsurer”;

(b)

by inserting, immediately after the words “Insurance Act” in subsection (3)(b)(ii), the words “after deducting any liability in respect of reinsurance ceded to a reinsurer”;

(c)

by inserting, immediately after the words “Insurance Act” in paragraphs (a)(ii) and (b)(iv) of both definitions of “offshore life insurance surplus” in subsection (12), the words “and after deducting any liability in respect of reinsurance ceded to a reinsurer”;

(d)

by inserting, immediately after the words “Insurance Act” in paragraphs (a)(ii) and (b)(iv) of both definitions of “onshore life insurance surplus” in subsection (12), the words “and after deducting any liability in respect of reinsurance ceded to a reinsurer”;

(e)

by inserting, immediately after the words “Insurance Act” in the definition of “policy liabilities” in subsection (12), the words “, but excludes liabilities ceded to a reinsurer”; and

(f)

by inserting, immediately after the definition of “policy moneys” in subsection (12), the following definition:“ “reinsurer” has the meaning given by section 1A of the Insurance Act;”.

Read in full context — Income Tax (Amendment) Bill →