9. Cessation of business
Feedback & supportIf an approved general insurer ceases to write a qualifying business during the basis period for any year of assessment, the following shall apply in respect of that business:
deduction in accordance with these Regulations for amounts set aside in his special reserves with respect to that business shall be allowed for that year of assessment but not for any subsequent year of assessment; and
where the insurer transfers out of his special reserves an amount of relieved transfers in excess of the transfer-out amount determined in accordance with regulation 6, such amount of relieved transfers that is in excess shall be adjusted in accordance with regulation 10 and deemed as trading receipts for the basis period for that year of assessment.
If an approved general insurer goes into liquidation or has its registration cancelled under section 12 of the Insurance Act (Cap. 142) during the basis period for any year of assessment, any relieved transfer remaining in its special reserves shall be adjusted in accordance with regulation 10 and be deemed as a trading receipt for the basis period for that year of assessment.
Subregulation 1
If an approved general insurer ceases to write a qualifying business during the basis period for any year of assessment, the following shall apply in respect of that business:
deduction in accordance with these Regulations for amounts set aside in his special reserves with respect to that business shall be allowed for that year of assessment but not for any subsequent year of assessment; and
where the insurer transfers out of his special reserves an amount of relieved transfers in excess of the transfer-out amount determined in accordance with regulation 6, such amount of relieved transfers that is in excess shall be adjusted in accordance with regulation 10 and deemed as trading receipts for the basis period for that year of assessment.
Subregulation 2
If an approved general insurer goes into liquidation or has its registration cancelled under section 12 of the Insurance Act (Cap. 142) during the basis period for any year of assessment, any relieved transfer remaining in its special reserves shall be adjusted in accordance with regulation 10 and be deemed as a trading receipt for the basis period for that year of assessment.