Regulation 8

For the purpose of determining the income mentioned in regulation 5(1), any item of expenditure not directly attributable to the offshore general insurance business of an approved insurer, and capital allowances and donations, allowable to the insurer under the Act, shall be apportioned between such business and the other general insurance business of the approved insurer; and the portion attributable to such business shall be ascertained by using the fraction —where Po and Pi have the same meanings as in regulation 6(1).

Despite paragraph (1), for the purposes of determining the income mentioned in regulation 5B(1), 5D(4), 7(1), 7A(1) or 7B(1) of an approved insurer who is also an approved marine hull and liability insurer under regulation 4, an approved captive insurer under regulation 4A or an approved specialised insurer under regulation 4B, any item of expenditure not directly attributable to the marine hull and liability insurance and reinsurance business, the offshore captive insurance business, the qualifying specialised insurance business or the offshore general insurance business of such insurer, as well as capital allowances and donations allowable to such insurer under the Act, are to be apportioned between such business and the other insurance business of such insurer in the following manner:

(ca)the portion attributable to qualifying specialised insurance business is to be ascertained by using the fraction —

The Comptroller may apply any alternative method of apportionment in place of any of the prescribed fractions in paragraphs (1) and (2) if the Comptroller is satisfied that the alternative method is reasonable in the circumstances of the business of the approved insurer.