In these Regulations —“Form 14” means Form 14 of the Fifth Schedule to the Insurance (Accounts and Statements) Regulations (Cap. 142, Rg 2) which were revoked on 23rd August 2004, and which is reproduced in the Schedule;“qualifying amount”, in relation to any year of assessment (referred to in this definition as “relevant year of assessment”), means the amount computed in accordance with the following formula: (A + B – C) + D,where Ais the amount reflected in row 26 of the completed Form 14 for Singapore or Offshore Insurance Fund, as the case may be, submitted by a registered insurer to the Monetary Authority of Singapore in respect of its participating fund as at 31st December 2004, less any surplus of the insurer which has not been subject to tax in any year of assessment prior to the year of assessment 2006;Bis the aggregate of the amounts reflected in row 21 and row 22 of the completed Form 14 for Singapore or Offshore Insurance Fund, as the case may be, submitted by a registered insurer to the Monetary Authority of Singapore in respect of its participating fund as at 31st December 2004, less any surplus of the insurer which has not been subject to tax in any year of assessment prior to the year of assessment 2006;Cis the aggregate of any amount excluded under regulation 3 for the year of assessment 2006 and any subsequent year of assessment up to the year of assessment immediately preceding the relevant year of assessment; andD is —
(a) if the insurer is an amalgamated company in a qualifying amalgamation referred to in section 34C of the Act, the sum total of such qualifying amounts of all the amalgamating companies in the qualifying amalgamation transferred to the amalgamated company as at the day immediately before the date of amalgamation; and (b)if the insurer is not such an amalgamated company, zero.