1988 Ed.]
Insurance Companies
[CAP. 41
11
TABLE
1.
2.
3.
Case Amount Applicable The relevant premium income of the company in its last preceding financial year did not exceed $10 million or its equivalent $2 million or its equivalent. The said income in that year exceeded $10 million but did not exceed $50 million or its equivalent. One-fifth of the said income in that year. The said income in that year exceeded $50 million or its equivalent. The aggregate of $10 million and one-tenth of the amount by which the said income in that year exceeded $50 million or its equivalent.In the case of a company referred to in section 8(3)(b)(iii), the amount applicable shall be not less than $4,000,000 or its equivalent.
(2) For the purposes of section 8(3)(a), the relevant amount in the case of a company carrying on or intending to carry on long term business only is $2,000,000 or its equivalent.
(3) For the purposes of section 8(3)(a), the relevant amount in the case of a company carrying on or intending to carry on both general business and long term business is the aggregate of the following amounts-
(a) the amount which, if subsection (1) applied, would be the relevant amount in the case of that company having regard only to its general business; and
(b) $2,000,000 or its equivalent.
(4) For the purposes of this section-
(a) in the case of a company whose last preceding financial year was not a period of 12 months, the premium income in that financial year shall be deemed to be the sum obtained by dividing the amount of premiums receivable in that financial year by the number of days in that financial year and multiplying the result by 365;
(b) the relevant premium income of a company in any financial year shall be whichever is the greater of the following amounts—
(i) an amount equal to 50% of the gross premium income of the company in that financial year;
(ii) the amount obtained by deducting from its gross premium income the amount of any premiums payable by the company in respect of reinsurance;
(c) the gross premium income of a company in any financial year shall be the amount of premiums receivable in that financial year in respect of all insurance business other than long term business.
(5) In subsection (4)(a) and (c) “premiums receivable", in relation to a financial year, means the premiums paid or payable to an insurer in respect of