70
CAP. 112]
Inland Revenue
[1989 Ed.
relevant actuarial report bears to the aggregate of the premiums from the whole of the corporation's life insurance business for that period. (Amended 7 of 1986 s. 12)
(7) Any adjusted surplus ascertained in accordance with the foregoing provisions shall be deemed to arise during the years or other periods which make up the period in respect of which the relevant actuarial report is made in the proportion which the aggregate of the premiums from life insurance business in Hong Kong in each such period bears to the aggregate of such premiums for the total period in respect of which the relevant actuarial report is made. (Amended 49 of 1956 s. 19; 7 of 1986 s. 12)
(8) (a) Where the making of the adjustments required by subsection (4) results in a deficit, such deficit shall be deemed to be the loss sustained by the corporation during the period in respect of which the relevant actuarial report is made.
(b) In ascertaining for the purposes of sections 19 and 19C what part of such loss so calculated is attributable to activities in Hong Kong the provisions of subsections (5) and (6) shall apply mutatis mutandis. (Amended 11 of 1985 s. 2)
(c) Any such loss attributable to activities in Hong Kong shall be deemed to have been sustained during the years which make up the period in respect of which the relevant actuarial report is made in the proportion which the aggregate of the premiums from life insurance business in Hong Kong in each such year bears to the aggregate of such premiums for the total period in respect of which the relevant actuarial report is made. (Amended 49 of 1956 s. 19; 7 of 1986 s. 12)
(9) In this section-
“actuarial report” means any abstract referred to in subsection (2); (Added 11 of 1985 s. 2)
"life insurance business" means business of the following classes as specified in Part 2 of Schedule 1 to the Insurance Companies Ordinance (Cap. 41)-
A Life and annuity;
B Marriage and birth;
C Linked long term;
E Tontines,
and references to a "life insurance fund" shall be construed accordingly; (Replaced 11 of 1985 s. 2)
"premiums from life insurance business in Hong Kong" includes-
(a) all premiums received or receivable in Hong Kong from both residents and non-residents; and
(b) all premiums receivable outside Hong Kong from residents of Hong Kong where such premiums are in respect of policies the proposals for which were received by the corporation in Hong Kong:
70
CAP. 112]
Inland Revenue
[1989 Ed.
relevant actuarial report bears to the aggregate of the premiums from the whole of the corporations life insurance business for that period. (Amended 7 of 1986 s. 12)
(7) Any adjusted surplus ascertained in accordance with the foregoing provisions shall be deemed to arise during the years or other periods which make up the period in respect of which the relevant actuarial report is made in the proportion which the aggregate of the premiums from life insurance business in Hong Kong in each such period bears to the aggregate of such premiums for the total period in respect of which the relevant actuarial report is made. (Amended 49 of 1956 s. 19; 7 of 1986 s. 12)
(8) (a) Where the making of the adjustments required by subsection (4) results in a deficit, such deficit shall be deemed to be the loss sustained by the corporation during the period in respect of which the relevant actuarial report is made.
(b) In ascertaining for the purposes of sections 19 and 19C what part of such loss so calculated is attributable to activities in Hong Kong the provisions of subsections (5) and (6) shall apply mutatis mutandis. (Amended 11 of 1985 s. 2)
(c) Any such loss attributable to activities in Hong Kong shall be deemed to have been sustained during the years which make up the period in respect of which the relevant actuarial report is made in the proportion which the aggregate of the premiums from life insurance business in Hong Kong in each such year bears to the aggregate of such premiums for the total period in respect of which the relevant actuarial report is made. (Amended 49 of 1956 s. 19; 7 of 1986 s. 12)
(9) In this section-
“actuarial report” means any abstract referred to in subsection (2); (Added 11
of 1985 s. 2)
"life insurance business" means business of the following classes as specified in
Part 2 of Schedule 1 to the Insurance Companies Ordinance (Cap. 41)-
A Life and annuity;
B Marriage and birth;
C Linked long term;
E
Tontines,
and references to a "life insurance fund" shall be construed accordingly; (Replaced 11 of 1985 s. 2)
"premiums from life insurance business in Hong Kong" includes-
(a) all premiums received or receivable in Hong Kong from both
residents and non-residents; and
(b) all premiums receivable outside Hong Kong from residents of Hong Kong where such premiums are in respect of policies the proposals for which were received by the corporation in Hong Kong:
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