11A(1) A company may make an election under this regulation in relation to–
(a)any period of account beginning on or after 1st November 2003; and
(b)any of its reinsurance business which is business of the kind specified in paragraph (2), (3) or (4) below.
11A(2) The business specified in this paragraph is business–
(a)which is of any of the descriptions specified in section 431D(1)(b) of the Taxes Act (as it has effect before the substitution made by paragraph 9(2) of Schedule 7 to the Finance Act 2007), being business for which the policy or contract concerned was made on or after 1st November 1994; and