13(1)  Where a transfer of a reinsurance arrangement from one insurance company (“the transferor”) to another (“the transferee”) is effected by novation or an insurance business transfer scheme, these Regulations shall apply in relation to the reinsurance arrangement concerned as follows.

13(2)  Regulation 3 shall not apply.

13(3)  For the purposes of regulations 4 to 7–

(a)if there is no accounting period of the transferor ending on the day of the transfer, an accounting period of the transferor shall be treated as ending on that day;

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.