565(1)  This section applies if the relevant company brings credits and debits in respect of the investment life insurance contract into account on the basis of fair value accounting.

565(2)  If this section applies, the relevant amount for section 563 is–

PC ×   AR  
100 − AR

where–

PC is the profit from the contract (see subsections (3) and (4)), and

AR is the appropriate rate for the accounting period (as defined in section 563(6)).

565(3)  For the purposes of this section, except where subsection (4) applies, the profit from the contract is any amount by which–

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