OLAB is life assurance business with a non-UK resident policyholder or annuitant or the reinsurance of such business. It does not include PB, ISAB , LRB or excluded business, so if, for example, a policy qualifies for treatment as pension business and is also with a policyholder who is non-UK resident, it will be treated as pension business, and not as OLAB (ICTA 1988, s. 431D(1)).

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