843 Realised profits and losses of long-term insurance business [of certain insurance companies]
843 Realised profits and losses of long-term insurance business [of certain insurance companies]
Companies Act 2006 | Legislation

[(1)     The provisions of this section have effect for the purposes of this Part as it applies in relation to an authorised insurance company carrying on long-term business, other than—

(a)     a person to whom section 833A applies; or

(b)     an insurance special purpose vehicle.]

(2)     An amount included in the relevant part of the company's balance sheet that—

(a)     represents a surplus in the fund or funds maintained by it in respect of its long-term business, and

(b)     has not been allocated to policy holders or, as the case may be, carried forward unappropriated in accordance with asset identification rules made under [Part 9A] of the Financial Services and Markets Act 2000 (c 8),

is treated as a realised profit.

(3)     For the purposes of subsection (2)—