Commentary

D7.417 Protection business

Corporate tax
Corporate tax | Commentary

D7.417 Protection business

Corporate tax | Commentary

D7.417 Protection business

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

Protection business is the carrying out or effecting contracts of long-term insurance made on or after 1 January 2013 under which the benefits paid cannot exceed the premiums paid except on death or incapacity due to injury, sickness or other infirmity1.

In calculating the potential benefits paid to the policyholder the following items are to be ignored:

  1.  

    (a)     any inducement, except money, provided to the policyholder for entering into the contract (such

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