Commentary

D7.503 Types of insurance companies

Corporate tax
Corporate tax | Commentary

D7.503 Types of insurance companies

Corporate tax | Commentary

D7.503 Types of insurance companies

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

A company which is authorised to carry on only long-term business is known as a life insurance company. A company authorised to carry on insurance business other than long-term business is usually referred to as a general insurance company. Both types of business are separately defined for regulatory purposes1 Some long established insurance companies are authorised to carry on both long-term and general insurance business, notwithstanding that these classes

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial