Section 13 — AKTA KEWANGAN 1998

(a)

dengan menggantikan noktah di hujung perenggan (2)(c) dengan noktah bertindih;

(b)

dengan memasukkan selepas perenggan (2)(c) proviso yang berikut:

"Provided that—

(i)

where the insurer also carries on life re-insurance business, the life re-insurance business shall be a separate source from life business and shall be treated as a general business; or

(ii)

where the insurer also carries on inward life re-insurance business, the inward life re-insurance business shall be a separate source from life business and shall be treated as a general business;";

(c)

dengan memasukkan selepas proviso kepada perenggan (2)(c) perenggan yang berikut:

"（d) where an insurer carries on only life re-insurance business, the life reinsurance business shall be treated as a general business.";

(d)

dalam subseksyen (3) dengan memasukkan selepas perkataan "life fund" perkataan ", other than income arising from life re-insurance business,";

(e)

dalam subperenggan (3A)(a)(iii) dengan memasukkan selepas perkataan "life fund" perkataan ", other than the surplus from life re-insurance business,";

(f)

dalam subperenggan (3A)(b)(ii) dengan memasukkan selepas perkataan "life fund" perkataan ", other than the deficit from life reinsurance business";

(g)

dalam subseksyen (4) dengan memasukkan selepas perkataan "the life fund" perkataan "other than income arising from life re-insurance business,";

(h)

dalam subperenggan (4A)(a)(iii) dengan memasukkan selepas perkataan "life fund" perkataan ", other than the surplus from life re-insurance business,";

(i)

dalam subperenggan (4A)(b)(ii) dengan memasukkan selepas perkataan "life fund" perkataan ", other than the deficit from life reinsurance business";

(j)

dengan memasukkan selepas subseksyen $ (5^{\mathrm{B}}) $ subseksyen yang berikut:

(5c)

The adjusted income for the basis period for a year of assessment from the life re-insurance business of a life insurer resident for the basis year for that year of assessment shall consist of an amount arrived at by applying subsection (5) as if references therein to—

(a)

"general business of an insurer" were references to "life re-insurance business of a life insurer";

(b)

"general policies" were references to "life re-insurance policies"; and

(c)

"reserve fund for unexpired risks" were references to "actuarial valuation reserve" ';

(k)

dengan memasukkan selepas subseksyen (6B) subseksyen yang berikut:

(6c)

The adjusted income for the basis period for a year of assessment from the life re-insurance business of a life insurer not resident for the basis year for that year of assessment shall, where that business is wholly or partly carried on in Malaysia, consist of an amount arrived at by applying subsection (6) as if references therein to—

(a)

"general business of an insurer" were references to "life re-insurance business of a life insurer";

(b)

"Malaysian general policies" were references to "Malaysian life re-insurance policies"; and

(c)

"reserve fund for unexpired risks" were references to "actuarial valuation reserve"'; dan

(l)

dengan menggantikan subseksyen (11) dengan subseksyen yang berikut:

'(11) In this section, sections $ 6 0{\mathrm{A}} $ and $ 6 0{\mathrm{B}} $ —

"general business" means all insurance business which is not life business;

"general policy" means a policy other than a life policy;

"insurer" means a person who carries on insurance business and includes a professional re-insurer;

"investments" include any accretions thereto;

"inward re-insurance" means any reinsurance of a risk under a policy where the risk is outside Malaysia and the original insurance policy—

(a)

is issued by an insurer not resident in Malaysia but not issued by a branch in Malaysia of such insurer; or

(b)

is issued by a branch outside Malaysia of an insurer resident in Malaysia, and where any risk is in transit in Malaysia it shall be deemed to be outside Malaysia;

"inward re-insurance contract" means a Malaysian policy in respect of inward reinsurance;

"life business" has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

"life policy" has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

"Malaysian life fund" means the fund established pursuant to section 38 of the Insurance Act 1996;

"Malaysian policy"has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

"offshore insurance" means insurance of a risk under a general policy where the risk is outside Malaysia and the insurance policy is issued by an insurer resident in Malaysia or by a branch in Malaysia of an insurer not resident in Malaysia, and where any risk is in transit in Malaysia it shall be deemed to be outside Malaysia;

"offshore insurance policies" means policies issued in respect of offshore insurance;

"policy" has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

"premium" has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

Act 553. Insurance Act 1996;

"re-insurance" has the same meaning assigned thereto under section 2 of the Insurance Act 1996;

"revenue account" means the revenue account lodged in respect of life business under section 87 of the Insurance Act 1996.'