Section 12
Section 60 of the principal Act is amended—
(a)
by substituting for subsection (10A) the following subsection:
“(10A) Notwithstanding subsections (10), 43(2) and 44(2), any adjusted loss of the life fund for the basis period for a year of assessment of an insurer shall only be available as a deduction against the statutory income of the life fund of the insurer for subsequent years of assessment until fully utilized.”; and
(b)
by inserting after subsection (10C) the following subsection:
“(10D) In arriving at the total income of an insurer for a year of assessment, the adjusted loss from a source or sources of an insurer for that year of assessment other than from a source consisting of a life fund, shall be available as deduction against the aggregate statutory income (excluding the statutory income from a source consisting of a life fund) of an insurer, and any unabsorbed loss ascertained under subsection 44(4) or (5)
for that year of assessment shall not be deducted against the statutory income of the life fund of the insurer for the subsequent years of assessment.”.