The Insurance Companies (“The Long-term Business Fixed Capital”) Regulations 2023
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2 Structural assets of a company’s long-term business
(1) For the purposes of section 137 of the Finance Act 2012— (a) assets of an insurance company’s long-term business are to be regarded as being structural assets of that business if they— (i) are held by the company in a fund that is not a with-profits fund, and (ii) are of a description specified in regulation 3; and (b) assets not within paragraph (a) or subsection (3) of that section are to be regarded as not being structural assets of an insurance company’s long-term business. (2) Paragraph (1)(a)(i) does not apply to assets of a company carrying on mutual life assurance business.
2 Structural assets of a company’s long-term business
(1) For the purposes of section 137 of the Finance Act 2012— (a) assets of an insurance company’s long-term business are to be regarded as being structural assets of that business if they— (i) are held by the company in a fund that is not a with-profits fund, and (ii) are of a description specified in regulation 3; and (b) assets not within paragraph (a) or subsection (3) of that section are to be regarded as not being structural assets of an insurance company’s long-term business. (2) Paragraph (1)(a)(i) does not apply to assets of a company carrying on mutual life assurance business.
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