SCHEDULES
F1SCHEDULE 19AA OVERSEAS LIFE ASSURANCE FUND
C1C35
1
Any designation of assets required for the purposes of paragraph 3 above shall be made by a company in accordance with the following provisions of this paragraph.
2
When designating assets for the purposes of paragraph 3(1) above, a company shall not designate an asset falling within any paragraph of sub-paragraph (5) below unless it designates all assets falling within each of the preceding paragraphs of that sub-paragraph.
3
When designating assets for the purposes of paragraph 3(3) above, a company shall not designate an asset falling within any paragraph of sub-paragraph (5) below unless it designates all assets falling within each of the succeeding paragraphs of that sub-paragraph.
4
When an asset falls within more than one paragraph of sub-paragraph (5) below, it shall be taken for the purposes of this paragraph to fall only within the first of them.
C2C45
The categories of assets referred to in sub-paragraphs (2) and (3) above are—
a
assets F2, other than land in the United Kingdom, linked solely to overseas life assurance business;
b
so many of any assets denominated in an overseas currency, other than any non-overseas linked assets, as have a value at the end of the period not exceeding the amount of the company’s F4non-linked liabilities in respect of benefits expressed in that currency so far as referable to overseas life assurance business;
F5c
assets, other than land in the United Kingdom, which—
i
are shown in the books of the company as being held as assets of a fund where all, or all but an insignificant part, of the liabilities of the fund are in respect of overseas life assurance business carried on by the company at or through a F8permanent establishment outside the United Kingdom; or
ii
are managed under the control of a person whose normal place of work is at a F8permanent establishment outside the United Kingdom at or through which the company carries on overseas life assurance business;
d
assets other than land in the United Kingdom;
e
land in the United Kingdom;
but assets linked solely to F3pension business, life reinsurance business or basic life assurance and general annuity business are not within any paragraph of this sub-paragraph (and may not be designated for the purposes of paragraph 3 above).
F95A
For the purposes of sub-paragraph (5)(a) above, in determining whether assets are linked solely to overseas life assurance business, assets linked to policies or contracts which, by virtue of regulation 18 or 19 of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 M1 are to be treated as referring to basic life assurance and general annuity business, shall be treated as linked solely to overseas life assurance business.
6
For the purposes of sub-paragraph (5)(b) above assets are “non-overseas linked assets” if they are linked assets and none of the policies or contracts providing for the benefits concerned are policies or contracts the effecting of which constitutes the carrying on of overseas life assurance business.
F66A
For the purposes of sub-paragraph (5)(b) above “non-linked liabilities" means liabilities other than liabilities in respect of benefits to be determined by reference to the value of linked assets F10falling within sub-paragraph (5)(a) above.
7
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 19AA inserted (for accounting periods beginning on or after 1 January 1990) by Finance Act 1990 (c. 29), Sch.7 paras. 6, 10