SCHEDULES
SCHEDULE 17Insurance companies etc
Deposit back arrangements
9
F11
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2
In section 431(2) of ICTA (interpretative provisions relating to insurance companies), after the definitions of “contract of insurance” and “contract of long-term insurance” insert—
“deposit back arrangements” means arrangements by which an amount is deposited by the reinsurer under a contract of reinsurance with the cedant;
and, in the definition of “liabilities”, omit the words following paragraph (b).
3
The amendments made by this paragraph have effect in relation to periods of account beginning on or after 1 January 2008 and ending on or after 12 March 2008.