Profit before tax redefined to align insurance accounting with regulatory investment write down and appreciation adjustments. Amendment redefines profit before tax in First Schedule rule 5 to be the profit before tax and appropriations as shown in insurer profit and loss accounts prepared under applicable insurance statutes or regulatory frameworks, and adds a clause allowing deduction for write offs or provisions for investment diminution or realisation losses in accordance with regulatory investment rules, while requiring increases where accounts reflect appreciation or gains on realisation of investments under those same regulations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Profit before tax redefined to align insurance accounting with regulatory investment write down and appreciation adjustments.
Amendment redefines profit before tax in First Schedule rule 5 to be the profit before tax and appropriations as shown in insurer profit and loss accounts prepared under applicable insurance statutes or regulatory frameworks, and adds a clause allowing deduction for write offs or provisions for investment diminution or realisation losses in accordance with regulatory investment rules, while requiring increases where accounts reflect appreciation or gains on realisation of investments under those same regulations.
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