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Computation of insurance business profits: standardized adjustments, aggregation with prior losses, and prescribed treatment for deductions. Profits of life insurance are the Shareholders' Account (Non Technical Account) and profits of other insurance are the disclosed annual accounts under the Insurance Act, 1938, each adjusted by specified additions for amounts not included and reductions for allowable deductions, finance charges and prescribed reserves. Aggregate insurance profits are combined and netted with unabsorbed preceding year insurance losses; a negative net is treated as nil with the shortfall as unabsorbed current loss. Computations are presumed to reflect enumerated allowances and depreciation; common cost allocation and successor relief on unabsorbed current losses follow prescribed rules.
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.
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<h1>Computation of insurance business profits: standardized adjustments, aggregation with prior losses, and prescribed treatment for deductions.</h1> Profits of life insurance are the Shareholders' Account (Non Technical Account) and profits of other insurance are the disclosed annual accounts under the Insurance Act, 1938, each adjusted by specified additions for amounts not included and reductions for allowable deductions, finance charges and prescribed reserves. Aggregate insurance profits are combined and netted with unabsorbed preceding year insurance losses; a negative net is treated as nil with the shortfall as unabsorbed current loss. Computations are presumed to reflect enumerated allowances and depreciation; common cost allocation and successor relief on unabsorbed current losses follow prescribed rules.
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