Insurance contract timing: single premium policies treated differently from recurring premium policies under amended tax provision. Amendment removes sub section (3) and alters sub section (7)(i) of Section 88 to distinguish single premium policies from other policies: single premium policies are subject to the provision if action occurs within two years of commencement, whereas other policies remain governed by the requirement that premiums have not been paid for two years.
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Provisions expressly mentioned in the judgment/order text.
Insurance contract timing: single premium policies treated differently from recurring premium policies under amended tax provision.
Amendment removes sub section (3) and alters sub section (7)(i) of Section 88 to distinguish single premium policies from other policies: single premium policies are subject to the provision if action occurs within two years of commencement, whereas other policies remain governed by the requirement that premiums have not been paid for two years.
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