IRD reaches agreement with insurers
The Inland Revenue Department has reached an agreement with insurers on calculation of actuarial reserves.
Monday, January 6th 2003, 12:31PM
The major life insurers comprise the bulk of the life insurance industry in terms of actuarial reserves. Inland Revenue has offered the basis agreed with the major life insurers to all life insurers and plans to discuss this with them early in the year.
Changes from existing practice will generally apply from the 2003 tax year.
The agreed approach is the positive outcome of consultation on a paper issued by Inland Revenue's Corporates Segment in December 2001 and intensive discussions with the main life insurers affected. The agreed approach will result in certainty and consistency in this complex area.
Discussions were facilitated by the life insurance industry association - Investment Savings & Insurance Association.
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