Section 61 : Investment insurance business

1) In computing the income or loss made by any person carrying on an investment insurance business from that business in any income year, it shall be separately computed as if the investment insurance business were a business distinct from any other business carried on by that person.

2) It shall be as follows In computing the income of any person carrying on the investment insurance business in any income year, it shall be as follows:-

a) Except the following amounts, other amounts that can be included pursuant to this Act have to be included:

(1) Amounts reinsurance for premium of insurance including premium received by that person in operating that business in that income year, and

(2) Amounts received in that year from payments referred to in sub-clause (1) of clause (b) for any contract of reinsurance, security, guarantee or compensation.

b) Except the following amounts, other amounts that can be deducted pursuant to this Act have to be deducted:

(1) The payments made by any person as an insurer in operating that business and

(2) Premiums referred to in sub-clause (1) of clause (a) returned to the insured.

3) The amounts referred to in sub-clauses (1) and (2) of clause (a) of sub-section (2) and sub-clauses (1) and (2) of clause (b) of sub-section (2) shall not be considered as incomes and expenses for the property or liability of that person.

4) The investment insurance agreement of the investment insurance business of any person shall not be deemed as the property and liability of that person.