Part E
Timing and quantifying rules
Life insurance rules:
Transitional adjustments and annuities
EY 48Non-resident life insurers with life insurance policies in New Zealand
This section applies when a life insurer not resident in New Zealand offers or is offered or enters into life insurance policies in New Zealand.
The life insurer’s income from the business of providing life insurance, as determined under this section, is income that has a source in New Zealand.
The life insurer's income and deductions are apportioned between their policyholder base or shareholder base under the provisions of this subpart to the extent to which the income or deductions relate to—
- life insurance policies that the life insurer, as insurer, offered or was offered or entered into in New Zealand:
- life reinsurance policies held by the life insurer that relate exclusively to life insurance policies described in paragraph (a).
The life insurer’s income from the business of providing life insurance, other than under the provisions of this subpart, is determined only in relation to the life insurer’s New Zealand business.
Compare
- 2004 No 35 s EY 47
Notes
- Section EY 48(2) heading: substituted, on , by section 60(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).
- Section EY 48(2): amended, on , by section 60(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).
- Section EY 48(3) heading: substituted, on , by section 193(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section EY 48(3): substituted, on , by section 193(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section EY 48(4): amended, on , by section 193(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
- Section EY 48 list of defined terms derived from New Zealand: repealed, on , by section 60(3)(a) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).
- Section EY 48 list of defined terms source in New Zealand: inserted, on , by section 60(3)(b) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).