S.L. 123.216 Art. 3Chargeability of income from business of insurance.

Where any person derives gains or profits wholly or in part from the business of insurance as an insurer, insofar as it concerns the gains or profits derived by such person from the business of insurance, the total income of such person shall, notwithstanding the provisions of sub-article (1) of article 27 of the Act, as from the adoption year of assessment and for each subsequent year of assessment thereafter for which the insurer continues to apply IFRS 17, be ascertained in accordance with the provisions of these rules:

Provided that the provisions of these rules shall not affect the ascertainment of the total income of any insurer in respect of any year preceding a year of assessment prior to the adoption year of assessment.