Section CZ 12 — Income Tax Act 2007: General insurance with risk period straddling 1 July 1993

CZ 12 General insurance with risk period straddling 1 July 1993 When this section applies (1) This section applies when— (a) a company carries on a business of providing general insurance or guarantees against loss, damage, or risk, immediately before and on 1 July 1993; and (b) the company holds a reinsurance contract for the general insurance that covers a period of risk starting before 1 July 1993 and ending after 1 July 1993; and (c) the company pays the premiums under the contract outside New Zealand. Income (2) An amount derived by the company from a claim under the reinsurance contract is income of the company if the event giving rise to the claim occurs on or after 1 July 1993. Timing (3) The income is allocated to the income year in which the event giving rise to the claim occurs. Defined in this Act: amount , business , company , general insurance , income , income year , New Zealand , pay , reinsurance contract , Compare: 2004 No 35 s CZ 12