Section EZ 59 — Income Tax Act 2007: Meaning of actuarial reserves

EZ 59 Meaning of actuarial reserves Actuarial reserves generally (1) For the purposes of sections EZ 53 to EZ 58 , actuarial reserves means a life insurer’s reserves as calculated under section EZ 60 . Closing actuarial reserves for annuities (2) For the purposes of the item closing actuarial reserves in section EY 31(3) (Annuities), closing actuarial reserves (active annuities) means a life insurer's opening actuarial reserves under section EZ 54(6) for a life insurance policy, to the extent to which an annuity is being paid under the policy where the life insured dies in the income year for which the formula in section EY 31 is applied. Where the life insured survives to the end of that income year, the closing actuarial reserves (active annuities) is zero. Link between actuarial reserves and life insurer (3) Actuarial reserves, for a life insurer at any time, means the life insurer’s actuarial reserves at that time. Defined in this Act: actuarial reserves , life insurance policy , life insurer Section EZ 59: inserted, on 1 July 2010, by section 199(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).