The Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) (Amendment) Order 1990

• Citation: S.I. 1990/2546
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) (Amendment) Order 1990 and shall come into force on 4th January 1991.

Section 2 Interpretation

In this Order “the principal Order ” means the Life Assurance (Apportionment of Receipts of Participating Funds) (Applicable Percentage) Order 1990 .

Section 3 Amendment to the principal Order

For article 5 of the principal Order there shall be substituted—

Net investment yield

(5) The net investment yield determined in accordance with this article is—

where—

B is the net amount referred to in subsection (1) of the principal section as brought into account for the period in question for the purposes of section 83(1) of the Finance Act 1989 in respect of the relevant business less the part of that net amount which is attributable to assets linked solely to a particular category of business; and

C is the mean of the opening and closing liabilities of the relevant business reduced by the opening and closing values of any assets of the relevant business linked solely to a particular category of business.