Calculation of investment return

  Where the period during which a reinsurance arrangement is in force falls within more than one accounting period, the amount of the investment return in the final accounting period is the amount by which the profit over the whole period during which the policy and the reinsurance arrangement was in force ("the whole period") exceeds the aggregate of the amounts of the investment returns in earlier accounting periods.

      For the purposes of paragraph  above, the profit over the whole period is the amount by which the aggregate of the amounts specified in paragraph (3) below exceeds the aggregate of all amounts paid to the reinsurer by way of premiums in respect of the policy.  The amounts specified in this paragraph are  any amount payable by the reinsurer to the cedant company as a result of the maturity of the policy concerned;

 

  so much of any amount payable by the reinsurer as a result of the death, illness, or infirmity of, or accident to, any person as does not exceed the amount which would have been paid by the reinsurer if the policy had been surrendered immediately before the death, illness, infirmity or accident; any amount payable by the reinsurer as a result of the surrender in whole of the rights conferred by the policy;

  any amount payable by the reinsurer as a result of the surrender in part of the rights conferred by the policy; any amount not falling within any of sub-paragraphs (a) to (d) above which is payable by the reinsurer to the cedant company in respect of the policy, other than an amount which forms part of the relevant profits of the cedant company, or is paid by way of commission that has been deducted from expenses of management pursuant to section .