87.
| (1) For the purposes of paragraph (c) of section 8 and paragraph (d) of subsection (1) of section 53 of profits of the Insurance Corporation of Sri Lanka from the business of life insurance shall be the investment income of the Life Insurance Fund of that Corporation less the management expenses (including commission) attributable that business. |
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| (2) In this section the expression "investment income of the Life Insurance Fund" means such part of the income of the Insurance Corporation of Sri Lanka from investments as is fairly attributable to the life insurance business of such Corporation, other than the amount, of any dividend referred to in subsection (3). |
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| (3) Where a dividend is paid by any resident company to the Insurance Corporation of Sri Lanka and either-
| | (a) a deduction has been made under subsection (1) of section 61 in respect of that dividend by such resident company; or | | |
| | (b) that dividend consists of any part of the amount of a dividend received by such resident company from another resident company, | | |
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Sri Lanka Consolidated Acts