Section 23
of Insurance Regulations, 2006
Subsidiary LegislationIn forceProvision 23 of 42
Section 23
The value of any computer equipment, office machinery, furniture and motor vehicles of an insurer -
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{a) in the financial year of the company in which it is purchased, shall not be greater than three-quarters of the cost thereof to the insurer;
(b)
in the first financial year thereafter, shall not be greater than one-half of that cost;
{c) in the second financial year thereafter, shall be not greater than one-quarter of that cost; and
{d) in any subsequent financial year, shall be left out of accounts for the purposes for which these Regulations apply.
Valuation of assets.