Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The purpose of this amendment is to reflect existing law and to provide that in respect of a designated activity company, a public limited company or a company limited by guarantee carrying on life assurance business, industrial assurance business or both, any amount properly transferred to the profit and loss account of the company from a surplus in the fund or funds maintained by it in respect of that business and any deficit in that fund or those funds shall be respectively treated for the purposes of Chapter 7 of Part 3 as a realised profit and a realised loss and, subject to the foregoing, any profit or loss arising on the fund or funds maintained by it in respect of that business shall be left out of account for those purposes.