(1) Subject to subsection (2), the chargeable income for any year of income of any company carrying on a business of insurance other than life assurance (hereinafter referred to as “general insurance”) is to be ascertained in accordance with Parts 5 and 6.
(2) To the balance so ascertained there is to be added a reserve for unexpired risks outstanding at the beginning of the income year and from the balance so ascertained there is to be deducted—
(a) a reserve for unexpired risks outstanding at the end of the income year; and
(b) where the company is a non-resident, but subject to section 39(1), such proportion of the expenses of the head office as is attributable to the general insurance business carried on in Saint Lucia.
(3) The reserve for unexpired risks at the beginning and end of the income year, referred to in subsection (2) shall be such percentage as is adopted by the company in relation to its operations as a whole for such risks at such times.
(4) The chargeable income for any year of income of an association of underwriters, within the meaning of that term as defined in section 2 of the Insurance Act is considered to be an amount equal to 10% of the gross premium arising in Saint Lucia during that year of income.
(5) For the purposes of subsection (4) “gross premium” means the aggregate of all premiums collected by or behalf of an association of underwriters from insured persons and includes premiums paid by an insurer to a reinsurer or premium received by an association of underwriters for reinsurance business.
(6) For the purpose of the charge to tax an association of underwriters is considered to be an individual.