1. Changes in fair value, reflected in profit or loss or in other comprehensive income, arising from the application of fair value to assets allocated to liabilities under life insurance contracts with profit participation, or allocated to liabilities under life insurance contracts in which the investment risk is borne by the policyholder, are taken into account in determining taxable profit.
1 - Concorrem para a formação do lucro tributável as variações de justo valor, refletidas em resultados ou em outro rendimento integral, decorrentes da aplicação do justo valor aos ativos que estejam afetos a passivos de contratos de seguros de vida com participação nos resultados, ou afetos a passivos de contratos de seguro do ramo vida em que o risco de investimento é suportado pelo tomador de seguro.
2. Transfers of the assets referred to in the preceding paragraph from or to other investment portfolios are treated as transfers for consideration made at the market price on the date of the transaction.
2 - As transferências dos ativos referidos no número anterior de, ou para, outras carteiras de investimento são assimiladas a transmissões onerosas efetuadas ao preço de mercado da data da operação.
3. Expenses arising from onerous insurance contracts are taken into account in determining taxable profit for the tax period in which they are recognised by insurance companies in accordance with the regulatory standards approved by the Insurance and Pension Funds Supervisory Authority.
3 - Os gastos decorrentes de contratos de seguro onerosos concorrem para a formação do lucro tributável do período de tributação em que, nos termos das normas regulamentares aprovadas pela Autoridade de Supervisão de Seguros e Fundos de Pensões, sejam reconhecidos pelas empresas de seguros.
4. Changes in the measurement of liabilities under life insurance contracts with profit participation, or of liabilities under life insurance contracts in which the investment risk is borne by the policyholder, which, in accordance with the regulatory standards approved by the Insurance and Pension Funds Supervisory Authority, are reflected in equity in the reserve for the finance component of insurance and reinsurance contracts are also taken into account in determining taxable profit.
4 - Concorrem, ainda, para a formação do lucro tributável as variações na mensuração dos passivos de contratos de seguros de vida com participação nos resultados, ou nos passivos de contratos de seguro do ramo vida em que o risco de investimento é suportado pelo tomador de seguro, que, nos termos das normas regulamentares aprovadas pela Autoridade de Supervisão de Seguros e Fundos de Pensões, sejam refletidos em capitais próprios na reserva da componente financeira dos contratos de seguro e resseguro.
Both categories of life insurance liabilities, the recognition in profit or loss or other comprehensive income, and the reference to the regulatory standards of the Insurance and Pension Funds Supervisory Authority are retained.
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Unofficial English translation prepared by BCA Portugal for reference. Only the Portuguese text published in the Diário da República has legal force. Editorial notes are ours and are not part of the statute.