Supplementary Provisions, Article 3Transitional Measures Concerning Details of Requirements for Contracts Relating to Mutual Aid Covered by Individual Annuity Insurance Policies, etc.

With respect to the application of Article 40-5 (Details of Requirements for Contracts Relating to Mutual Aid Covered by Individual Annuity Insurance Policies, etc.) of the New Regulation to contracts listed in Article 211, item (iii) (Scope of Contracts Relating to Mutual Aid Covered by Individual Annuity Insurance Policies, etc.) of the Order for Enforcement of the Income Tax Act as amended by the Cabinet Order Partially Amending the Order for Enforcement of the Income Tax Act (Cabinet Order No. 57 of 1984) that were concluded on or before December 31, 1984, only for income tax for that year and for 1985, the phrase "the following requirements" in Article 40-5, paragraph (1), item (iii) of the New Regulation is deemed to be replaced with "the requirements listed in (a) through (c)", and the phrase "is so, and there is no provision for paying a portion of the annuity payable under the annuity mutual aid contract (in the case of an annuity mutual aid contract that provides that the annuity is to be paid even if the annuity recipient dies within a certain period from the payment commencement date of the annuity, the annuity payable within that certain period) in a lump sum" in that item is deemed to be replaced with "is so".