Section 20A (inserted by the Finance Act, 1993) of the Capital Gains Tax Act, 1975, is hereby amended, as respects disposals of assets on or after the 20th day of May, 1993, by the addition of the following subsection:
(a) In this subsection 'reinsurance contract' means any contract or other agreement for reassurance, or reinsurance, in respect of -
(i) any policy of assurance on the life of any person, or
(ii) any class of such policies.
(b) Where apart from this paragraph a reinsurance contract would not be a policy of assurance on the life of any person for the purposes of this Act it shall be deemed to be such a policy for those purposes.
(c) Subsections (2) and (3) shall not apply to, and shall be deemed never to have applied to, reinsurance contracts:
Provided that where, apart from this paragraph, a reinsurance contract would not be a relevant policy within the meaning of section 20B (inserted by the Finance Act, 1994) for the purposes of that section, it shall be dee