Section 523 | The total amount of personal portfolio bond excesses

(1)To calculate the total amount of personal portfolio bond excesses—Step 1Apply the calculation in section 522 in relation to the policy or contract as at the end of each previous insurance year during its existence in succession starting with the first such year.Step 2Determine whether in each case the calculation produces a gain and, if so, its amount.Step 3Add together all the amounts produced by step 2.

(2)But if there is no previous insurance year during the existence of the policy or contract, the total amount of personal portfolio bond excesses is nil.