tax at the rate of 10% or such other concessionary rate to be levied and paid for each year of assessment upon the income derived by an approved insurer from carrying on offshore life business within the meaning of section 26 or the business (other than the business of life assurance) of insuring and reinsuring offshore risks;

exemption from tax of any income derived by an approved insurer from insurance and reinsurance business;

exemption from tax of, or tax at the rate of 5% to be levied and paid for each year of assessment upon, such income as the Minister may specify that is derived by an approved insurer from carrying on marine hull and liability insurance and reinsurance business;

deduction of losses otherwise than in accordance with section 37(3);

the period of each approval, and the conditions subject to which a specified insurer may be or may continue to be approved; and

such supplementary matters as he may consider necessary or expedient.