Income Tax Assessment Act 1997
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Hide history noteSECTION 320-245 Exempt life insurance policy liabilities 320-245(1)
The amount of the *exempt life insurance policy liabilities of a *life insurance company is to be worked out in accordance with subsection (2) in respect only of *life insurance policies issued by the company:
(a) that are *exempt life insurance policies; and
(b) the liabilities under which are to be discharged out of the company's *segregated exempt assets.
320-245(2)
The amount of the exempt life insurance policy liabilities of a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
(a) for policies providing for allocated benefits (other than *participating benefits or *discretionary benefits) - the *current termination values;
(b) for policies providing for participating benefits or discretionary benefits:
(i) the values of supporting assets, as defined in the *Valuation Standard; and
(ii) the *policy owner's retained profits;
(c) for other policies - the policy liabilities, as defined in the Valuation Standard.
320-245(3)
An *exempt life insurance policy provides for allocated benefits if:
(a) the policy:
(i) is held by the trustee of a *complying superannuation fund; and
(ii) (Repealed by No 83 of 2004)
(iii) provides for an *allocated pension; or
(b) the policy:
(i) is held by a *life insurance company other than the life insurance company that issued the policy; and
(ii) is a *segregated exempt asset of the life insurance company that issued the policy; and
(iii) provides for an allocated pension; or
(c) the policy provides for an *allocated annuity.
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