Document ID: chunk:federal_register_of_legislation:C2005C00443:clause:1_3:p1
Version: federal_register_of_legislation:C2005C00443
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/6)
Character Range: 21264–24208

3                                                                                           step 2 of the method statement in subsection 768‑525(3)  the *statutory accounting period mentioned in that step (as modified by subsection (2) of this section)

 (4) The amount applicable under this subsection for a *statutory accounting period of the foreign company is worked out using the following formula:
where:

active insurance amount means:
 (a) if the foreign company is a *foreign life insurance company—the untainted policy liabilities (within the meaning of subsection 446(2) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period; or
 (b) if the foreign company is a *foreign general insurance company—the active general insurance amount worked out under subsection (5) for the statutory accounting period.

total insurance assets means:
 (a) if the foreign company is a *foreign life insurance company—the total assets (within the meaning of subsection 446(2) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period; or
 (b) if the foreign company is a *foreign general insurance company—the total assets (within the meaning of subsection 446(4) of that Act) of the foreign company for the statutory accounting period.

value of non‑active foreign business assets means:
 (a) for the purposes of item 1 of the table in subsection (3)—the difference between:
 (i) the result of step 1 of the method statement in subsection 768‑520(1); and
 (ii) the result of step 2 of that method statement (apart from this section); or
 (b) for the purposes of item 2 of the table in subsection (3)—the difference between:
 (i) the result of step 1 of the method statement in subsection 768‑525(2); and
 (ii) the result of step 1 of the method statement in subsection 768‑525(3) (apart from this section); or
 (c) for the purposes of item 3 of the table in subsection (3)—the difference between:
 (i) the result of step 2 of the method statement in subsection 768‑525(2); and
 (ii) the result of step 2 of the method statement in subsection 768‑525(3) (apart from this section).

Active insurance amount for foreign general insurance company

 (5) The active general insurance amount under this subsection for a *statutory accounting period of the foreign company is worked out using the following formula:
where:

net assets means the net assets (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period.

solvency amount means the solvency amount (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting period.

tainted outstanding claims means the tainted outstanding claims (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936) of the foreign company for the statutory accounting