Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_22
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 22
Character Range: 26508–27343

22  Subsection 320‑55(3)
Repeal the subsection, substitute:

 (3) For the purposes of subsection (2) only, the amount of a *life insurance premium that relates to the company's liability to pay amounts on the death or disability of a person is:
 (a) if the policy provides for *participating benefits or *discretionary benefits—nil; or
 (b) if paragraph (a) does not apply and the policy states that the whole or a specified part of the premium is payable in respect of such a liability—the whole or that part of the premium, as appropriate; or
 (c) if neither paragraph (a) nor (b) applies:
 (i) if the policy is an *endowment policy—10% of the premium; or
 (ii) if the policy is a *whole of life policy—30% of the premium; or
 (iii) otherwise—so much of the premium as an *actuary determines to be attributable to such a liability.