Document ID: chunk:federal_register_of_legislation:F2017L00435:body:0:p5
Version: federal_register_of_legislation:F2017L00435
Segment Type: other
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Character Range: 11053–13974

this instrument.

Attachment A – Security trust funds

Definitions
     1. In this Attachment, 'registered office' has the meaning given by the Corporations Act 2001.

Equitas fund
2.             The Equitas fund is a security trust fund in respect of the liabilities under contracts of insurance or reinsurance of the kind mentioned in paragraph 3 of this Attachment.

3.             Paragraph 2 of this Attachment applies to a contract if:

       (a)          it covers liabilities that are:

            (i)                 1992 and prior business that is reinsured by Equitas Reinsurance Limited; or

            (ii)               other business that is reinsured (directly or indirectly) from time to time by Equitas Reinsurance Limited;

       (b)          Division 15 of Part III of the Income Tax Assessment Act 1936 as in force immediately before1 July 2000, as modified by paragraph 10 of the Schedule to the Act as in force immediately before 1 July 2000, applied to the premiums; and

       (c)          the premiums were not paid or payable in United States of America dollars.

Interim fund
4.             The interim fund is a security trust fund in respect of liabilities under contracts of insurance or reinsurance of the kind mentioned in paragraph 5 of this Attachment.

5.             Paragraph 4 of this Attachment applies to a contract if:

       (a)          it is written, or has a date of inception of risk, before 1 July 1998;

       (b)          it is not business of a kind mentioned in subparagraph 3(a) of this Attachment;

       (c)          Division 15 of Part III of the Income Tax Assessment Act 1936 as in force immediately before 1 July 2000, as modified by paragraph 10 of the Schedule to the Act as in force immediately before 1 July 2000, applies to the premiums;

       (d)          the underwriter is liable, as a member of a syndicate for a year of account of the syndicate, to members of the syndicate, or another syndicate, for an earlier year of account under reinsurance to close; and

       (e)          the premiums were not paid or payable in United States of America dollars.

New business fund
6.             The new business fund is a security trust fund in respect of the liabilities under contracts of insurance or reinsurance of the kinds mentioned in paragraphs 7 and 8 of this Attachment.

7.             Paragraph 6 of this Attachment applies to a contract if:

       (a)          it is expressed, and the premium is payable, in Australian dollars;

       (b)          it has a date of inception of risk on or after 1 July 1998;

       (c)          it is a contract:

            (i)                 that is underwritten for a year of account on or after 1 July 1998; or

            (ii)               for which the underwriter is liable, as a member of a syndicate, for a year of account of the syndicate, to members of the