Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p8
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 18420–21226

subcategory does not, and will not at any time, exceed 103 per cent of the value of the assets administered for the purposes of that subcategory; and
(v)          the aggregate value of those accounts does not, and will not at any time, fall below 95 per cent of the value of the assets administered for the purposes of that subcategory;
(e)          if the charges payable under the policy are dependent on, or to be ascertained according to, a decision of the company, those charges as determined by or ascertained according to the decision of the company:
(i)            are specified as a dollar amount, a percentage, or a combination of a dollar amount and a percentage;
(ii)         to the extent that the charges are specified as a dollar amount – do not exceed the charges, specified as a dollar amount, that applied when the policy was issued, increased in accordance with a formula or index relating to price variations that the company believes, on reasonable grounds, operates fairly and reasonably in the circumstances (for example, a consumer price index published by the Australian Bureau of Statistics); and
(iii)       to the extent that the charges are specified as a percentage - do not exceed twice the specified percentage that applied when the policy was issued;
(f)           the only elements of the formula mentioned in subparagraph 26(c) that are dependent on, or to be ascertained according to, a decision of the company are one or more of the following:
(i)            the interest payable on the account;
(ii)         the charges payable under the policy; and/or
(iii)       the surrender value of the policy; and
(g)          the circumstances in which and the conditions subject to which the company may make a decision mentioned in subparagraph 26(c)(ii) are set out in the policy document.

Policies other than investment-linked or investment account contracts
27.         A benefit in respect of which all the following conditions are satisfied:
(a)          the benefit is not an investment-linked benefit or an investment account benefit;
(b)          the benefit has the features mentioned in paragraph 15(2)(a) of the Act;
(c)          the amount of the benefit is to be calculated according to a formula that:
(i)            is set out in the policy document; and
(ii)         includes an element that is dependent on, or to be ascertained according to, a decision of the life company;
(d)          if the charges payable under the policy are dependent on, or to be ascertained according to, a decision of the company, those charges as determined by or ascertained according to the decision of the company:
(i)            are specified as a dollar amount, a percentage, or a combination of a dollar amount and a percentage;
(ii)         to the extent that the charges