Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p22
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 22/26)
Character Range: 184720–187533

reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of assets transferred to its segregated exempt assets under subsection 320‑195(1);
the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.

 (2) A *life insurance company can at any time transfer an asset of any kind to its *segregated exempt assets in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.

 (3) A *life insurance company can transfer, to its *segregated exempt assets in an income year, assets of any kind having a total *transfer value not exceeding the total amount of the *life insurance premiums paid to the company in that income year for the purchase of *exempt life insurance policies.

 (4) Except as provided by this section and subsections 320‑195(1) and 320‑235(2), a *life insurance company cannot transfer an asset to its *segregated exempt assets.

320‑245  Exempt life insurance policy liabilities

 (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.

 (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.

 (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) is a segregated current pension asset (within the meaning of Part IX of the Income Tax Assessment Act 1936) of the holder of the policy; and
 (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.

320‑250  Transfer of assets and payment of amounts