Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p45
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 45/59)
Character Range: 7979620–7982370

claims, see section 321‑20.
liability for remaining coverage has the same meaning as in the *applicable insurance contracts accounting standard.
Note: For how to work out the adjusted liability for remaining coverage, see section 321‑60.
liable entity has the meaning given by section 832‑325.
LIC capital gain has the meaning given by section 115‑285.
life benefit termination payment has the meaning given by subsection 82‑130(2).
life events test has the meaning given by subsection 118‑110(5).
life insurance business means:
 (a) a business to the extent that it consists of issuing *life insurance policies; and
 (b) any business that relates to a business to which paragraph (a) applies.
life insurance company means a company registered under section 21 of the Life Insurance Act 1995.
life insurance policy has the meaning given to the expression life policy in the Life Insurance Act 1995 but includes:
 (a) a contract made in the course of carrying on business that is *life insurance business because of a declaration in force under section 12A or 12B of that Act; and
 (b) a sinking fund policy within the meaning of that Act.
life insurance premium includes consideration received or receivable in respect of the grant of, or the undertaking of liabilities in respect of, an *annuity or a *personal injury lump sum.
Note: Certain other amounts are treated as life insurance premiums when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320‑320.
like customable goods has the same meaning as in the Customs Act 1901.
limited partner means a partner of a *limited partnership whose liability in relation to the partnership is limited.
limited partnership means:
 (a) an association of persons (other than a company) carrying on business as partners or in receipt of *ordinary income or *statutory income jointly, where the liability of at least one of those persons is limited; or
 (b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a *VCLP, an *ESVCLP, an *AFOF or a *VCMP and to carry on activities that are carried on by a body of that kind.
limited recourse debt has the meaning given by section 243‑20.
linked assets and liabilities has the meaning given by subsection 705‑59(2).
linked group has the meaning given by section 170‑260.
listed country has the meaning given by section 320 of the Income Tax Assessment Act 1936.
listed investment company has the meaning given by section 115‑290.
listed public company means a company *shares in which (except shares that carry a right to a fixed rate of *dividend) are listed for quotation