Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p25
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 25/26)
Character Range: 192163–194667

to have, at the time immediately before the transfer, sold the asset for a consideration equal to its *market value at that time; and
 (b) to have, at the time of the transfer, purchased the asset again for a consideration equal to its market value at that time.

 (7) If an asset that is a unit of *plant that has been included in the *segregated exempt assets of a *life insurance company since the asset was acquired by the company or the initial segregation of those assets took place is transferred from those assets, then the company must assume for the purposes of Division 42 that:
 (a) if the asset's *market value at the time of the transfer is greater than its *notional undeducted cost at that time, the company:
 (i) had, at the time immediately before the transfer, sold the asset for a consideration equal to its notional undeducted cost at that time; and
 (ii) had, at the time of the transfer, purchased the asset again for a consideration equal to its notional undeducted cost at that time; or
 (b) if the asset's market value at the time of the transfer is equal to or less than its notional undeducted cost at that time, the company:
 (i) had, at the time immediately before the transfer, sold the asset for a consideration equal to its market value at that time; and
 (ii) had, at the time of the transfer, purchased the asset again for a consideration equal to its market value at that time.

 (8) If an asset that is a unit of *plant that was previously transferred to the *segregated exempt assets of a *life insurance company is transferred from those assets, then, the company must assume, for the purposes of Division 42 that:
 (a) if the asset's *market value at the time of its transfer from those assets is greater than its market value at the time when it was transferred to those assets, the company:
 (i) had, at the time immediately before the transfer from those assets, sold the asset for a consideration equal to its market value at the time when it was transferred to those assets; and
 (ii) had, at the time of the transfer from those assets, purchased the asset again for a consideration equal to its market value at the time when it was transferred to those assets; or
 (b) if the asset's market value at the time of its transfer from those assets is equal to or less than its market value at the time when it was transferred to those assets, the company:
 (i) had, at the time immediately before the transfer from those assets, sold the asset for a consideration