Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 1/14)
Character Range: 5042887–5046367

4                   all circumstances.                                                                                                                                                                 there is no unreasonable deferral of the payments of the *immediate annuity, having regard to:
                                                                                                                                                                                                       (a) to the extent to which the payments depend on the returns of the investment of the assets of the *life insurance company paying the annuity—when the payments are made and when those returns are *derived; and
                                                                                                                                                                                                       (b) to the extent to which the payments do not depend on those returns—the relative sizes of the annual totals of the payments from year to year; and
                                                                                                                                                                                                       (c) any other relevant factors.

320‑247  Policy split into an exempt life insurance policy and another life insurance policy

When is a part of a policy taken to be an exempt life insurance policy?
 (1) A part of a *life insurance policy (the original policy) is taken to be an *exempt life insurance policy for the purposes of this Act if:
 (a) the part provides solely for the discharge of the liabilities (contingent or not) in respect of *superannuation income stream benefits that are currently *RP superannuation income stream benefits of a *complying superannuation fund; and
 (b) the trustee of the fund holds the original policy.
 (2) A part of a *life insurance policy (the original policy) is taken to be an *exempt life insurance policy for the purposes of this Act if:
 (a) the part provides solely for the discharge of liabilities that are attributable to the liabilities (contingent or not) in respect of *superannuation income stream benefits that are currently *RP superannuation income stream benefits of *complying superannuation funds; and
 (b) the trustee of a *pooled superannuation trust holds the original policy; and
 (c) the funds are unit holders of the trust.

What happens to the rest of the policy?
 (3) If a part of a policy (the original policy) is taken to be an *exempt life insurance policy under subsection (1) or (2), the rest of the original policy is taken to be another *life insurance policy for the purposes of this Act.

320‑250  Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320‑230
 (1A) If:
 (a) a *life insurance policy issued by a *life insurance company becomes a policy referred to in subsection 320‑190(1); and
 (b) immediately before the policy became a policy referred to in subsection 320‑190(1), the policy was an *exempt life insurance policy;
the company can transfer from its *segregated exempt assets, to a *complying superannuation asset pool, assets of any kind whose total *transfer value does not exceed the company's liabilities in respect of the policy.
 (1) A *life insurance company can at any time transfer an asset from its*segregated exempt assets in exchange for an amount