Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_51
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 51
Character Range: 53255–54190

51  Section 320‑230
Repeal the section, substitute:

320‑230  Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time

 (1) A *life insurance company that has segregated any of its assets in accordance with section 320‑225 must cause the following amounts to be calculated within the period of 60 days starting immediately after each *valuation time:
 (a) the total *transfer value of the company's *segregated exempt assets as at the valuation time;
 (b) the amount of the company's *exempt life insurance policy liabilities as at the valuation time.

 (2) These are the valuation times:
 (a) the end of the income year in which the segregation occurred;
 (b) the end of each later income year.

Note: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288‑70 in Schedule 1 to the Taxation Administration Act 1953.