Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p79
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 79/79)
Character Range: 5038555–5041070

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.

320‑246  Exempt life insurance policy
 (1) An exempt life insurance policy is a *life insurance policy (other than an *RSA):
 (a) that is held by the trustee of a *complying superannuation fund and provides solely for the discharge of the fund's liabilities (contingent or not) in respect of *superannuation income stream benefits that are currently *RP superannuation income stream benefits of the fund; or
 (b) that is held by the trustee of a *pooled superannuation trust, where:
 (i) the policy 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 complying superannuation funds; and
 (ii) the funds are unit holders of the trust; or
 (c) that is held by another *life insurance company and is a *segregated exempt asset of that other company; or
 (d) that is held by the trustee of a *constitutionally protected fund; or
 (e) that provides for an *immediate annuity that:
 (i) was purchased on or before 9 December 1987; or
 (ii) is a *superannuation income stream that is in the *retirement phase; or
 (iii) satisfies whichever of the conditions in subsection (3) are applicable; or
 (ea) that provides for an *annuity that:
 (i) is not an *immediate annuity; and
 (ii) is a superannuation income stream that is in the retirement phase; or
 (f) that provides for either or both of the following:
 (i) a *personal injury annuity, payments of which are exempt from income tax under Division 54;
 (ii) a *personal injury lump sum, payment of which is exempt from income tax under Division 54.
Note: A part of a life insurance policy may be taken to be an exempt life insurance policy under section 320‑247.
 (3) The following table sets out the conditions mentioned in subparagraph (1)(e)(iii):

Annuity conditions
Item                Column 1                                                                                                                                                                           Column 2
                    The condition in column 2 applies in the following circumstances ...                                                                                                               The condition is that ...