Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/14)
Character Range: 5061144–5064029

constituted by a contract made with the originating company before 1 July 2000; and
 (ii) is transferred to the recipient company before 1 July 2005.
 (2) For the purposes of section 320‑40, a *life insurance policy issued by the recipient company in substitution for the original policy is taken to have been constituted by a contract made with the recipient company before 1 July 2000 if the terms of the substituted policy are not materially different from those of the original policy.
 (3) Subsection 320‑40(4) applies to so much of the sum of the amounts applicable in respect of the substituted policy under subsections 320‑40(5), (6) and (7) as does not exceed any fees or charges made by the recipient company that the originating company would have been entitled to make under the terms of the original policy as applying just before 1 July 2000.

Division 321—General insurance companies and companies that self‑insure in respect of workers' compensation liabilities

Table of Subdivisions
321‑A Provision for, and payment of, claims by general insurance companies
321‑B Premium income of general insurance companies
321‑C Companies that self‑insure in respect of workers' compensation liabilities

Subdivision 321‑A—Provision for, and payment of, claims by general insurance companies

Table of sections
321‑10 Assessable income to include amount for reduction in adjusted liability for incurred claims
321‑15 Deduction for increase in adjusted liability for incurred claims
321‑20 How the value of adjusted liability for incurred claims is worked out
321‑25 Deduction for claims paid during current year

321‑10  Assessable income to include amount for reduction in adjusted liability for incurred claims
  A *general insurance company's assessable income for the *current year includes an amount equal to the amount (if any) by which:
 (a) the value, at the end of the previous income year, of the company's adjusted *liability for incurred claims under *general insurance policies; exceeds
 (b) the value, at the end of the current year, of that liability.
Note: Those values are worked out under section 321‑20.

321‑15  Deduction for increase in adjusted liability for incurred claims
  A *general insurance company can deduct for the *current year an amount equal to the amount (if any) by which:
 (a) the value, at the end of the current year, of the company's adjusted *liability for incurred claims under *general insurance policies; exceeds
 (b) the value, at the end of the previous income year, of that liability.
Note: Those values are worked out under section 321‑20.

321‑20  How the value of adjusted liability for incurred claims is worked out
  Work out the value, at the end of an income year, of a *general insurance company's adjusted *liability for incurred claims under *general insurance policies in this way:

      Method statement
           Step