Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p10
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 23559–26562

document.

Transitional
29.         A benefit in respect of which all the following conditions are satisfied:
(a)          the benefit is provided for by a policy issued by the life company before 1 January 1996;
(b)          the policy is a kind of policy which the company had available for issue on 30 June 1995 (in circumstances where all pre-conditions under the Life Insurance Act 1945 to the issuing of that kind of policy were satisfied); and
(c)          if the policy had been issued at the end of 30 June 1995, it would not have been a participating policy within the meaning of the Life Insurance Act 1945 (as then in force).[2]

Starting Amount
30.         Unless otherwise defined:
(a)          the terms 'Australian policy owners' retained profits', 'overseas policy owners' retained profits', 'shareholders' retained profits (Australian participating)', 'shareholders' retained profits (overseas and non-participating)', 'shareholders' capital', 'class of life insurance business', 'Australian participating business', 'overseas participating business' and 'non-participating business' have the meaning given in the Dictionary to the Act; and
(b)          the term 'category of business' has the meaning given by section 75 or section 76 of the Act, as applicable.
31.         In the following paragraphs, in relation to a statutory fund established in the records of a life company:
(a)          the term 'APRP' will be used to refer to Australian policy owners' retained profits of the fund;
(b)          the term 'OPRP' will be used to refer to overseas policy owners' retained profits of the fund;
(c)          the term 'SRPP' will be used to refer to shareholders' retained profits (Australian participating) of the fund;
(d)          the term 'SRPN' will be used to refer to shareholders' retained profits (overseas and non-participating) of the fund;
(e)          the term 'SC' will be used to refer to shareholders' capital of the fund;
(f)           the term 'AASB 17 adoption date' means the first day of the life company's first financial year commencing on or after 1 January 2023; and
(g)          the term 'adjustment date' means the day before the 'AASB 17 adoption date'.
32.         With regard to the categories of business within the classes of life insurance business to which a statutory fund relates:
(a)          the term 'aggregate retained profits at adjustment date' means an amount determined in accordance with paragraph 33;
(b)          the term 'aggregate shareholder retained profits at adjustment date' means an amount determined in accordance with paragraph 34;
(c)          the term 'aggregate shareholder retained profits on AASB 17 adoption' means an amount determined in accordance with paragraph 35; and
(d)          the term 'AASB 17 change in shareholder retained profits' means an amount determined in accordance with paragraph 36.
33.         For each statutory fund, the total amount of aggregate retained profits at adjustment date is equal to