Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_97
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 97
Character Range: 74882–75836

97  Section 713‑525
Repeal the section, substitute:

713‑525  Obligation to value certain assets and liabilities

  Division 320 has effect as if:
 (a) the joining time when a *life insurance company becomes a *subsidiary member of a *consolidated group; and
 (b) the time (the leaving time) when a life insurance company ceases to be a subsidiary member of a consolidated group;
were a *valuation time for the purposes of sections 320‑175 and 320‑230.

Note: This means that:
                  *   there must be a valuation of the virtual PST assets and virtual PST liabilities under section 320‑175 (with the consequences set out in section 320‑180), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320‑230 (with the consequences set out in section 320‑235), as at the joining time; and
                  *   there must be a valuation of these assets and liabilities as at the leaving time.