Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p16
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 16/26)
Character Range: 169725–172408

a *life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
 (a) for policies providing for *participating benefits or *discretionary benefits:
 (i) the values of supporting assets, as defined in the *Valuation Standard; and
 (ii) the *policy owners' retained profits;
 (b) for other policies—the *current termination values.

320‑195  Transfer of assets and payment of amounts from a virtual PST otherwise than as a result of an annual valuation

 (1) If:
 (a) a *life insurance policy issued by a *life insurance company becomes an *exempt life insurance policy; and
 (b) immediately before the policy became an exempt life insurance policy, the policy was a policy referred to in subsection 320‑190(1);
the company can transfer from a *virtual PST, to its *segregated exempt assets, assets of any kind whose total *transfer value does not exceed the sum of:
 (c) the company's liabilities in respect of the policy; and
 (d) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of the assets transferred under this subsection.

 (2) A *life insurance company can at any time transfer an asset from a *virtual PST in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.

 (3) If a *life insurance company:
 (a) imposes any fees or charges in respect of *virtual PST assets; or
 (b) imposes any fees or charges in respect of *virtual PST life insurance policies other than policies:
 (i) that provide death or disability benefits, within the meaning of Part IX of the Income Tax Assessment Act 1936, that are *participating benefits; and
 (ii) the liabilities under which are to be discharged out of the company's *virtual PST; or
 (c) determines, at a time other than a valuation time, that the total *transfer value of the virtual PST assets exceeds the sum of:
 (i) the company's *virtual PST liabilities at that time; and
 (ii) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in relation to those assets; and
 (iii) the total amount of any unpaid *PAYG instalments relating to the *virtual PST component of the *complying superannuation class of the company's taxable income for the income year;
the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer, from the *virtual PST, assets having a total transfer value equal to the fees, charges or excess, as the case may be.

 (4) If:
 (a) any liabilities arise for the discharge of which a *life insurance company's