Document ID: chunk:federal_register_of_legislation:C2025C00135:section:31
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 31
Character Range: 116177–117576

31  Requirement that company have statutory funds
  A life company must comply with the following requirements:
 (a) a life company must at all times have at least one statutory fund in respect of its life insurance business but may have more statutory funds if it chooses to do so;
 (b) a life company that carries on life insurance business consisting of the provision of investment‑linked benefits must maintain a statutory fund or statutory funds exclusively for that business so far as it is carried on in Australia;
 (c) except so far as paragraph (d) applies or APRA approves otherwise, a life company that carries on life insurance business outside Australia (other than an eligible foreign life insurance company) must have a statutory fund or statutory funds exclusively in respect of that business;
 (d) a life company may only maintain a statutory fund in respect of both life insurance business carried on outside Australia and life insurance business carried on in Australia if:
 (i) the statutory fund was established before the commencement of this Act; and
 (ii) so far as it relates to business carried on outside Australia, the fund relates only to business carried on in a country or countries in which the company was carrying on life insurance business immediately before the commencement of this Act; and
 (iii) the company is not an eligible foreign life insurance company.