Document ID: chunk:federal_register_of_legislation:C2010C00615:clause:2_84:p23
Version: federal_register_of_legislation:C2010C00615
Segment Type: clause
Provision Reference: sch 2 cl 84 (pt 23/26)
Character Range: 187286–190033

and
 (ii) is a *segregated exempt asset of the life insurance company that issued the policy; and
 (iii) provides for an allocated pension; or
 (c) the policy provides for an *allocated annuity.

320‑250  Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of an annual valuation

 (1) A *life insurance company can at any time transfer an asset from its*segregated exempt assets in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.

 (2) If a *life insurance company:
 (a) imposes any fees or charges in respect of *segregated exempt assets; or
 (b) imposes any fees or charges in respect of *exempt life insurance policies where the liabilities under the policies are to be discharged out of the company's segregated exempt assets; or
 (c) determines, at a time other than a valuation time, that the total *transfer value of the segregated exempt assets exceeds the sum of:
 (i) the company's *exempt life insurance policy liabilities; and
 (ii) any reasonable provision made by the company at that time in its accounts for liability for tax on unrealised gains in respect of assets transferred to its segregated exempt assets under subsection 320‑195(1);
the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer from the segregated exempt assets, assets having a total transfer value equal to the fees, charges or excess, as the case may be.

 (3) If:
 (a) any liabilities arise for the discharge of which a *life insurance company has *segregated exempt assets; or
 (b) any expenses are incurred by a life insurance company directly in respect of segregated exempt assets in relation to a period during which the assets are segregated exempt assets;
the life insurance company must pay from the segregated exempt assets any amounts required to discharge the liabilities or amounts equal to the expenses, as the case may be.

 (4) A *life insurance company can pay from its *segregated exempt assets any liability for tax on realised gains in respect of assets transferred to the segregated exempt assets under subsection 320‑195(1).

320‑255  Consequences of transfer of assets to or from segregated exempt assets

 (1) This section applies if:
 (a) an asset (other than money) is transferred from the company's *segregated exempt assets under subsection 320‑235(1) or 320‑250(1) or (2); or
 (b) an asset (other than money) is transferred to the company's *segregated exempt assets under subsection 320‑235(2) or section 320‑240.

 (2) In determining:
 (a) for the purposes of this Act (other than Division 42 and Parts 3‑1 and 3‑3) whether an amount is included in, or can be deducted