Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_24
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 24
Character Range: 27567–28767

24  Section 320‑75
Repeal the section, substitute:

320‑75  Deduction for ordinary investment policies

 (1) This section applies to a *life insurance company in respect of *ordinary investment policies issued by the company.

 (2) The company can deduct, in respect of *life insurance premiums received in the income year for those policies:
 (a) the sum of the *net premiums;
less:
 (b) so much of the net premiums as an *actuary determines to be attributable to fees and charges charged in that income year.

 (3) In making a determination under subsection (2), an *actuary is to have regard to:
 (a) the changes over the income year in the sum of the *net current termination values of the policies; and
 (b) the movements in those values during the income year.

 (4) In addition, if an *actuary determines that:
 (a) there has been a reduction in the income year (the current year) of exit fees that were imposed in respect of those policies in a previous income year; and
 (b) the reduction (or a part of it) has not been taken into account in a determination under subsection (2) for the current year;
the company can deduct so much of that reduction as has not been so taken into account.