Document ID: chunk:federal_register_of_legislation:C2004A04861:front:0:p6
Version: federal_register_of_legislation:C2004A04861
Segment Type: other
Provision Reference: 
Character Range: 12810–15550

A reference in this section to a policy document does not include a reference to a replacement policy document issued as mentioned in subsection 221(3) of the Life Insurance Act 1995".

51. Section 64:

Add at the end:

"(6) If:

    (a) tax of any kind has been paid, or is payable, by the insurer because of the making of the cancelled contract; and

    (b) either:

        (i) in a case in which the tax has been paid—the insurer is unable to obtain a refund of the tax; or

        (ii) in a case in which the tax has not been paid—the tax does not cease to be payable as a result of the cancellation of the contract;

SCHEDULE—continued

the amount that would otherwise be payable under subsection (2) is reduced by the amount of the tax.".

52. After section 64A:

Insert in Part VII:

Special provision regarding investment-linked contracts

"64B.(1) In this section:

'allocation price', in relation to an investment-linked contract, means the amount that represents the value of an investment unit for the purposes of the issue of the contract;

'investment-linked contract' has the same meaning as in the Life Insurance Act 1995;

'investment unit', in relation to an investment-linked contract, means a unit by reference to the value of which benefits under the contract arc to be calculated.

"(2) If, on the day on which an investment-linked contract is cancelled, the amount that would have been the allocation price if the contract had been entered into on that day is less than the allocation price on the day on which the contract was entered into, the amount otherwise payable under subsection 64(2) is reduced by the adjustment amount.

"(3) If, on the day on which an investment-linked contract is cancelled, the amount that would have been the allocation price if the contract had been entered into on that day is greater than the allocation price on the day on which the contract was entered into, the amount otherwise payable under subsection 64(2) is increased by the adjustment amount.

"(4) The adjustment amount is worked out as follows:

    (a) work out the difference between the allocation price on the day on which the contract was entered into and the allocation price on the day on which the contract is cancelled;

    (b) multiply the difference by the number of investment units to which the contract relates;

    (c) the result is the adjustment amount.".

Insurance Supervisory Levies Collection Act 1989

53. Section 3 (definition of "company"):

After "Life Insurance Act 1945" insert "as in force immediately before the commencement of the Life Insurance Act 1995".

SCHEDULE—continued

54. Section 3 (paragraph (b) of the definition of "leviable day"):

Omit "or".

55. Section 3 (definition