Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p7
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 15822–18646

the features mentioned in paragraph 15(2)(a) of the Act;
(c)          the amount of the benefit is to be calculated according to a formula that:
(i)            is set out in the policy document; and
(ii)         includes an element that is dependent on, or to be ascertained according to, a decision of the life company;
(d)          if the charges payable under the policy are dependent on, or to be ascertained according to, a decision of the company, those charges as determined by or ascertained according to the decision of the company:
(i)            are specified as a dollar amount, a percentage, or a combination of a dollar amount and a percentage;
(ii)         to the extent that the charges are specified as a dollar amount - do not exceed the charges, specified as a dollar amount, that applied when the policy was issued, increased in accordance with a formula or index relating to price variations that the company believes, on reasonable grounds, operates fairly and reasonably in the circumstances (for example, a consumer price index published by the Australian Bureau of Statistics); and
(iii)       to the extent that the charges are specified as a percentage - do not exceed twice the specified percentage that applied when the policy was issued; and
(e)          the circumstances in which and the conditions subject to which the company may make a decision mentioned in subparagraph 25(c)(ii) are set out in the policy document.

Investment account contracts
26.         A benefit in respect of which all the following conditions are satisfied:
(a)          the benefit is an investment account benefit;
(b)          the benefit has the features mentioned in paragraph 15(2)(a) of the Act;
(c)          the amount of the benefit is to be calculated according to a formula that:
(i)            is set out in the policy document; and
(ii)         includes an element that is dependent on, or to be ascertained according to, a decision of the life company;
(d)          if the interest payable on the account is dependent on, or to be ascertained according to, a decision of the company:
(i)            the benefit is provided for by a policy that belongs to a particular subcategory of life insurance business;
(ii)         no other kind of policy is contained within that subcategory;
(iii)       the net investment earnings (including realised and unrealised gains) of the assets administered for the purposes of that subcategory are credited to the policies belonging to that subcategory;
(iv)        the aggregate value of the accounts under the policies belonging to that subcategory does not, and will not at any time, exceed 103 per cent of the value of the assets administered for the purposes of that subcategory; and
(v)          the aggregate value of those accounts does not, and will not at