Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p73
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 73/79)
Character Range: 5023365–5026226

*life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an *actuary:
 (a) for policies providing for *participating benefits or *discretionary benefits:
 (i) the values of supporting assets, as defined in the *Valuation Standard; and
 (ii) the *policy owners' retained profits;
 (b) for other policies—the *current termination values.

320‑195  Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320‑175
 (1) If:
 (a) a *life insurance policy issued by a *life insurance company becomes an *exempt life insurance policy; and
 (b) immediately before the policy became an exempt life insurance policy, the policy was a policy referred to in subsection 320‑190(1);
the company can transfer from a *complying superannuation asset pool, to its *segregated exempt assets, assets of any kind whose total *transfer value does not exceed the company's liabilities in respect of the policy.
 (2) A *life insurance company can at any time transfer an asset from a *complying superannuation asset pool in exchange for an amount of money equal to the *transfer value of the asset at the time of the transfer.
 (3) If a *life insurance company:
 (a) imposes any fees or charges in respect of *complying superannuation assets; or
 (b) imposes any fees or charges in respect of *complying superannuation life insurance policies other than policies:
 (i) that provide *superannuation death benefits, *disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295‑460(c), that are *participating benefits; and
 (ii) the liabilities under which are to be discharged out of the company's *complying superannuation asset pool; or
 (c) determines, at a time other than a *valuation time, that the total *transfer value of the company's complying superannuation assets as at that time exceeds the sum of:
 (i) the company's *complying superannuation liabilities at that time; and
 (ii) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets;
the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer, from the *complying superannuation asset pool, assets having a total transfer value equal to the fees, charges or excess, as the case may be.
 (4) If:
 (a) any liabilities arise for the discharge of which a *life insurance company's *complying superannuation asset pool is established; or
 (b) any expenses are incurred by a life insurance company directly in respect of *complying superannuation assets in relation to a period during which the assets are complying superannuation assets; or
 (c) any liabilities to pay *PAYG instalments, or income tax, that are