Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The amount of the * exempt life insurance policy liabilities of a * life insurance company is to be worked out in accordance with subsection (2) in respect only of * life insurance policies issued by the company:
(a) that are * exempt life insurance policies; and
(b) the liabilities under which are to be discharged out of the company's * segregated exempt assets.
(2) The amount of the exempt life insurance policy liabilities of a * 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 allocated benefits (other than * participating benefits or * discretionary benefits)--the * current termination values;
(b) 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 owner's retained profits;
(c) for other policies--the policy liabilities, as defined in the Valuation Standard.
(3) An * exempt life insurance policy provides for allocated benefits if:
(i) is held by the trustee of a * complying superannuation fund; and
(iii) provides for an * allocated pension; or
(i) is held by a * life insurance company other than the life insurance company that issued the policy; 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.