Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1A) If:
(a) a * life insurance policy issued by a * life insurance company becomes a policy referred to in subsection 320 - 190(1); and
(b) immediately before the policy became a policy referred to in subsection 320 - 190(1), the policy was an * exempt life insurance policy;
the company can transfer from its * segregated exempt assets, to a * complying superannuation asset pool, assets of any kind whose total * transfer value does not exceed the company's liabilities in respect of the policy.
(1) A * life insurance company can at any time transfer an asset from its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer.
(2) If a * life insurance company:
(a) imposes any fees or charges in respect of * segregated exempt assets; or
(b) imposes any fees or charges in respect of * exempt life insurance policies where the liabilities under the policies are to be discharged out of the company's segregated exempt assets; or
(c) determines, at a time other than a * valuation time, that the total * transfer value of the company's segregated exempt assets as at that time exceeds the amount of the company's * exempt life insurance policy liabilities as at that time;
the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer from the segregated exempt assets, assets having a total transfer value equal to the fees, charges or excess, as the case may be.
(3) If:
(a) any liabilities arise for the discharge of which a * life insurance company has * segregated exempt assets; or
(b) any expenses are incurred by a life insurance company directly in respect of segregated exempt assets in relation to a period during which the assets are segregated exempt assets;
the life insurance company must pay from the segregated exempt assets any amounts required to discharge the liabilities or amounts equal to the expenses, as the case may be.