Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Division applies to the recipient company as if the amount or value of any consideration received by the recipient company in respect of liabilities under * life insurance policies transferred to the company were * life insurance premiums paid to the company at the time the transfer took place.
(2) However, subsection (1) does not apply to consideration:
(a) that relates to liabilities that, just before the transfer took place, were discharged out of the originating company's * complying superannuation assets or * segregated exempt assets; or
(b) that relates to the part of a * life insurance policy that has been reinsured under a * contract of reinsurance (except consideration that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies).