Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Despite section 705 - 70, if the joining entity mentioned in step 2 in the table in section 705 - 60 is a * life insurance company, the joining entity's liabilities mentioned in this section are to be valued as mentioned in this section.
(2) The value of the joining entity's * complying superannuation liabilities (if any) is the amount worked out under section 320 - 190 at the joining time.
(3) The value of the joining entity's * exempt life insurance policy liabilities (if any) is the amount worked out under section 320 - 245 at the joining time.
(4) Subsection (5) applies to a liability of the joining entity if:
(a) the liability is under the * net risk component of a * life insurance policy; and
(b) the joining entity could deduct under section 320 - 80 an amount for the * risk component of claims paid under the policy had it not become a * member of the * consolidated group.
(5) The value of that liability is the * current termination value of the * net risk component of the * life insurance policy at the joining time (calculated by an * actuary).
(6) The value of the joining entity's liabilities under the * net investment component of ordinary life insurance policies is the amount worked out for those liabilities under subsection 320 - 190(2) as if those liabilities were * complying superannuation liabilities.