Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A reference in this Act to the business of a statutory fund of a life company is a reference to the life insurance business to which the fund relates.
(2) For the purposes of this Act:
(a) a liability (including a policy liability) is taken to be referable to the business of a statutory fund if the liability is of a kind that, under Part 4, may be discharged out of the assets of the fund; and
(b) an expense is taken to be referable to the business of a statutory fund if the expense is of a kind that, under Part 4, may be met out of the assets of the fund.