Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A life company must keep such records of the income and outgoings of an overseas fund of the company as will record properly the affairs and transactions of the company in respect of:
(a) each class of life insurance business to which the fund relates; and
(b) each category of business within such a class.
(2) A class of life insurance business to which an overseas fund relates is divided into the following categories:
(a) overseas participating business;
(b) non - participating business.
(3) This section does not apply in relation to an eligible foreign life insurance company.