Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Despite section 711 - 45, if the leaving entity mentioned in step 4 in the table in section 711 - 20 is a * life insurance company, the leaving entity's liabilities mentioned in this section are to be valued as mentioned in this section.
(2) To avoid doubt, those liabilities are the liabilities that become those of the leaving entity because section 701 - 1 (Single entity rule) ceases to apply to the leaving entity when it ceases to be a * subsidiary member of the group.
(3) The value of the leaving entity's * complying superannuation liabilities (if any) is the amount worked out under section 320 - 190 at the leaving time.
(4) The value of the leaving entity's * exempt life insurance policy liabilities (if any) is the amount worked out under section 320 - 245 at the leaving time.
(5) Subsection (6) applies to a liability of the leaving entity if:
(a) the liability is under the * net risk component of a * life insurance policy; and
(b) the leaving entity could deduct under section 320 - 80 an amount for the * risk component of claims paid under the policy on or after the time it ceased to be a * member of the * consolidated group.
(6) The value of that liability is the * current termination value of the * net risk component of the * life insurance policy at the leaving time (calculated by an * actuary).
(7) The value of the leaving 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.