Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

LIFE INSURANCE ACT 1995 - SECT 61

Interpretation

  (1)   In this Part:

"Australian policy owners' retained profits" , in relation to a statutory fund at a particular time, means the total of:

  (a)   the starting amount; and

  (b)   the total of the amounts allocated, before that time, under paragraph   60(1)(a);

less:

  (c)   the total of the amounts referred to in paragraphs   (a) and (b) distributed before that time; and

  (d)   the total of the amounts allocated, before that time, under paragraph   60(2)(a).

"overseas policy owners' retained profits" , in relation to a statutory fund at a particular time, means the total of:

  (a)   the starting amount; and

  (b)   the total of the amounts allocated, before that time, under paragraph   60(1)(c);

less:

  (c)   the total of the amounts referred to in paragraphs   (a) and (b) distributed before that time; and

  (d)   the total of the amounts allocated, before that time, under paragraph   60(2)(c).

"shareholders' capital" , in relation to a statutory fund at a particular time, means the total of:

  (a)   the starting amount; and

  (b)   the total amount of capital payments allocated, before that time, under subsection   59(5);

less the total of the amounts referred to in paragraphs   (a) and (b) distributed before that time.

"shareholders' retained profits (Australian participating)" , in relation to a statutory fund at a particular time, means the total of:

  (a)   the starting amount; and

  (b)   the total of the amounts allocated, before that time, under paragraph   60(1)(b);

less:

  (c)   the total of the amounts referred to in paragraphs   (a) and (b) distributed before that time; and

  (d)   the total of the amounts allocated, before that time, under paragraph   60(2)(b).

"shareholders' retained profits (overseas and non-participating)" , in relation to a statutory fund at a particular time, means the total of:

  (a)   the starting amount; and

  (b)   the total of the amounts allocated, before that time, under paragraphs 60(1)(e) and (f);

less:

  (c)   the total of the amounts referred to in paragraphs   (a) and (b) distributed before that time; and

  (d)   the total of the amounts allocated, before that time, under paragraphs 60(2)(e) and (f).

"starting amount" , for the purposes of a definition in this section, means the amount ascertained in accordance with prudential standards made for the purposes of the definition.

  (2)   In its application to a company other than a company limited only by shares, a provision of this Division that includes the expression "share holders'" is to be read as follows:

  (a)   the provision is to be read as if "members'" were substituted for "shareholders'";

  (b)   in the case of subsection   62(1), the resulting reference to "members' funds" is to be read as a reference to an account of the company representing funds that are not assets of a statutory fund.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback