Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A life company must keep such records of the income and outgoings of each statutory fund (other than 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; and
(c) each subcategory of business within such a category.
(2) In the case of an Australian fund, a class of life insurance business to which the fund relates is divided into the following categories:
(a) Australian participating business;
(b) non - participating business.
(3) In the case of an Australian/overseas fund, a class of life insurance business to which the fund relates is divided into the following categories:
(a) Australian participating business;
(b) overseas participating business;
(c) non - participating business.
(4) If a life company administers part of the life insurance business included in a category of business to which a statutory fund relates separately from all other business included in that category, that part of the life insurance business constitutes a subcategory within that category of business.