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INCOME TAX ASSESSMENT ACT 1997 - SECT 315.140

Lost policy holders trust

                   This Subdivision covers a trust (a lost policy holders trust ) in relation to a demutualisation to which this Division applies if:

                     (a)  the conversion scheme mentioned in paragraph 20(2)(a) of the Private Health Insurance (Prudential Supervision) Act 2015 for the demutualisation provides for the trust; and

                     (b)  under the demutualisation, demutualisation assets (see section 315- 85) are issued to the trustee of the trust; and

                     (c)  the trust exists solely for the purpose of holding shares or rights to * acquire shares on behalf of:

                              (i)  individuals ( lost policy holders ) who are, or have been, policy holders (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or other persons insured through, the demutualising health insurer; or

                             (ii)  if the lost policy holder has died--the * legal personal representative of the lost policy holder or a beneficiary in the estate of the lost policy holder.

Example:    An example of an individual on whose behalf the trust might hold assets would be an individual who has not completed a formal step required for them to be issued with demutualisation assets directly. Another example might be an individual living overseas.



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