Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.240

  (1)   If a * life insurance company determines, at a time other than a * valuation time, that:

  (a)   the total * transfer value of the company's * segregated exempt assets as at that time;

is less than

  (b)   the company's * exempt life insurance policy liabilities as at that time;

the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference.

  (2)   A * life insurance company can at any time transfer an asset of any kind to its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer.

  (3)   A * life insurance company can transfer, to its * segregated exempt assets in an income year, assets of any kind having a total * transfer value not exceeding the total amount of the * life insurance premiums paid to the company in that income year for the purchase of * exempt life insurance policies.

  (4)   Except as provided by this section and subsections   320 - 195(1) and 320 - 235(3), a * life insurance company cannot transfer an asset to its * segregated exempt assets.