(1) This section applies to an asset (an approved asset ) of a life insurance company if:
(a) the asset was acquired by the company before 1 July 2000; and
(b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and
(c) the market value of the asset at that date exceeds whichever is the lesser of:
(i) $50,000,000; or
(ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000.
(2) If the life insurance company wishes to include a part of an approved asset in its segregated exempt assets before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt assets.
(3) If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.