Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section, liabilities , in relation to a life company, means:
(a) policy liabilities; and
(c) any other liabilities of the company.
(a) a life company has more than one statutory fund in respect of its life insurance business; and
(b) because of an endorsement as mentioned in subsection 35(4), either:
(i) a policy has ceased to be referable to one of those funds and become referable to another fund; or
(ii) a policy referable to one or more of those funds has become referable to a further fund or funds;
the company must transfer to each fund to which the policy has become referable assets of a value equivalent to such part of the liabilities (including policy liabilities) of the company as is ascertained in accordance with the prudential standards.
(3) If, because of an endorsement as mentioned in subsection 35(4):
(a) a policy that is referable to a statutory fund becomes referable to another statutory fund; or
(b) a policy that is referable to one statutory fund becomes referable to 2 or more statutory funds;
the life company concerned must give notice to the owner of the policy in
accordance with the prudential standards.