Separation of statutory funds held by life companies
102E Separation of statutory funds held by life companies
If a person who acquires an interest in a land holding entity is a life company, any interests in the land holding entity acquired or held by the life company for different statutory funds are to be treated as if they were acquired or held independently by separate persons.
If a life company acquires or holds an interest in a land holding entity otherwise than for a statutory fund, that interest is to be treated as if it were acquired or held independently of, and by a separate person to, any interest acquired or held by the life company for a statutory fund.
For the purposes of this Part, a life company, its statutory funds, and any trustee, are not to be treated as associates except in a case where the
Commissioner determines that particular dealings between them (in any combination) form substantially 1 arrangement.
In this section—
life company has the same meaning as in the
Life Insurance Act 1995 of the Commonwealth;
statutory fund has the same meaning as in the
Life Insurance Act 1995 of the Commonwealth.
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