13Business of a statutory fund

#### 13 Business of a statutory fund (1) A reference in this Act to the business of a statutory fund of a life company is a reference to the life insurance business to which the fund relates. (2) For the purposes of this Act: (a) a liability (including a policy liability) is taken to be referable to the business of a statutory fund if the liability is of a kind that, under Part 4, may be discharged out of the assets of the fund; and (b) an expense is taken to be referable to the business of a statutory fund if the expense is of a kind that, under Part 4, may be met out of the assets of the fund.