Life Insurance Act 1995
61Interpretation
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61 Interpretation
(1) In this Part:
Australian policy owners’ retained profits, in relation to a statutory fund at a particular time, means the total of:
(a) the starting amount; and
(b) the total of the amounts allocated, before that time, under paragraph 60(1)(a);
less: (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and (d) the total of the amounts allocated, before that time, under paragraph 60(2)(a).
overseas policy owners’ retained profits, in relation to a statutory fund at a particular time, means the total of:
(a) the starting amount; and
(b) the total of the amounts allocated, before that time, under paragraph 60(1)(c);
less: (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and (d) the total of the amounts allocated, before that time, under paragraph 60(2)(c).
shareholders’ capital, in relation to a statutory fund at a particular time, means the total of:
(a) the starting amount; and
(b) the total amount of capital payments allocated, before that time, under subsection 59(5);
less the total of the amounts referred to in paragraphs (a) and (b) distributed before that time.
shareholders’ retained profits (Australian participating), in relation to a statutory fund at a particular time, means the total of:
(a) the starting amount; and
(b) the total of the amounts allocated, before that time, under paragraph 60(1)(b);
less: (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and (d) the total of the amounts allocated, before that time, under paragraph 60(2)(b).
shareholders’ retained profits (overseas and non‑participating), in relation to a statutory fund at a particular time, means the total of:
(a) the starting amount; and
(b) the total of the amounts allocated, before that time, under paragraphs 60(1)(e) and (f);
less: (c) the total of the amounts referred to in paragraphs (a) and (b) distributed before that time; and (d) the total of the amounts allocated, before that time, under paragraphs 60(2)(e) and (f).
starting amount, for the purposes of a definition in this section, means the amount ascertained in accordance with prudential standards made for the purposes of the definition.