Life Insurance (prudential standard) determination No. 1 of 2011 - Prudential Standard LPS 600 - Statutory Funds
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Transitional
- A benefit in respect of which all the following conditions are satisfied:
(a) the benefit is provided for by a policy issued by the life company before 1 January 1996;
(b) the policy is a kind of policy which the company had available for issue on 30 June 1995 (in circumstances where all pre-conditions under the Life Insurance Act 1945 to the issuing of that kind of policy were satisfied);
(c) if the policy had been issued at the end of 30 June 1995, it would not have been a participating policy within the meaning of the Life Insurance Act 1945 (as then in force).
Note: To avoid doubt, in this standard “charges” includes fees.
Starting Amount
- For the purposes of subsection 61(1) of the Act: