Life Insurance (prudential standard) determination No. 11 of 2010 - Prudential Standard LPS 600 - Statutory Funds
Policies insuring multiple lives with liPolicies insuring multiple lives with limited form of profit sharing
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Policies insuring multiple lives with limited form of profit sharing
- A benefit in respect of which all the following conditions are satisfied:
(a) the benefit is provided for by a policy that does not have any investment component;
(b) a group of 2 or more people are insured by the policy against the same contingencies;
(c) the benefit has the features mentioned in paragraph 15(2)(b) of the Act;
(d) the benefit includes an entitlement to share in a distribution by the life company of profits or surplus, but only by way of repayment of premiums previously paid or reduction of future premiums;
(e) the amount of the entitlement is determined by reference to the history of claims made under one or both of the following:
(i) the policy;
(ii) policies of the same kind as the policy.