Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 13

             (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.