LIFE INSURANCE ACT 1995 - SECT 13 Business of a statutory fund

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.