Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 4   Amendment of the Life Insurance Act 1995

27   After subsection 70(1)

Insert:

(1A) The capital adequacy standard may be so expressed as to set different standards of capital adequacy:

(a) for statutory funds of different companies; or

(b) for different classes of statutory funds; or

(c) to have effect in relation to a statutory fund in circumstances specified in the capital adequacy standard.

(1B) Without limiting subsections (1) and (1A), the capital adequacy standard may provide that, in specified circumstances, a life company is taken to comply with the capital adequacy standard in respect of a statutory fund if it complies with the solvency standard under Division 1 in respect of the statutory fund.