INCOME TAX ASSESSMENT ACT 1936
(a) whose profits are divisible only among its policyholders; or
(b) that satisfies all of the following conditions:
(i) it is limited by guarantee;
(ii) it did not divide its profits among its members during the 10 years ending on 9 May 1995;
(iii) on a winding-up, its profits are not divisible among its members; or
(c) that satisfies all of the following conditions:
(i) at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995, it was a friendly society (within the meaning of this Act as in force at that time);
(ii) it was an insurance company on 1 July 1999;
(iii) it does not have capital divided into shares held by its members.
An insurance company is a life insurance company or a general insurance company.121AB(3) [Life insurance company]
A life insurance company is a company registered under section 21 of the Life Insurance Act 1995 .
A general insurance company is a company whose sole or principal business is insurance business within the meaning of subsection 3(1) of the Insurance Act 1973 , but does not include a life insurance company.