Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 5   General insurance

Part 2   Consequential amendments

Income Tax Assessment Act 1997

12   Subsection 995-1(1) (definition ofcontract of reinsurance)

Repeal the definition, substitute:

contract of reinsurance , in respect of*life insurance policies, does not include a contract of reinsurance in respect of:

(a) the parts of*complying superannuation/FHSA life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a*complying superannuation/FHSA asset pool; or

(b) policies that are*exempt life insurance policies.