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INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 9AA - Demutualisation of insurance companies and affiliates    View history reference

Subdivision B - Key concepts and related definitions    View history reference

SECTION 121AB  INSURANCE COMPANY DEFINITIONS  

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121AB(1)  [Mutual insurance company]  


A mutual insurance company is an insurance company:


(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
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(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.
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121AB(2)  [Insurance company]  


An insurance company is a life insurance company or a general insurance company.

121AB(3)  [Life insurance company]  

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A life insurance company is a company registered under section 21 of the Life Insurance Act 1995.

121AB(4)  [General insurance company]  


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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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