Section EY 10 — Income Tax Act 2007: Meaning of life insurer

EY 10 Meaning of life insurer Meaning (1) Life insurer means a person carrying on a business of providing life insurance. Exclusion (2) A person carrying on a business of providing life insurance in an income year is treated as not carrying on a business of providing life insurance while the person has full reinsurance. Inclusion (3) An association of persons, a body of persons, or a trustee is treated as carrying on a business of providing life insurance to the extent to which— (a) the association, body, or trustee provides life insurance; and (b) the consideration for the provision is something other than natural love and affection. Parties to policies treated as being unrelated (4) Every life insurance policy entered into by the association, body, or trustee as insurer is treated as entered into with an unrelated party, even if the life insurer and the policyholder are, for example,— (a) an association and a member of the association; or (b) a trustee and a beneficiary of the trust. Relationship with subpart HE (5) Subpart HE (Mutual associations) does not apply to the business of providing life insurance of the association, body, or trustee. Defined in this Act: business , full reinsurance , income year , life insurance , life insurance policy , life insurer , trustee , Compare: 2004 No 35 s EY 10