Section EZ 62 — Income Tax Act 2007: Reinsurance transition: life financial reinsurance may be life reinsurance

EZ 62 Reinsurance transition: life financial reinsurance may be life reinsurance (1) If a life contract that is entered into before a life insurer's reinsurance grandparenting start day would be a contract for life financial reinsurance but for this section, then it is treated as life reinsurance, instead of life financial reinsurance, for the period starting on the reinsurance grandparenting start day, and ending on the earlier of,–– (a) the last day of the term of the contract, as that term is stated in the contract before the reinsurance grandparenting start day; and (b) the day 5 years after the reinsurance grandparenting start day. Meaning of reinsurance grandparenting start day (2) Reinsurance grandparenting start day means–– (a) 1 July 2010, if the life insurer does not have an early life regime application day; or (b) a life insurer's early life regime application day, if the life insurer has an early life regime application day. Defined in this Act: early life regime application day , income year , life financial reinsurance , life insurer , life reinsurance , reinsurance grandparenting start day Section EZ 62: inserted, on 1 July 2010, by section 199(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).