DZ 2Life insurers acquiring property before 1 April 1988

1. This section applies when—

2. a life insurer started carrying on the business of providing life insurance on or before the last day of the 1988–89 income year; and
3. on the last day of the 1987–88 income year the life insurer’s Life Insurance Fund covered some or all of the following matters:
   1. superannuation policies; and
   2. pre-1983 mortgage repayment insurance policies; and
   3. annuities that had been granted; and
4. the life insurer, as part of the business, acquired property before 1 April 1988; and
5. the life insurer, as part of the business, disposes of the property; and
6. either—
   1. the life insurer has not already been allowed a deduction for the property, whether under section DR 2 (Disposal of property) or any other provision; or
   2. the life insurer has been allowed a deduction for the property, but only for an amount of depreciation loss or because of the application of the old financial arrangements rules or the financial arrangements rules; and
7. section DR 2 does not apply to the disposal.

8. The life insurer is allowed a deduction for the amount quantified in section EZ 1 (Life insurers acquiring property before 1 April 1988).

9. Superannuation policy means a life insurance policy—

10. that—
    1. is vested in a superannuation fund that was or was treated as being a superannuation category 1 scheme on or before 17 December 1987, not including a scheme that was classified by the Government Actuary as a personal pension superannuation scheme and that admitted new members after 17 December 1987; or
    2. was effected for the purposes of any such superannuation fund; or
    3. was accepted by any such superannuation fund for the purposes of the fund; and
11. that has not ceased to be a policy for the purposes of the superannuation fund.

12. This section overrides the capital limitation. The general permission must still be satisfied and the other general limitations still apply.

Compare

• 2004 No 35 s DZ 2