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Income Tax Act 2007

Timing and quantifying rules - Life insurance rules

EY 14: Life insurance and life reinsurance: how sections relate

You could also call this:

“How the law explains terms for life insurance and reinsurance”

When you read about life insurance in this law, you need to know that sections EY 8 to EY 11 explain what different words mean for life insurance. Sections EY 12 and EY 13 do the same thing, but for life reinsurance.

In this law, when you see words that are explained in sections EY 8 to EY 11, they also mean the same thing for life reinsurance, which is explained in sections EY 12 and EY 13. For example, when the law talks about a “life insurer”, it also means a “life reinsurer”, unless the law says something different for that specific situation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1515810.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Banking and loans
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EY 13: Meaning of life reinsurance policy, or

“Definition of a life reinsurance policy”

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EY 15: Policyholder base income: non-participation policies, or

“Income from non-profit-sharing savings policies for life insurers”

Part E Timing and quantifying rules
Life insurance rules

EY 14Life insurance and life reinsurance: how sections relate

  1. Sections EY 8 to EY 11 define terms relating to life insurance.

  2. Sections EY 12 and EY 13 define terms relating to life reinsurance.

  3. A reference in this Act to any of the terms defined in sections EY 8 to EY 11 includes the equivalent term in sections EY 12 and EY 13—for example, life insurer includes life reinsurer—unless the context requires otherwise.

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