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CW 59B: Income of and distributions by certain international funds
or “Tax-free income and distributions from Niue and Tokelau international trust funds”
You could also call this:

“Tax exemption for certain life reinsurance claims from overseas reinsurers”

If you are a life insurer, you might receive money from a life reinsurance claim. This money is exempt from income tax, but only for a specific part. The exempt part is the same as the amount of premiums that you weren’t allowed to deduct under section DR 3. Section DR 3 is about life reinsurance premiums paid to a reinsurer outside New Zealand. So, if you couldn’t deduct some premiums because of that rule, the same amount of your claim money won’t be taxed.

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or “Exemption for certain racing prizes and winnings”
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Part C Income
Exempt income

CW 59CLife reinsurance claims from reinsurer outside New Zealand

  1. An amount of life reinsurance claim derived by a life insurer is exempt income to the extent to which, for the relevant life reinsurance policy, deductions for premiums are denied under section DR 3 (Life reinsurance premiums to reinsurer outside New Zealand).

Notes
  • Section CW 59C: inserted, on , by section 49(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
  • Section CW 59C heading: replaced, on , by section 7(1) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).
  • Section CW 59C: amended, on , by section 7(2) of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 (2018 No 16).