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Tax Administration Act 1994

Information, record-keeping, and returns - Statements, notices, and certificates

30E: Statement to transferee by life insurer when transferring life insurance policies

You could also call this:

"Life insurers must give a statement when transferring policies to another insurer."

Illustration for Tax Administration Act 1994

When a life insurer transfers a life insurance policy to another life insurer, they must give the new insurer a statement. You need to know the statement includes the names of the old and new insurers. It also includes details about the policy and the amount being transferred. The statement must show the date of the transfer and the total amount being transferred. It must also include details about the amount, such as how much it is and when it is paid. The statement is in a form approved by the Commissioner, and it is given at the time of the transfer. The life insurer giving the statement is called the transferor, and the one getting it is called the transferee. The amount being transferred is called the transferred amount, and it is for the life insurance policy and the income year. You can find more information about this in the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7030611

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7212407.

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Money and consumer rights > Consumer protectionMoney and consumer rights > Taxes
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Part 3Information, record-keeping, and returns
Statements, notices, and certificates

30EStatement to transferee by life insurer when transferring life insurance policies

  1. A life insurer (the transferor) that transfers a life insurance policy to another life insurer (the transferee) in an income year and, immediately before the transfer, has an amount (the transferred amount) of policyholder base allowable deductions for the life insurance policy and the income year must, at the time of the transfer, give to the transferee a statement in a form approved by the Commissioner showing—

  2. the names of the transferor and transferee; and
    1. a description identifying the contracts being transferred; and
      1. the date of the transfer; and
        1. the total of transferred amounts for the contracts; and
          1. details of the quantum, timing, and nature of the amounts making up the total transferred amount.

            Notes
            • Section 30E: inserted (with effect on 1 April 2016), on , by section 310 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).