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Thursday, 5 December 2002
Page: 7319


Senator COONAN (Minister for Revenue and Assistant Treasurer) (5:29 PM) —by leave—I move the remaining government amendments (19), (24), (37), (43) and (45) on sheet DU353:

(19) Schedule 1, item 1, page 8 (lines 26 to 28), omit subsection (5), substitute:

(5) The amount of the lump sum under subparagraph (3)(b)(ii) or subsection (4) is the *policy termination value of the *life insurance policy that is the *annuity instrument, as calculated by an *actuary as at the date of the injured person's death. In making this calculation, the following are to be disregarded:

(a) any payments of the annuity due to be made after the end of the guarantee period;

(b) any *structured settlement lump sums that are also provided for by that policy.

(24) Schedule 1, item 1, page 10 (line 1), omit the formula, substitute:

Most recently published * All Groups Consumer Price Indes number for a * quarter

* All Groups Consumer Price Index number for the same * quarter in the base year

where:

base year means:

(a) if there have been one or more previous years for which the indexation factor was greater than 1—the year ending immediately before the most recent year for which the indexation factor was greater than 1; or

(b) otherwise—the year ending immediately before the *date of the settlement or order.

(37) Schedule 1, item 1, page 13 (line 11), omit “making up the lump sum worked out”, substitute “taken into account in working out the amount of the lump sum”.

(43) Schedule 1, page 15 (after line 4), after item 1A, insert:

1B Subsection 995-1(1)

Insert:

policy termination value, in relation to a *life insurance policy at a particular time,means the amount that is, within the meaning of the *Solvency Standard, the termination value of that policy at that time.

(45) Schedule 1, item 2, page 15 (lines 12 to 14), omit the definition of date of the settlement.

Question agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.