Section 739: Conditions to be met by policies also providing other benefits
2824.This section contains the third of the four conditions referred to in section 735(1)(c). It is aimed at preventing abuse of the exemption where an insurance policy covers other risks in addition to ill-health or loss of employment. This section is based on sections 580A and 580B of ICTA.
2825.Subsections (2) and (3) ensure that where other risks are ensured on the same policy the qualifying risks are not significantly different from what they would be if those other risks were not insured by that policy. Section 580B(2)(c) of ICTA refers to “benefits receivable by or in respect of any person” which reduce other benefits “payable to or in respect of that person”. There does not appear to be any significance in the change from “benefits receivable” to “benefits payable” and this subsection refers to benefits “payable” throughout.
