LIFE INSURANCE ACT 1995

This compilation was prepared on 27 March 2012
taking into account amendments up to Act No. 46 of 2011

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra

Contents

Part 1--Preliminary 1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Objects of Act ..................................................................................... 1

4............ Additional operation of Act ................................................................. 2

5............ Exclusion of certain State insurance .................................................... 3

6............ Extension of Act to Norfolk Island ..................................................... 3

7............ General administration of Act ............................................................. 3

7A......... Determination that certain provisions do not apply ............................. 3

7B......... Breach of condition of a determination under section 7A .................... 4

8............ Dictionary ........................................................................................... 5

Part 2--Explanation of key concepts 6

9............ Life policy ........................................................................................... 6

9A......... Continuous disability policy ................................................................ 7

10.......... Issue and ownership of policies .......................................................... 8

11.......... Life insurance business ....................................................................... 8

12.......... Classes of life insurance business ....................................................... 9

12A....... Declarations that insurance or annuity business is life insurance business 10

12B....... Declarations that other financial business is life insurance business . 11

13.......... Business of a statutory fund .............................................................. 13

14.......... Investment account benefits, investment-linked benefits ................... 13

15.......... Participating, non-participating benefits ............................................ 15

16.......... Related bodies corporate ................................................................... 15

Part 2A--Special provisions relating to life companies that are friendly societies 17

Division 1--Preliminary 17

16A....... Overview .......................................................................................... 17

16B....... Definitions ........................................................................................ 18

Division 2--Friendly societies and how this Act applies to them 20

16C....... What is a friendly society? ................................................................ 20

16D....... Act applies to friendly societies in accordance with this Part ............ 21

16E........ Restriction on use of expression friendly society ............................... 21

Division 3--Modified operation of key concepts 24

16F........ Issue, ownership etc. of policies ....................................................... 24

Division 4--Modified operation of provisions relating to statutory funds 26

Subdivision 1--Modifications 26

16G....... Act generally applies as if references to a statutory fund were references to an approved benefit fund 26

16H....... Modification of section 34 ................................................................ 26

16I......... Modification of section 38 ................................................................ 27

16J........ Modification of section 43 ................................................................ 27

16K....... Modification of section 45 ................................................................ 28

Subdivision 2--Approved benefit fund rules 28

16L........ Approval of benefit fund rules .......................................................... 28

16N....... When benefit fund rules approved by APRA come into force .......... 29

16O....... Benefit fund rules approved by APRA and in force form part of company's constitution 29

16P........ Amendment of approved benefit fund rules not effective unless approved by APRA 30

16Q....... Amendment of approved benefit fund rules on initiative of friendly society 30

16R....... Amendment of approved benefit fund rules as required by APRA ... 31

16T........ When amendment of benefit fund rules approved or determined by APRA come into force 33

16U....... Approval of consequential amendments of company's constitution .. 33

16V....... Consequential amendments of constitution as required by APRA .... 34

16X....... When consequential amendments approved or determined by APRA come into force 36

16Y....... Consequential amendments approved by APRA and in force take effect as amendments of company's constitution .......................................................................................................... 36

16Z........ Contractual effect of approved benefit fund rules and policies .......... 37

Division 5--Other modifications 38

16ZA..... Assignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy 38

16ZB..... Certain friendly societies may continue to carry on health insurance business--modified operation of this Act 38

16ZC..... Other modifications ........................................................................... 39

Part 2B--Special provisions relating to Australian branches of foreign life insurance companies 40

16ZD..... Eligible foreign life insurance company ............................................ 40

16ZE..... Act does not apply to foreign life insurance business of eligible foreign life insurance company 41

16ZF..... Compliance Committee of eligible foreign life insurance company ... 41

16ZG..... Address for service of eligible foreign life insurance companies ...... 42

Part 3--Registration of life companies and their NOHCs 43

Division 1--Registration of life companies 43

17.......... When registration is required ............................................................ 43

18.......... Certain activities not regarded as carrying on life business ............... 43

19.......... Certain persons taken to carry on life business etc. ........................... 44

20.......... Application for registration ............................................................... 44

21.......... Decision on application for registration ............................................. 45

22.......... Conditions of registration .................................................................. 45

26.......... Cancellation of registration: defunct company ................................... 46

27.......... Voluntary deregistration .................................................................... 47

Division 2--Registration of NOHCs of life companies 48

28A....... Registration as a NOHC ................................................................... 48

28B....... Conditions on a NOHC registration .................................................. 48

28C....... When APRA may revoke a NOHC registration ............................... 49

28D....... When APRA must revoke a NOHC registration .............................. 50

28E........ Continuation of body corporate's NOHC registration ...................... 50

28.......... Continuation of effect of company's registration .............................. 51

Part 4--Statutory funds of life companies 52

Division 1--General requirements 52

29.......... What is a statutory fund? ................................................................... 52

30.......... Outline of requirements regarding statutory funds ............................ 52

31.......... Requirement that company have statutory funds ............................... 52

32.......... Duty of company in relation to statutory funds ................................. 53

33.......... Notice to APRA when fund established ........................................... 54

34.......... Assets of statutory fund .................................................................... 54

35.......... Identification of policies referable to statutory fund .......................... 55

36.......... Payments to statutory fund ................................................................ 56

37.......... Capital payments to statutory funds .................................................. 56

38.......... Expenditure and application of statutory fund ................................... 56

39.......... Prohibition of reinsurance between funds ......................................... 58

40.......... Mortgages etc. of assets .................................................................... 58

41.......... Effect of non-compliance with section 38 ¾general .......................... 59

41A....... Effect of non-compliance with section 38 ¾certain classes of transactions 59

42.......... Investment performance guarantee--limit of certain liabilities .......... 59

43.......... Investment of statutory funds ............................................................ 60

45.......... Transfer of assets between funds ...................................................... 61

46.......... Restriction on restructure or termination of statutory funds .............. 62

47.......... Ascertainment of income and outgoings of a statutory fund ............. 62

Division 2--Duties and liabilities of directors etc. 63

48.......... Duty of directors in relation to statutory funds .................................. 63

49.......... APRA may give notice ..................................................................... 64

50.......... Liability of directors .......................................................................... 64

51.......... APRA's power to sue in the name of a company ............................. 65

Division 3--Restructure and termination of statutory funds 66

52.......... Restructure of statutory funds ........................................................... 66

53.......... Termination of statutory funds .......................................................... 67

Division 4--Additional requirements for transfer of policies between statutory funds by endorsement 68

55.......... Additional requirements for transfer of policies between statutory funds by endorsement 68

Division 5--Allocation of profits and losses and capital payments 69

56.......... Interpretation ..................................................................................... 69

57.......... Obligation to allocate operating profit or loss .................................... 69

58.......... Operating profit etc. .......................................................................... 69

59.......... Allocation of operating profit etc. ...................................................... 70

60.......... Basis of allocation of operating profit etc. ......................................... 71

Division 6--Distribution of retained profits and shareholders' capital 73

61.......... Interpretation ..................................................................................... 73

62.......... Distribution of retained profits .......................................................... 75

63.......... Distribution of shareholders' capital ................................................. 76

Part 6--Financial management of life companies etc. 78

Division 1--Preliminary 78

74.......... Interpretation ..................................................................................... 78

Division 2--Financial records and statements 79

75.......... Financial records--Australian and Australian/overseas funds .......... 79

76.......... Financial records--overseas funds ................................................... 79

76A....... Keeping records ................................................................................ 80

77.......... Financial year of a life company ........................................................ 81

78.......... Treatment of income and outgoings relating to mixed
business ............................................................................................ 82

79.......... Treatment of income or outgoings relating to 2 or more categories of business etc. 82

80.......... Basis of apportionment ..................................................................... 83

81.......... Treatment of appreciation and depreciation of assets ......................... 83

83.......... Requirement for life company to have an auditor .............................. 84

83A....... Additional auditors ............................................................................ 84

83B....... Compliance with prudential standards ............................................... 84

84.......... Appointment of auditor ..................................................................... 84

85.......... Ending an appointment as auditor ..................................................... 85

86.......... Life company must enable auditors ................................................... 85

87.......... Notification of appointment etc. of auditor ........................................ 85

88.......... Obligations of auditors of certain bodies to report to bodies and APRA 86

88A....... Auditor may give information to APRA ........................................... 88

88B....... Duty of auditor to give information when required ........................... 88

89.......... Qualified privilege of auditors ........................................................... 89

90.......... Auditor must notify APRA of attempts to unduly influence etc. the auditor 89

91.......... Giving auditor false or misleading information ................................. 90

Division 3--Appointed actuaries 92

93.......... Appointment ..................................................................................... 92

94.......... Ending an appointment as actuary ..................................................... 92

95.......... Notification of appointment etc. ........................................................ 93

96.......... Compliance with prudential standards ............................................... 93

97.......... Role of actuary .................................................................................. 93

98.......... Actuary's obligation to report to APRA ........................................... 94

98A....... Appointed actuary may give information to APRA .......................... 96

98B....... Duty of appointed actuary to give information when required .......... 96

99.......... Qualified privilege of appointed actuary ............................................ 97

Division 8--Miscellaneous 98

114........ Method of valuing policy liabilities ................................................... 98

124........ Policy owner's right to copy of reporting documents ....................... 98

125........ Referring matters to professional associations for auditors and actuaries 98

125A..... APRA may direct removal of auditor or actuary ............................... 99

Part 7--Monitoring and investigation of life companies and registered NOHCs 102

Division 1--Preliminary 102

126........ Interpretation ................................................................................... 102

127........ Appointment of authorised persons ................................................ 103

128........ Associated body corporate .............................................................. 103

129........ Related bodies corporate ................................................................. 103

Division 2--Monitoring life companies and registered NOHCs 105

130........ Purpose of Division ........................................................................ 105

131........ Requirement to give information to Regulator ................................. 105

132........ Requirement to produce records ...................................................... 105

132A..... Requirement to notify APRA of certain matters .............................. 106

133........ Access to premises .......................................................................... 109

133A..... Enforceable undertakings ................................................................ 109

Division 3--Investigation by APRA 111

135........ Giving of show cause notice ........................................................... 111

136........ Grounds for giving of show cause notice ....................................... 111

137........ Decision to investigate .................................................................... 112

138........ Investigation of associated body corporate ...................................... 113

139........ Investigation procedure ................................................................... 113

140........ Access to premises for purposes of investigation ........................... 114

141........ Requirement to produce records ...................................................... 114

142........ Regulator's power to require assistance .......................................... 114

143........ Application for warrant to seize records not produced .................... 115

144........ Grant of warrant .............................................................................. 115

145........ Powers if records produced or seized ............................................. 116

146........ Powers if records not produced ...................................................... 117

147........ Offences related to investigations .................................................... 117

149........ Regulator must give body corporate written summary of conclusions 118

151........ Identity cards ................................................................................... 118

Division 3A--Life companies required to comply with determinations of the Superannuation Complaints Tribunal 120

151A..... Life companies must comply with determinations of the Superannuation Complaints Tribunal 120

Division 4--Special provisions relating to the execution of warrants 121

152........ Interpretation ................................................................................... 121

153........ Use of equipment to examine or process things .............................. 121

154........ Use of electronic equipment at premises ......................................... 122

155........ Compensation for damage to electronic equipment ......................... 124

156........ Copies of seized things to be provided ............................................ 124

Division 5--Protections in relation to information 125

Subdivision A--Protection for whistleblowers 125

156A..... Disclosures qualifying for whistleblower protection ....................... 125

156B..... Whistleblower protection for disclosures that qualify ..................... 126

156C..... Victimisation of whistleblowers prohibited ..................................... 127

156D..... Right to compensation ..................................................................... 128

156E...... Confidentiality requirement for body and its officers, employees and auditors 128

Subdivision B--Self-incrimination 130

156F...... Self-incrimination ............................................................................ 130

Part 8--Judicial management, other external administration and winding up 131

Division 1--Judicial management 131

157........ Application for order for judicial management ................................ 131

158........ Order for judicial management after investigation ........................... 131

159........ Order for judicial management on other grounds ............................ 131

160........ Commencement of judicial management ......................................... 132

161........ Stay of proceedings during judicial management ............................ 132

162........ No judicial management except in accordance with this Act ........... 133

163........ Appointment of judicial manager .................................................... 133

164........ Remuneration of judicial manager ................................................... 133

165........ Management vests in judicial manager ............................................ 133

165A..... Effect on external administrator of judicial manager managing company 134

165B..... Judicial manager being in control not ground for denying obligation 135

166........ Continued application of other Parts of Act .................................... 135

167........ Court's control of judicial manager ................................................. 135

168........ Powers of judicial manager ............................................................. 136

168A..... Judicial manager's additional powers to facilitate recapitalisation ... 137

168B..... Considering report before acting under section 168A ..................... 138

168C..... Act under section 168A not ground for denying obligation ............ 140

169........ Application by APRA for instructions to judicial manager ............. 141

170........ Request by APRA for information ................................................. 141

171........ Duration of judicial management ..................................................... 141

172........ Cancellation of judicial management ............................................... 141

173........ Judicial manager must conduct management efficiently and economically 142

174........ Disclaimer of onerous property ....................................................... 142

175........ Report by judicial manager .............................................................. 143

176........ Order of Court on report of judicial manager .................................. 144

177........ Transfer of business to another company ........................................ 145

178........ Resignation ..................................................................................... 145

179........ Indemnity ........................................................................................ 145

179A..... Exceptions to Part IV of the Competition and Consumer Act 2010 146

Division 1A--Other external administration 147

179B..... Relationship of this Division with Chapter 5 of the Corporations Act 2001 147

179C..... Involving APRA in applications to appoint external administrators of life companies 147

Division 2--Winding-up 148

180........ Winding-up of life companies ......................................................... 148

181........ Order on application by APRA ....................................................... 149

182........ Operation of Corporations Act ........................................................ 149

183........ Notification to APRA regarding applications by liquidator ............. 149

183A..... Application by liquidator for directions--voluntary winding up of friendly society 149

184........ Application by APRA for directions ............................................... 150

185........ APRA's power to ask for information ............................................ 150

186........ Determination of amounts to be treated as liabilities of life company 150

187........ Application of statutory fund assets ................................................ 151

188........ Liability of directors for loss to statutory fund ................................ 152

Part 9--Transfers and amalgamations of life insurance business 154

189........ Interpretation ................................................................................... 154

190........ Transfer or amalgamation of life insurance business ....................... 154

191........ Steps to be taken before application for confirmation ...................... 155

192........ Actuarial report on scheme .............................................................. 156

193........ Application to Court ........................................................................ 156

194........ Confirmation of scheme .................................................................. 156

195........ Effect of confirmation etc. ............................................................... 156

196........ Costs of actuary's report ................................................................. 157

197........ Documents to be lodged in case of transfer or amalgamation .......... 157

Part 10--Provisions relating to policies 158

Division 1--Issue of policies 158

198........ Alteration of proposal and policy forms .......................................... 158

199........ Capacity of young persons to insure etc. ......................................... 159

Division 2--Assignments and mortgages 160

200........ Assignment of policy ...................................................................... 160

201........ Mortgages and trusts ....................................................................... 162

202........ Effect of notice of trust etc. ............................................................. 162

203........ Transfer of policy after change of trustee ........................................ 163

Division 2A--Restriction on assignment or commutation of payments under structured settlements and structured orders 164

203A..... Definitions ...................................................................................... 164

203B..... Application of Division to tax-exempt annuities and lump sums .... 164

203C..... Assignments or commutations of tax-exempt annuities are generally not effective 165

203D..... Assignments or commutations of tax-exempt lump sums are not effective 165

203E...... Relationship with Division 2 ........................................................... 165

Division 3--Protection of policies 166

204........ Protection of interest of insured ...................................................... 166

205........ Protection of policy money on person's death ................................ 166

Division 4--Surrender values, paid-up policies and non-forfeiture of policies 168

206........ Application of Division ................................................................... 168

207........ Surrender of policies ....................................................................... 168

208........ Relaxation of company's obligations to surrender .......................... 169

209........ Paid-up policies ............................................................................... 169

210........ Non-forfeiture of policies in certain cases of non-payment of premiums 170

Division 5--Payment of policy money 172

211........ Probate or administration not necessary in certain cases--a single policy 172

212........ Probate or administration not necessary in certain cases--2 or more policies 173

213........ Death of policy owner who is not the life insured ........................... 174

214........ Company not bound to see to the application of money paid by it .. 175

215........ Power to pay money into Court ...................................................... 175

216........ Unclaimed money ........................................................................... 175

217........ No deduction in respect of other policies ........................................ 178

Division 6--Children's advancement policies 179

218........ Interpretation ................................................................................... 179

219........ Property in child's advancement policy ........................................... 180

220........ Death or bankruptcy of policy owner .............................................. 180

Division 7--Lost or destroyed policy documents 182

221........ Lost or destroyed policy--issue of replacement policy document ... 182

222........ Form of replacement policy document ............................................ 183

223........ Notice before issuing replacement policy document ........................ 183

224........ Claim under policy where policy document lost or destroyed ......... 184

225........ Application of sections 221, 222, 223 and 224 to replacement policy document 185

Division 8--General 186

226........ Registers ......................................................................................... 186

227........ Registration of policies .................................................................... 186

228........ Effect of suicide on policy ............................................................... 187

229........ Condition as to war risk void .......................................................... 187

230........ Policies not invalidated by contraventions of the Act ...................... 187

Part 10A--Prudential standards and directions 188

Division 1--Prudential standards 188

230A..... APRA may make prudential standards for life companies, registered NOHCs and subsidiaries 188

Division 2--Directions 191

Subdivision A--Recapitalisation directions 191

230AA.. Who this Subdivision applies to ...................................................... 191

230AB.. Recapitalisation direction by APRA ................................................ 191

230AC.. Additional contents of a recapitalisation direction ........................... 192

230AD.. Compliance with a recapitalisation direction .................................... 192

230AE... APRA must obtain expert's report on the fair value of shares etc. .. 193

230AF... Determination of the fair value of shares by an expert .................... 194

230AG.. Determination of the fair value of rights by an expert ..................... 194

230AH.. Ascertaining the fair value of other capital instruments ................... 195

230AI.... Contravention of certain provisions does not affect the validity of recapitalisation direction etc. 195

230AJ... Recapitalisation direction not grounds for denial of
obligations ....................................................................................... 195

230AK.. Supply of information about issue and revocation of recapitalisation directions 196

230AL... Non-compliance with a recapitalisation direction ............................ 197

230AM. Exceptions to Part IV of the Competition and Consumer Act 2010 199

Subdivision B--Other directions 199

230B..... APRA may give directions in certain circumstances ....................... 199

230C..... Direction not grounds for denial of obligations ............................... 203

230D..... Supply of information about issue and revocation of directions ...... 204

230E...... Secrecy requirements ...................................................................... 205

230F...... Non-compliance with a direction ..................................................... 206

Part 11--Miscellaneous 208

233........ Operation of State and Territory laws ............................................. 208

233A..... Transfer by life insurance company to statutory fund ..................... 208

234........ Prohibition of mixed insurance business ......................................... 209

235........ Injunctions ...................................................................................... 209

236........ Review of certain decisions ............................................................. 211

237........ Constitution and procedure of Tribunal ........................................... 215

240........ Register of Life Companies and Non-Operating Holding Companies 215

241........ Inspection of Register etc. ............................................................... 215

242........ Non-shareholder members of life company--voting by post .......... 216

245........ Disqualified persons not to be directors, principal executive officers etc. of life companies 216

245A..... Court power of disqualification ....................................................... 219

245B..... Court power to revoke or vary a disqualification etc. ...................... 221

245C..... Privilege against exposure to penalty--disqualification under section 245A 221

246........ Principal executive officer ............................................................... 222

247........ Protection of person who discloses information etc. under compulsion 223

248........ Offences .......................................................................................... 223

250........ Conduct by directors, servants and agents ...................................... 223

251........ Compensation for acquisition of property ....................................... 225

251A..... Authorising contracts etc. for protecting policy owners' interests and financial system stability 225

251B..... Borrowing funds for payments under authorised contracts
etc. ................................................................................................... 227

253........ Regulations ..................................................................................... 227

Part 12--How this Act affects existing life companies etc. 229

254........ Companies registered under Life Insurance Act 1945 ..................... 229

264........ Saving provision: sections 83, 84 and 94 of the Life Insurance Act 1945 229

Schedule--Dictionary 230

Notes 237

An Act relating to life insurance, and for related purposes

Notes to the Life Insurance Act 1995

Note 1

The Life Insurance Act 1995 as shown in this compilation comprises Act No. 4, 1995 amended as indicated in the Tables below.

The Life Insurance Act 1995 was amended by the Workplace Relations Amendment (Work Choices) (Consequential Amendments) Regulations 2006 (No. 1) (SLI 2006 No. 50). The amendment is incorporated in this compilation.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

All relevant information pertaining to application, saving or transitional provisions prior to 29 June 1998 is not included in this compilation. For subsequent information see Table A.

The Life Insurance Act 1995 was modified by the Life Insurance Regulations 1995 (1995 No. 141 as amended by 1999 No. 146 and SLI 2007 No. 342; 2010 No. 24) see Table B.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Life Insurance Act 1995	4, 1995	23 Feb 1995	1 July 1995 (see Gazette 1995, No. GN24)
Superannuation Industry (Supervision) Legislation Amendment Act 1995	144, 1995	12 Dec 1995	Schedule 2: Royal Assent (a)	--
Workplace Relations and Other Legislation Amendment Act 1996	60, 1996	25 Nov 1996	Schedule 19 (item 25): Royal Assent (b)	--
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Financial Laws Amendment Act 1997	107, 1997	30 June 1997	Schedule 12: Royal Assent (c)	--
as amended by
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 6 (item 6): 30 June 1997 (d)	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (item 116): 1 July 1998 (see Gazette 1998, No. S316) (e)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998	54, 1998	29 June 1998	Schedule 13 (items 1-187): 1 July 1998 ( see Gazette 1998, No. S316) (f) Schedule 13 (items 188-197): Royal Assent (f)	Sch. 13 (item 197) [see Table A]
as amended by
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 6 (item 10): (g)	--
Company Law Review Act 1998	61, 1998	29 June 1998	Schedule 4 (items 13-25): 1 July 1998 ( see Gazette 1998, No. S317) (h) Schedule 5 (items 34-36): (h)	S. 2(5) (am. by 63, 1998, Sch. 7 [item 1])
as amended by
Taxation Laws Amendment (Company Law Review) Act 1998	63, 1998	29 June 1998	Schedule 7 (item 1): 1 July 1998 ( see Gazette 1998, No. S325) (i)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 4: 1 July 1999 (see Gazette 1999, No. S283) (k) Schedule 8: Royal Assent (j)	Sch. 8 (items 10-20, 22 and 23) [see Table A]
Corporate Law Economic Reform Program Act 1999	156, 1999	24 Nov 1999	Schedule 5 (items 22-25): 13 Mar 2000 (see Gazette 2000, No. S114) (k)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000	24, 2000	3 Apr 2000	Schedule 6: (l) Schedule 12 (items 1-3): 3 Apr 2000 (l) Schedule 12 (item 8): Royal Assent (l)	Sch. 12 (items 1-3, 8) [see Table A]
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000	137, 2000	24 Nov 2000	Ss. 1-3 and Schedule 1 (items 1, 4, 6, 7, 9-11, 32): Royal Assent Remainder: 24 May 2001	Sch. 2 (items 418, 419) [see Table A]
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001	31, 2001	28 Apr 2001	Ss. 1-3, Schedule 1 (items 1-4) and Schedule 2: Royal Assent Schedule 1 (items 171, 172): 18 Jan 2001 (see s. 2(2)) Remainder: 15 Dec 2001 (see s. 2(4))	--
as amended by
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 3) 2001	117, 2001	18 Sept 2001	Schedule 2 (items 2-5): (m)	--
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 305-334): 15 July 2001 (see Gazette 2001, No. S285) (n)	Ss. 4-14 [see Note 1]
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001	121, 2001	24 Sept 2001	Ss. 1-3: Royal Assent Remainder: 1 July 2002 (see s. 2(2) and Gazette 2002, No. GN24)	Sch. 2 (item 75) [see Table A]
Financial Services Reform (Consequential Provisions) Act 2001	123, 2001	27 Sept 2001	Schedule 1 (items 257, 258): 11 Mar 2002 (see Gazette 2001, No. GN42) (o)	--
Financial Sector Legislation Amendment Act (No. 1) 2002	37, 2002	26 June 2002	Schedule 6: 27 June 2002	--
Workplace Relations Legislation Amendment (Registration and Accountability of Organisations) (Consequential Provisions) Act 2002	105, 2002	14 Nov 2002	Schedule 3 (item 54): 12 May 2003 (see s. 2 and Gazette 2002, No. GN49)		--
Taxation Laws Amendment (Structured Settlements and Structured Orders) Act 2002	139, 2002	19 Dec 2002	19 Dec 2002		Sch. 1 (item 17) [see Table A]
US Free Trade Agreement Implementation Act 2004	120, 2004	16 Aug 2004	Schedule 4: 1 Jan 2005		--
Administrative Appeals Tribunal Amendment Act 2005	38, 2005	1 Apr 2005	Schedule 1 (items 224, 225): 16 May 2005		--
Statute Law Revision Act 2005	100, 2005	6 July 2005	Schedule 1 (item 29): Royal Assent		--
Statute Law Revision Act 2006	9, 2006	23 Mar 2006	Schedule 1 (item 17): Royal Assent		--
Statute Law Revision Act 2007	8, 2007	15 Mar 2007	Schedule 1 (item 17): (p) Schedule 1 (item 18): (p)		--
Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007	32, 2007	30 Mar 2007	Schedule 2 (items 55, 56): 1 Apr 2007 (see s. 2(1))		--
Financial Sector Legislation Amendment (Restructures) Act 2007	117, 2007	28 June 2007	28 June 2007		--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 1 (items 67-135, 290, 293, 296): Royal Assent Schedule 1 (items 189-237): 1 Jan 2008 Schedule 1 (items 256-273, 276-289): 1 July 2011		Sch. 1 (items 290, 293, 296) [see Table A]
as amended by
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Schedule 4 (item 26): 27 July 2010		--
Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008	25, 2008	26 May 2008	Schedule 1 (items 22-34), Schedule 2 (items 17-25), Schedule 3 (items 28-31) and Schedule 4 (items 28-37, 43): Royal Assent		Sch. 1 (item 34), Sch. 2 (item 25) and Sch. 4 (item 43) [see Table A]
as amended by
Statute Law Revision Act 2010	8, 2010	1 Mar 2010	Schedule 2 (item 10): (q)		--
First Home Saver Accounts (Consequential Amendments) Act 2008	45, 2008	25 June 2008	Schedule 3 (items 16-27): 26 June 2008		--
as amended by
Statute Law Revision Act 2010	8, 2010	1 Mar 2010	Schedule 2 (item 12): (q)		--
First Home Saver Accounts (Further Provisions) Amendment Act 2008	92, 2008	30 Sept 2008	Schedule 2 (items 39, 40): 1 Oct 2008		--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Schedule 4: 18 Oct 2008		Sch. 4 (items 5, 7, 12, 14, 22, 24, 30) [see Table A]
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008	144, 2008	9 Dec 2008	Schedule 14 (items 120-129): 10 Dec 2008		Sch. 14 (item 129) [see Table A]
Fair Work (State Referral and Consequential and Other Amendments) Act 2009	54, 2009	25 June 2009	Schedule 18 (item 12): (r)		--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (items 1-187): 27 Feb 2010 Schedule 2 (items 8, 14): 28 Aug 2009		Sch. 1 (items 14, 16, 81, 88, 117, 126, 135, 145, 180) and Sch. 2 (item 14) [see Table A]
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Schedule 3 (items 1-51, 53-63) and Schedule 6 (items 1, 43-50): 27 July 2010 Schedule 3 (item 52): (s)		Sch. 3 (items 62, 63) [see Table A]
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010	103, 2010	13 July 2010	Schedule 6 (items 1, 73): 1 Jan 2011		--
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Schedule 2 (item 755) and Schedule 3 (items 10, 11): 27 Dec 2011		Sch. 3 (items 10, 11) [see Table A]

(a) The Life Insurance Act 1995 was amended by Schedule 2 only of the Superannuation Industry (Supervision) Legislation Amendment Act 1995, subsection 2(1) of which provides as follows:

(1) Sections 1, 2 and 3, subsection 4(1), section 5, Schedules 1 and 2, items 1, 6, 10, 22 to 27, 30 to 33, 71 to 75 and 86 of Schedule 4 and items 1 to 7, 10 to 12, 25 to 71, 73 to 78, paragraphs (a), (b) and (c) of item 95, paragraphs (a) and (b) of item 96 and items 97 to 102 of Schedule 5 commence on the day on which this Act receives the Royal Assent.

(b) The Life Insurance Act 1995 was amended by Schedule 19 (item 25) only of the Workplace Relations and Other Legislation Amendment Act 1996, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(c) The Life Insurance Act 1995 was amended by Schedule 12 only of the Financial Laws Amendment Act 1997 subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(d) The Financial Laws Amendment Act 1997 was amended by Schedule 6 (item 6) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsection 3(7) of which provides as follows:

(7) Item 6 of Schedule 6 is taken to have commenced on the commencement of Schedule 12 to the Financial Laws Amendment Act 1997.

(e) The Life Insurance Act 1995 was amended by Schedule 1 (item 116) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

(2) Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(f) The Life Insurance Act 1995 was amended by Schedule 13 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsections 2(2)(k) and (13) of which provide as follows:

(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:

(k) Parts 1 to 6 of Schedule 13;

(13) Part 7 of Schedule 13 commences on the day on which this Act receives the Royal Assent.

(g) The Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 was amended by Schedule 6 (item 10) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsection 3(8) of which provides as follows:

(8) Item 10 of Schedule 6 is taken to have commenced immediately before the commencement of Part 1 of Schedule 13 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998.

(h) The Life Insurance Act 1995 was amended by Schedule 4 (items 13-25) and Schedule 5 (items 34-36) only of the Company Law Review Act 1998, subsections 2(2), (3) and (5) of which provide as follows:

(2) Subject to subsection (3), section 3 and Schedules 1, 2, 3 and 4 commence on a day to be fixed by Proclamation.

(3) If that section and those Schedules do not commence under subsection (2) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period.

(5) Schedule 5 commences immediately after section 1 of the Taxation Laws Amendment (Company Law Review) Act 1998 commences.

Section 1 of the Taxation Laws Amendment (Company Law Review) Act 1998 commenced on 1 July 1998.

(i) The Company Law Review Act 1998 was amended by Schedule 7 (item 1) only of the Taxation Laws Amendment (Company Law Review) Act 1998, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on a day to be fixed by Proclamation.

However, if that day is the same day as the day on which Schedule 3 to the Company Law Review Act 1998 commences, this Act commences immediately after item 32 of that Schedule commences.

Item 32 of Schedule 3 to the Company Law Review Act 1998 commenced on 1 July 1998.

(j) The Life Insurance Act 1995 was amended by Schedule 4 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsections 3(1), (2)(c) and (16) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) The following provisions commence on the transfer date:

(16) The Governor-General may, by Proclamation published in the Gazette, specify the date that is to be the transfer date for the purposes of this Act.

(k) The Life Insurance Act 1995 was amended by Schedule 5 (items 22-25) only of the Corporate Law Economic Reform Program Act 1999, subsection 2(2)(b) of which provides as follows:

(2) The following provisions commence on a day or days to be fixed by Proclamation:

(b) the items in Schedules 1 to 7 (other than item 18 of Schedule 7);

(l) The Life Insurance Act 1995 was amended by Schedule 6 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (6), (12) and (13) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(6) Item 1 of Schedule 6 commences, or is taken to have commenced, immediately after the commencement of item 11 of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

(12) Part 1 of Schedule 12 commences:

(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and

(b) on the day that is the last day on which any of those Acts received the Royal Assent.

(13) These are the relevant Acts for the purposes of paragraph (12)(a):

(a) this Act;

(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.

(m) The Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 was amended by Schedule 2 (items 2-5) only of the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 3) 2001, subsection 2(4) of which provides as follows:

(4) Schedule 2 and Part 4 of Schedule 3 are taken to have commenced immediately after the commencement of item 14 of Schedule 1 to the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001.

Item 14 of Schedule 1 commenced on 15 December 2001.

(n) The Life Insurance Act 1995 was amended by Schedule 3 (items 305-334) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(o) The Life Insurance Act 1995 was amended by Schedule 1 (items 257 and 258) only of the Financial Services Reform (Consequential Provisions) Act 2001, subsections 2(1) and (6) of which provide as follows:

(1) In this section :

FSR commencement means the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.

(6) Subject to subsections (7) to (17), the other items of Schedule 1 commence on the FSR commencement.

(p) Subsection 2(1) (items 14 and 15) of the Statute Law Revision Act 2007 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
14. Schedule 1, item 17	Immediately after the commencement of item 29 of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.	1 July 1999
15. Schedule 1, item 18	Immediately after the commencement of section 151 of the Life Insurance Act 1995	1 July 1995

(q) Subsection 2(1) (items 13 and 15) of the Statue Law Revision Act 2010 provides as follows:

Provision(s)	Commencement	Date/Details
13. Schedule 2, item 10	Immediately after the time specified in the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 for the commencement of item 29 of Schedule 1 to that Act.	26 May 2008
15. Schedule 2, item 12	Immediately after the time specified in the First Home Saver Accounts (Consequential Amendments) Act 2008 for the commencement of item 26 of Schedule 3 to that Act.	26 June 2008

(r) Subsection 2(1) (item 41) of the Fair Work (State Referral and Consequential and Other Amendments) Act 2009 provides as follows:

Provision(s)	Commencement	Date/Details
41. Schedule 18	Immediately after the commencement of Part 2-4 of the Fair Work Act 2009.	1 July 2009

(s) Subsection 2(1) (item 9) of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 provides as follows:

Provision(s)	Commencement	Date/Details
9. Schedule 3, item 52	The later of: (a) the same time as the provision(s) covered by table item 8; and (b) immediately after the commencement of Schedule 5 to the Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.	1 January 2011 (paragraph (b) applies)

Provision(s)

Commencement

Date/Details

9. Schedule 3, item 52

The later of:

(a) the same time as the provision(s) covered by table item 8; and

(b) immediately after the commencement of Schedule 5 to the Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 January 2011

(paragraph (b) applies)

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part 1
Heading to s. 3..................	am. No. 44, 1999
S. 3......................................	am. No. 54, 1998; No. 44, 1999; No. 105, 2008; No. 82, 2010
S. 4......................................	am. No. 75, 2009
S. 7......................................	rs. No. 54, 1998
Ss. 7A, 7B...........................	ad. No. 154, 2007
Part 2
S. 9A...................................	ad. No. 107, 1997
	am. No. 44, 1999
S. 11....................................	am. No. 60, 1996; No. 44, 1999; No. 105, 2002; SLI 2006 No. 50; No. 54, 2009
Note to s. 11(1)..................	ad. No. 44, 1999
Note to s. 11(3)..................	ad. No. 44, 1999
S. 12....................................	am. No. 54, 1998; No. 44, 1999
S. 12A.................................	ad. No. 44, 1999
	am. No. 154, 2007; No. 75, 2009
S. 12B.................................	ad. No. 44, 1999
	am. No. 55, 2001; No. 154, 2007; No. 75, 2009
S. 14....................................	am. No. 54, 1998; No. 45, 2008
S. 15....................................	am. No. 54, 1998; No. 154, 2007
Heading to s. 16................	am. No. 75, 2009
S. 16....................................	am. No. 55, 2001; No. 75, 2009
Part 2A
Part 2A................................	ad. No. 44, 1999
Division 1
S. 16A.................................	ad. No. 44, 1999
	am. No. 154, 2007
Note to s. 16A(6)................	am. No. 154, 2007
S. 16B.................................	ad. No. 44, 1999
	am. No. 154, 2007
Division 2
S. 16C.................................	ad. No. 44, 1999
	am. No. 55, 2001; No. 154, 2007
S. 16D.................................	ad. No. 44, 1999
S. 16E.................................	ad. No. 44, 1999
	am. No. 31, 2001; No. 82, 2010
Division 3
S. 16F.................................	ad. No. 44, 1999
Division 4
Subdivision 1
S. 16G.................................	ad. No. 44, 1999
S. 16H.................................	ad. No. 44, 1999
	am. No. 154, 2007
S. 16I...................................	ad. No. 44, 1999
S. 16J..................................	ad. No. 44, 1999
	am. No. 154, 2007
S. 16K.................................	ad. No. 44, 1999
Subdivision 2
S. 16L..................................	ad. No. 44, 1999
	am. Nos. 31 and 55, 2001; No. 154, 2007; No. 82, 2010
S. 16M.................................	ad. No. 44, 1999
	am. No. 31, 2001
	rep. No. 154, 2007
S. 16N.................................	ad. No. 44, 1999
	am. No. 154, 2007
Ss. 16O, 16P......................	ad. No. 44, 1999
Ss. 16Q, 16R......................	ad. No. 44, 1999
	am. No. 31, 2001; No. 154, 2007; No. 82, 2010
S. 16S.................................	ad. No. 44, 1999
	am. No. 31, 2001
	rep. No. 154, 2007
S. 16T.................................	ad. No. 44, 1999
	am. No. 154, 2007
Ss. 16U, 16V.......................	ad. No. 44, 1999
	am. No. 31, 2001; No. 154, 2007; No. 82, 2010
S. 16W................................	ad. No. 44, 1999
	am. No. 31, 2001
	rep. No. 154, 2007
S. 16X.................................	ad. No. 44, 2007
	am. No. 154, 2007
Ss. 16Y, 16Z.......................	ad. No. 44, 1999
Division 5
S. 16ZA...............................	ad. No. 44, 1999
	am. No. 24, 2000
S. 16ZB...............................	ad. No. 44, 1999
Note to s. 16ZB(2).............	am. No. 32, 2007
S. 16ZC...............................	ad. No. 44, 1999
	am. No. 46, 2011
Part 2B
Part 2B................................	ad. No. 120, 2004
S. 16ZD...............................	ad. No. 120, 2004
	am. No. 75, 2009
Ss. 16ZE-16ZG..................	ad. No. 120, 2004
Part 3
Heading to Part 3..............	rs. No. 75, 2009
Division 1
Heading to Div. 1 of Part 3........................................	ad. No. 75, 2009
Heading to s. 17................	rs. No. 44, 1999
S. 17....................................	am. No. 44, 1999; No. 75, 2009
S. 20....................................	am. No. 54, 1998
	rs. No. 154, 2007
	am. No. 75, 2009; No. 82, 2010
S. 21....................................	am. No. 54, 1998; No. 44, 1999; No. 121, 2001; No. 154, 2007; No. 25, 2008; No. 75, 2009
S. 22....................................	am. No. 54, 1998; No. 75, 2009
S. 23....................................	am. Nos. 54 and 61, 1998
	rep. No. 44, 1999
S. 24....................................	am. No. 54, 1998
	rep. No. 44, 1999
Heading to s. 25................	am. No. 54, 1998
	rep. No. 154, 2007
S. 25....................................	am. No. 54, 1998
	rep. No. 154, 2007
Ss. 26, 27............................	am. No. 54, 1998; No. 75, 2009
Division 2
Div. 2 of Part 3...................	ad. No. 75, 2009
S. 28A.................................	ad. No. 75, 2009
	am. No. 82, 2010
Ss. 28B-28D.......................	ad. No. 75, 2009
S. 28E.................................	ad. No. 82, 2010
S. 28....................................	am. No. 54, 1998; No. 31, 2001
	rep. No. 154, 2007
	ad. No. 82, 2010
Part 4
Division 1
S. 30....................................	am. No. 54, 1998; No. 44, 1999
S. 31....................................	am. No. 54, 1998; No. 120, 2004
Heading to s. 33................	am. No. 54, 1998
S. 33....................................	am. No. 54, 1998
S. 34....................................	am. No. 54, 1998; No. 154, 2007
Note to s. 35(4)..................	ad. No. 44, 1999
S. 38....................................	am. No. 107, 1997; No. 54, 1998; No. 82, 2010
S. 39....................................	am. No. 154, 2007
S. 40....................................	am. No. 54, 1998; No. 154, 2007; No. 25, 2008
Heading to s. 41................	am. No. 107, 1997
S. 41....................................	am. No. 107, 1997
S. 41A.................................	ad. No. 107, 1997
	am. No. 54, 1998
S. 42....................................	am. No. 154, 2007
S. 43....................................	am. No. 54, 1998; No. 55, 2001
S. 44....................................	am. No. 54, 1998; No. 154, 2007
	rep. No. 82, 2010
Heading to s. 46................	rs. No. 44, 1999
S. 46....................................	am. No. 54, 1998; No. 44, 1999
S. 47....................................	am. No. 154, 2007
Division 2
S. 48....................................	am. No. 54, 1998
Heading to s. 49................	am. No. 54, 1998
S. 49....................................	am. No. 107, 1997; No. 54, 1998; No. 25, 2008
S. 50....................................	am. No. 54, 1998
Heading to s. 51................	am. No. 54, 1998
S. 51....................................	am. No. 54, 1998
Division 3
Div. 3 of Part 4...................	rs. No. 44, 1999
Ss. 52, 53............................	am. No. 54, 1998
	rs. No. 44, 1999
	am. No. 154, 2007
S. 54....................................	am. No. 54, 1998
	rs. No. 44, 1999
	rep. No. 154, 2007
Division 4
Heading to Div. 4 of Part 4........................................	rs. No. 44, 1999
Heading to s. 55................	rs. No. 44, 1999
S. 55....................................	am. No. 54, 1998; No. 44, 1999; No. 154, 2007
Division 5
S. 57....................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007
S. 60....................................	am. No. 61, 1998
Division 6
S. 61....................................	am. No. 54, 1998; No. 154, 2007
Ss. 62, 63............................	am. No. 107, 1997; No. 54, 1998; No. 154, 2007; No. 25, 2008
Heading to Part 5..............	rs. No. 44, 1999
	rep. No. 154, 2007
Part 5..................................	rep. No. 154, 2007
S. 64....................................	rep. No. 154, 2007
S. 65....................................	am. No. 54, 1998
	rep. No. 154, 2007
Ss. 66, 67............................	rep. No. 154, 2007
Heading to s. 68................	am. No. 54, 1998
	rep. No. 154, 2007
S. 68....................................	am. No. 107, 1997; No. 54, 1998
	rep. No. 154, 2007
S. 69....................................	rep. No. 154, 2007
S. 70....................................	am. No. 54, 1998; No. 44, 1999
	rep. No. 154, 2007
Ss. 71, 72............................	rep. No. 154, 2007
Heading to s. 73................	am. No. 54, 1998
	rep. No. 154, 2007
S. 73....................................	am. No. 107, 1997; No. 54, 1998; No. 44, 1999
	rep. No. 154, 2007
Div. 3 of Part 5...................	ad. No. 44, 1999
	rep. No. 154, 2007
Ss. 73A-73E.......................	ad. No. 44, 1999
	rep. No. 154, 2007
S. 73F.................................	ad. No. 44, 1999
	am. No. 8, 2007
	rep. No. 154, 2007
Part 6
Heading to Part 6..............	rs. No. 75, 2009
Division 1
S. 74....................................	am. No. 45, 2008; No. 82, 2010
Division 2
S. 76....................................	am. No. 120, 2004
S. 76A.................................	ad. No. 82, 2010
S. 77....................................	am. No. 54, 1998; No. 154, 2007
S. 80....................................	am. No. 154, 2007; No. 82, 2010
S. 82....................................	am. No. 107, 1997; No. 54, 1998
	rep. No. 121, 2001
S. 83....................................	am. No. 54, 1998; No. 121, 2001
	rs. No. 154, 2007; No. 82, 2010
Ss. 83A, 83B.......................	ad. No. 82, 2010
S. 84....................................	am. No. 61, 1998
	rs. No. 154, 2007
	am. No. 25, 2008; No. 82, 2010
Note to s. 84(1)..................	ad. No. 44, 1999
	rep. No. 154, 2007
S. 85....................................	am. No. 54, 1998; No. 44, 1999; No. 55, 2001
	rs. No. 154, 2007
	am. No. 25, 2008; No. 82, 2010
S. 86....................................	am. No. 54, 1998; No. 55, 2001
	rs. No. 154, 2007
	rep. No. 25, 2008
	ad. No. 82, 2010
S. 87....................................	am. No. 54, 1998; No. 154, 2007; No. 82, 2010
Heading to s. 88................	am. No. 54, 1998
	rs. No. 75, 2009
S. 88....................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007; No. 75, 2009; No. 82, 2010
S. 88A.................................	ad. No. 154, 2007
	am. No. 75, 2009
S. 88B.................................	ad. No. 82, 2010
S. 89....................................	am. Nos. 55 and 121, 2001; No. 75, 2009; No. 82, 2010
S. 90....................................	rep. No. 154, 2007
	ad. No. 82, 2010
S. 91....................................	am. No. 54, 1998
	rep. No. 154, 2007
	ad. No. 82, 2010
S. 92....................................	am. No. 121, 2001; No. 120, 2004
	rep. No. 154, 2007
Division 3
S. 93....................................	am. No. 54, 1998; No. 154, 2007; No. 25, 2008
S. 94....................................	am. No. 54, 1998
	rs. No. 154, 2007
	am. No. 25, 2008
S. 94A.................................	ad. No. 154, 2007
	rep. No. 25, 2008
S. 95....................................	am. No. 54, 1998; No. 154, 2007
Heading to s. 96................	am. No. 154, 2007
S. 96....................................	am. No. 154, 2007
S. 97....................................	rs. No. 154, 2007
Heading to s. 98................	am. No. 54, 1998
S. 98....................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007
S. 98A.................................	ad. No. 154, 2007
S. 98B.................................	ad. No. 82, 2010
Div. 4 of Part 6...................	rep. No. 154, 2007
Ss. 100-111........................	rep. No. 154, 2007
S. 112..................................	am. No. 54, 1998
	rep. No. 154, 2007
Div. 5 of Part 6...................	rep. No. 154, 2007
S. 113..................................	am. No. 120, 2004
	rep. No. 154, 2007
Div. 6 of Part 6...................	rep. No. 154, 2007
Div. 7 of Part 6...................	rep. No. 154, 2007
Division 8
Div. 8 of Part 6...................	ad. No. 44, 1999
	rs. No. 154, 2007
S. 114..................................	rs. No. 154, 2007
S. 115..................................	am. No. 54, 1998
	rep. No. 154, 2007
S. 116..................................	rep. No. 154, 2007
Ss. 117, 118........................	am. No. 54, 1998
	rep. No. 121, 2001
Ss. 119, 120........................	am. No. 54, 1998
	rep. No. 154, 2007
S. 121..................................	am. No. 54, 1998
	rep. No. 121, 2001
S. 122..................................	am. No. 54, 1998; No. 121, 2001
	rep. No. 154, 2007
S. 123..................................	am. No. 54, 1998
	rep. No. 154, 2007
Heading to s. 124..............	am. No. 82, 2010
S. 124..................................	am. No. 54, 1998; No. 121, 2001
	rs. No. 154, 2007
	am. No. 82, 2010
S. 125..................................	am. No. 54, 1998
	rs. No. 154, 2007
	am. No. 82, 2010
S. 125A...............................	ad. No. 44, 1999
	am. No. 121, 2001
	rep. No. 154, 2007
	ad. No. 25, 2008
	am. No. 75, 2009; No. 82, 2010
S. 125B...............................	ad. No. 44, 1999
	am. No. 121, 2001
	rep. No. 154, 2007
Part 7
Heading to Part 7..............	rs. No. 75, 2009
Division 1
S. 126..................................	am. No. 123, 2001; No. 45, 2008; No. 75, 2009; No. 82, 2010
S. 127..................................	am. No. 54, 1998
Heading to s. 128..............	am. No. 75, 2009
S. 128..................................	am. No. 75, 2009
Heading to s. 129..............	am. No. 75, 2009
S. 129..................................	am. No. 55, 2001; No. 75, 2009
Division 2
Heading to Div. 2 of Part 7........................................	rs. No. 75, 2009
S. 130..................................	am. No. 54, 1998; No. 75, 2009
Heading to s. 131..............	am. No. 54, 1998
Ss. 131, 132........................	am. No. 54, 1998; No. 75, 2009
S. 132A...............................	ad. No. 154, 2007
	am. No. 75, 2009; No. 82, 2010
Note 1 to s. 132A(3)...........	am. No. 82, 2010
Note 1 to s. 132A(7)...........	am. No. 82, 2010
S. 133..................................	am. No. 54, 1998; No. 75, 2009
S. 133A...............................	ad. No. 154, 2007
Division 3
Heading to Div. 3 of Part 7........................................	rs. No. 154, 2007
S. 134..................................	am. No. 107, 1997; No. 54, 1998
	rep. No. 25, 2008
S. 135..................................	am. No. 54, 1998; No. 75, 2009
S. 136..................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007; No. 75, 2009
S. 137..................................	am. No. 54, 1998; No. 75, 2009; No. 82, 2010
Heading to s. 138..............	am. No. 75, 2009
Ss. 138-141........................ ........................................	am. No. 54, 1998; No. 75, 2009
Heading to s. 142..............	am. No. 54, 1998
Ss. 142, 143........................	am. No. 54, 1998; No. 75, 2009
S. 144..................................	am. No. 54, 1998
S. 147..................................	am. No. 107, 1997; No. 54, 1998; No. 31, 2001 (as rep. by No. 117, 2001); No. 75, 2009
Note to s. 147(1)................	ad. No. 31, 2001
Note to s. 147(3) Renumbered Note 1 ......	No. 31, 2001
Note 2 to s. 147(3).............	ad. No. 31, 2001
S. 148..................................	am. No. 54, 1998
	rep. No. 154, 2007
Heading to s. 149..............	am. No. 54, 1998; No. 75, 2009
S. 149..................................	am. No. 54, 1998; No. 75, 2009
Heading to s. 150..............	am. No. 54, 1998
	rep. No. 25, 2008
S. 150..................................	am. No. 107, 1997; No. 54, 1998; No. 31, 2001 (as rep. by No. 117, 2001); No. 121, 2001
	rep. No. 25, 2008
Note to s. 150(10)..............	ad. No. 31, 2001
	rep. No. 25, 2008
S. 151..................................	am. No. 54, 1998; No. 31, 2001; No. 8, 2007
Division 3A
Div. 3A of Part 7.................	ad. No. 144, 1995
S. 151A...............................	ad. No. 144, 1995
	am. No. 62, 1997
Division 4
Ss. 152-156........................	am. No. 75, 2009
Division 5
Subdivision A
S. 156A...............................	ad. No. 154, 2007
	am. No. 75, 2009; No. 82, 2010
Ss. 156B-156D...................	ad. No. 154, 2007
Heading to s. 156E............	am. No. 75, 2009
S. 156E...............................	ad. No. 154, 2007
	am. No. 75, 2009; No. 82, 2010
Subdivision B
S. 156F...............................	ad. No. 154, 2007
Part 8
Heading to Part 8..............	rs. No. 105, 2008
Division 1
S. 157..................................	am. No. 54, 1998
S. 159..................................	am. No. 154, 2007
Ss. 160, 161........................	am. No. 105, 2008
S. 163..................................	am. No. 105, 2008; No. 82, 2010
S. 165..................................	am. No. 120, 2004; No. 9, 2006; No. 105, 2008; No. 82, 2010
Ss. 165A, 165B...................	ad. No. 105, 2008
S. 166..................................	am. No. 121, 2001
S. 167..................................	am. No. 54, 1998
Ss. 168A-168C...................	ad. No. 105, 2008
Heading to s. 169..............	am. No. 54, 1998
S. 169..................................	am. No. 54, 1998
Heading to s. 170..............	am. No. 54, 1998
S. 170..................................	am. No. 54, 1998
S. 172..................................	am. No. 54, 1998
S. 174..................................	am. No. 55, 2001
S. 175..................................	am. No. 54, 1998; No. 105, 2008; No. 82, 2010
S. 176..................................	am. Nos. 54 and 61, 1998; No. 105, 2008
Heading to s. 179A............	am. No. 103, 2010
S. 179A...............................	ad. No. 105, 2008
	am. No. 103, 2010
Division 1A
Div. 1A of Part 8.................	ad. No. 105, 2008
S. 179B...............................	ad. No. 105, 2008
S. 179C...............................	ad. No. 105, 2008
	am. No. 82, 2010
Division 2
S. 180..................................	am. No. 44, 1999; Nos. 31 and 55, 2001; No. 82, 2010
Note to s. 180(3)................	am. No. 55, 2001
Heading to s. 181..............	am. No. 54, 1998
S. 181..................................	am. No. 54, 1998
Heading to s. 182..............	am. No. 55, 2001
S. 182..................................	am. No. 55, 2001
Heading to s. 183..............	am. No. 54, 1998
S. 183..................................	am. No. 54, 1998; No. 105, 2008
S. 183A...............................	ad. No. 44, 1999
Heading to s. 184..............	am. No. 54, 1998
S. 184..................................	am. No. 54, 1998
Heading to s. 185..............	am. No. 54, 1998
S. 185..................................	am. No. 54, 1998
Note to s. 185(2)................	ad. No. 105, 2008
S. 186..................................	am. No. 44, 1999
S. 187..................................	am. No. 55, 2001
S. 188..................................	am. No. 44, 1999
Part 9
S. 190..................................	am. No. 44, 1999; No. 117, 2007; No. 75, 2009
Ss. 191-193........................	am. No. 54, 1998
S. 194..................................	am. No. 105, 2008
S. 195..................................	am. Nos. 54 and 61, 1998
Ss. 196, 197........................	am. No. 54, 1998
Part 10
Division 1
S. 198..................................	am. No. 54, 1998
S. 199..................................	am. No. 44, 1999
Division 2
Heading to s. 200..............	am. No. 44, 1999
S. 200..................................	am. No. 107, 1997; No. 61, 1998; No. 44, 1999
Ss. 201, 202........................	am. No. 107, 1997
Division 2A
Div. 2A of Part 10...............	ad. No. 139, 2002
S. 203A...............................	ad. No. 139, 2002
S. 203B...............................	ad. No. 139, 2002
	am. No. 75, 2009
Ss. 203C, 203D..................	ad. No. 139, 2002
S. 230E............................... Renumbered s. 203E.....	ad. No. 139, 2002 No. 100, 2005
Division 3
S. 204..................................	am. No. 144, 2008
Division 4
S. 206..................................	am. No. 44, 1999
S. 207..................................	am. No. 107, 1997; No. 154, 2007
S. 208..................................	am. No. 54, 1998
S. 209..................................	am. No. 154, 2007; No. 82, 2010
S. 210..................................	am. No. 44, 1999
Division 5
Ss. 211, 212........................	am. No. 44, 1999; No. 144, 2008
S. 216..................................	am. No. 62, 1997; No. 54, 1998; No. 44, 1999; No. 31, 2001 (as rep. by No. 117, 2001); No. 92, 2008
Note to s. 216(1)................	ad. No. 92, 2008
Note to s. 216(2)................	ad. No. 31, 2001
Note to s. 216(5)................	ad. No. 31, 2001
Note to s. 216(9)................	ad. No. 31, 2001
Division 6
S. 218..................................	am. No. 44, 1999
Division 8
S. 226..................................	am. No. 44, 1999
Heading to s. 227..............	am. No. 44, 1999
S. 227..................................	am. No. 44, 1999
S. 230..................................	am. No. 44, 1999
Part 10A
Part 10A..............................	ad. No. 44, 1999
Division 1
Heading to s. 230A............	am. No. 75, 2009
S. 230A...............................	ad. No. 44, 1999
	am. No. 121, 2001; No. 154, 2007; No. 45, 2008; No. 75, 2009; No. 82, 2010
Division 2
Subdivision A
Subdiv. A of Div. 2 of......... Part 10A	ad. No. 82, 2010
Ss. 230AA-230AL...............	ad. No. 82, 2010
Heading to s. 230AM.........	am. No. 82, 2010
S. 230AM............................	ad. No. 82, 2010
	am. No. 82, 2010
Subdivision B
Heading to Subdiv. B of.... Div. 2 of Part 10A	ad. No. 82, 2010
S. 230B...............................	ad. No. 44, 1999
	am. No. 121, 2001; No. 120, 2004; No. 154, 2007; Nos. 25 and 45, 2008; No. 75, 2009; No. 82, 2010
S. 230C...............................	ad. No. 44, 1999
	am. No. 105, 2008; No. 75, 2009
S. 230D...............................	ad. No. 44, 1999
	am. No. 75, 2009
S. 230E...............................	ad. No. 44, 1999
S. 230F...............................	ad. No. 44, 1999
	am. Nos. 31 and 55, 2001; No. 75, 2009; No. 82, 2010
Note to s. 230F(5)..............	ad. No. 120, 2004
Ss. 231, 232........................	rep. No. 54, 1998
Part 11
S. 233A...............................	ad. No. 61, 1998
Note to s. 233A..................	am. No. 55, 2001
S. 235..................................	am. No. 54, 1998; No. 120, 2004
	rs. No. 75, 2009
S. 236..................................	am. No. 107, 1997; No. 54, 1998; No. 44, 1999; No. 121, 2001; No. 37, 2002; No. 154, 2007; No. 25, 2008; No. 45, 2008 (as am. by No. 8, 2010); No. 75, 2009; No. 82, 2010
S. 237..................................	am. No. 38, 2005; No. 25, 2008; No. 75, 2009
Heading to s. 238..............	am. No. 54, 1998; No. 156, 1999
	rep. No. 154, 2007
S. 238..................................	am. No. 54, 1998; No. 156, 1999; No. 55, 2001
	rep. No. 154, 2007
Heading to s. 239..............	am. No. 156, 1999
	rep. No. 154, 2007
S. 239..................................	am. No. 54, 1998; No. 156, 1999; No. 55, 2001
	rep. No. 154, 2007
Heading to s. 240..............	am. No. 75, 2009
S. 240..................................	am. No. 54, 1998; No. 75, 2009
S. 241..................................	am. No. 54, 1998
S. 242..................................	am. No. 61, 1998; No. 120, 2004; No. 75, 2009
S. 243..................................	am. No. 54, 1998
	rep. No. 121, 2001
Heading to s. 244..............	am. No. 54, 1998
	rep. No. 121, 2001
S. 244..................................	am. No. 107, 1997; No. 54, 1998
	rep. No. 121, 2001
Heading to s. 245..............	am. No. 25, 2008
S. 245..................................	am. No. 31, 2001 (as am. by No. 117, 2001); No. 120, 2004; No. 25, 2008; No. 75, 2009
Note to s. 245(3)................	am. No. 107, 1997
	rep. No. 25, 2008
Note to s. 245(4)................	ad. No. 31, 2001
	rs. No. 25, 2008
Note to s. 245(5)................	ad. No. 31, 2001
	rep. No. 25, 2008
S. 245A...............................	ad. No. 25, 2008
	am. No. 75, 2009
S. 245B...............................	ad. No. 25, 2008
S. 245C...............................	ad. No. 82, 2010
S. 246..................................	am. No. 54, 1998; No. 154, 2007
S. 248..................................	am. No. 121, 2001
S. 249..................................	am. No. 107, 1997
	rep. No. 137, 2000
S. 250..................................	am. No. 31, 2001
S. 251..................................	am. No. 107, 1997
	rep. No. 54, 1998
	ad. No. 44, 1999
Ss. 251A, 251B...................	ad. No. 105, 2008
Heading to s. 252..............	am. No. 54, 1998
	rep. No. 154, 2007
S. 252..................................	am. No. 54, 1998; No. 154, 2007
	rep. No. 154, 2007
S. 253..................................	am. No. 54, 1998; No. 154, 2007
Part 12
S. 254..................................	am. No. 44, 1999; No. 154, 2007; No. 75, 2009
S. 255..................................	rep. No. 44, 1999
Ss. 256, 257........................	am. No. 54, 1998
	rep. No. 154, 2007
Ss. 258-263........................	rep. No. 154, 2007
Schedule
Schedule............................	am. No. 107, 1997; Nos. 48, 54 and 61, 1998; No. 44, 1999; Nos. 55, 121 and 123, 2001; No. 120, 2004; Nos. 32 and 154, 2007; Nos. 105 and 144, 2008; No. 75, 2009; No. 82, 2010

Table A

Application, saving or transitional provisions

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 (No. 54, 1998)

Schedule 13

197 Application

Section 23 of the Life Insurance Act 1995, as amended by this Part, applies:

(a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company's next financial year; and

(b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)

Schedule 8

10 Definitions

In this Division:

amended Act means the Life Insurance Act 1995 as in force on and after the transfer date.

eligible benefit fund means a fund:

(a) that is, immediately before the transfer date, a benefit fund for the purposes of any of the Friendly Societies Codes; and

(b) in relation to which one of the following subparagraphs applies:

(i) an approval under section 98 of that Code was in force in relation to the fund immediately before the transfer date;

(ii) because of section 483 of that Code, the fund was deemed to have been established as a benefit fund under that Code; and

existing benefit fund rules means rules applying to an eligible benefit fund immediately before the transfer date.

health insurance business has the same meaning as in section 67 of the National Health Act 1953.

old Act means the Life Insurance Act 1995 as in force immediately before the transfer date.

transferring friendly society means a company that is taken, by subitem 11(1), to have been granted registration under section 21 of the amended Act.

11 Companies taken to be registered etc.

(1) A company (within the meaning of the amended Act) in relation to which all the following conditions are satisfied is taken, on the transfer date, to have been granted registration under section 21 of the amended Act:

(a) immediately before the transfer date, the company was a friendly society;

(b) the company carried on business before the transfer date through one or more eligible benefit funds;

(d) the company is specified in regulations for the purposes of this item.

For the purposes of paragraph (c), a company was in winding up immediately before the transfer date if, at that time, an appointment of a liquidator of the company was in force in accordance with Part 9 of the Friendly Societies Code of a State or Territory.

Note 1: A company may be specified by name, by inclusion in a specified class or in some other way.

Note 2: If the company was in winding up immediately before the transfer date, the winding up will continue in accordance with Schedule 4 to the Corporations Law (see in particular clause 11 of that Schedule).

(2) APRA must, as soon as practicable after the transfer date, issue to the company a certificate under subsection 21(5) of the amended Act.

(3) The registration may be dealt with under the amended Act as if it had actually been granted under section 21 of that Act.

(4) The regulations may provide for the company to cease to be registered. Regulations for this purpose have effect in addition to the provisions in sections 26 and 27 of the amended Act about cancellation of a company's registration.

(5) If, immediately before the transfer date, the company carried on business:

(a) that was:

(i) insurance business, other than health insurance business or business relating to loss of, or damage to, property; or

(ii) annuity business; and

(b) that, apart from this item, would not be life insurance business (within the meaning of the amended Act);

APRA is taken, on the transfer date, to have made a declaration under section 12A of the amended Act that the business is to be treated as if it were life insurance business.

(6) If, immediately before the transfer date, the company carried on business:

(a) to which section 12B of the amended Act would have applied if it had been in force then; and

(b) that, apart from this item, would not be life insurance business (within the meaning of the amended Act);

APRA is taken, on the transfer date, to have made a declaration under section 12B of the amended Act that the business is to be treated as if it were life insurance business.

(7) The eligible benefit funds of the company are taken to be benefit funds established by the company in accordance with the requirements of the amended Act (as it applies subject to Part 2A of that Act).

(8) The existing benefit fund rules for the eligible benefit funds of the company are taken, on the transfer date, to have been approved under section 16L of the amended Act and to have come into force under section 16N of the amended Act on that date. This approval has effect subject to subitem (10).

(9) A provision of the existing benefit fund rules as so taken to be approved is not effective to the extent that the provision is inconsistent with:

(a) the amended Act; or

(b) any instrument made under the amended Act that is covered by the definition of this Act in the Schedule to the amended Act.

(10) If the existing benefit fund rules for an eligible benefit fund of the company are taken to have an approval by subitem (8), APRA may determine, in writing, that the approval ceases to have effect if:

(a) the rules are inconsistent as mentioned in subitem (9); and

(b) APRA considers that the inconsistency is contrary to the interests of any of the following persons:

(i) owners of policies referable to the benefit fund;

(ii) prospective owners of policies referable to the benefit fund.

A determination under this subitem can only be made during the period beginning on the day that is 18 months after the transfer date and ending on the day that is 30 months after the transfer date.

(11) If APRA makes a determination under subitem (10) in relation to an approval, the approval that those rules are taken to have by subitem (8) ceases to have effect on the day the determination is made.

(12) A reference in section 236 of the amended Act to a reviewable decision includes a reference to a decision to make a determination under subitem (10).

(13) Subject to subsection 77(6) of the amended Act, for the purposes of the amended Act, the financial year of the company is the period that, immediately before the transfer date, was the financial year of the company for the purposes of the Friendly Societies Code under which the company was then registered.

(14) APRA may give notice of any of the following matters in such way as APRA considers appropriate:

(a) the fact that a company is taken, by subitem (1), to have been granted registration under section 21 of the amended Act;

(b) the fact that APRA is taken, by subitem (5), to have made a declaration under section 12A of the amended Act in relation to business carried on by a company;

(c) the fact that APRA is taken, by subitem (6), to have made a declaration under section 12B of the amended Act in relation to business carried on by a company;

(d) the fact that existing benefit fund rules are taken, by subitem (8), to have been approved under section 16L of the amended Act;

(e) that fact that an approval referred to in paragraph (d) ceases to have effect because of subitem (11).

12 Transitional provision relating to assignment of interests in benefit funds

If:

(a) before the transfer date, an entitlement to benefits in a benefit fund of a friendly society was assigned in accordance with section 124 of any of the Friendly Societies Codes; and

(b) that benefit fund is an eligible benefit fund; and

that assignment is taken, for the purposes of the amended Act, to have been made in accordance with subsection 200(2) of the amended Act.

13 Transitional provision relating to registration of policies

Nothing in section 227 of the amended Act applies to a policy issued before the transfer date that was not a life policy for the purposes of the old Act when it was issued.

14 Continued effect of declarations under section 12 of the old Act

(1) A declaration in force immediately before the transfer date for the purposes of paragraph 12(2)(a) of the old Act continues to have effect on and after the transfer date as if it were a declaration under subsection 12(2) of the amended Act.

(2) A declaration in force immediately before the transfer date for the purposes of paragraph 12(2)(b) of the old Act continues to have effect on and after the transfer date as if it were a declaration under subsection 12A(1) of the amended Act.

15 Transitional provisions relating to auditors

(1) An approval of a person that is in force under subsection 85(1) of the old Act immediately before the transfer date continues to have effect on and after the transfer date as if it were an approval of the person under paragraphs 85(1)(a) and (b) of the amended Act.

(2) If an appointment (including an appointment that is taken to have been made) of a person as an auditor of a friendly society is in force under any of the Friendly Societies Codes immediately before the transfer date and that friendly society is a transferring friendly society, the person is taken, on the transfer date:

(a) to have been granted an approval under paragraph 85(1)(b) of the amended Act; and

(b) to have been appointed as auditor of the transferring friendly society in accordance with section 84 of the amended Act.

Note: For appointments that are taken to have been made, see in particular subsections 340(6) and (7) of the various Friendly Societies Codes (dealing with appointment of firms).

(3) At any time while 2 or more persons are taken by subitem (2) to have been appointed as auditors of the same transferring friendly society, the amended Act applies in relation to the transferring friendly society as if any reference to the auditor, or the approved auditor, of a life company were instead a reference to any of the persons so taken to have been appointed.

(4) An approval or appointment that is taken by subitem (2) to have been granted or made may be dealt with under the amended Act:

(a) in the case of an approval--as if it had actually been granted under paragraph 85(1)(b) of the amended Act; or

(b) in the case of an appointment--as if it actually were an appointment in accordance with section 84 of the amended Act.

(5) Subsection 87(1) of the amended Act does not apply to an appointment that is taken by paragraph (2)(b) to have been made.

16 Transitional provisions relating to actuaries

(1) If an appointment of a person as an actuary to a friendly society is in force under any of the Friendly Societies Codes immediately before the transfer date and that friendly society is a transferring friendly society, the person is taken, on the transfer date:

(a) to have been granted an approval under subsection 93(6) of the amended Act; and

(b) to have been appointed as actuary of the transferring friendly society in accordance with section 93 of the amended Act.

(2) An approval or appointment that is taken by subitem (1) to have been granted or made may be dealt with under the amended Act:

(a) in the case of an approval--as if it had actually been granted under subsection 93(6) of the amended Act; and

(b) in the case of an appointment--as if it actually were an appointment in accordance with section 93 of the amended Act.

(3) Subsection 95(1) of the amended Act does not apply to an appointment that is taken by paragraph (1)(b) to have been made.

17 Unclaimed money

(1) An amount of money in respect of which notification action has been taken before the transfer date under an unclaimed money law is not an amount of unclaimed money for the purposes of section 216 of the amended Act.

(2) For the avoidance of doubt, it is declared that, subject to subitem (1), an amount of money that, on the transfer date, satisfies the description of unclaimed money in section 216 of the amended Act is unclaimed money for the purposes of that section even though, for any reason, the amount was not, immediately before the transfer date, unclaimed money, or unclaimed moneys, within the meaning of an unclaimed money law.

(3) If, but for this item, a transferring friendly society would be required to deliver a Commonwealth unclaimed money statement on or before the 31 March next following the transfer date, then:

(a) the transferring friendly society may, but is taken not to be required to, deliver a Commonwealth unclaimed money statement on or before that 31 March; and

(b) if the transferring friendly society does not deliver a Commonwealth unclaimed money statement on or before that 31 March--the amounts that would have been included in that statement must (if they are still unclaimed money) be included in the next Commonwealth unclaimed money statement delivered by the friendly society.

(4) ASIC may, in relation to a specified transferring friendly society, determine in writing that subsection 216(3) of the amended Act has effect in relation to the first Commonwealth unclaimed money statement delivered by the transferring friendly society after the transfer date as if it required the amount worked out under subsection 216(6) of that Act to be paid to the Commonwealth:

(a) on a specified date or at the end of a specified period; or

(b) in accordance with a specified scheme for payment by instalments.

Note: A transferring friendly society may be specified by name, by inclusion in a specified class or in some other way.

(5) ASIC must not, under subitem (4), make a determination that would result in an amount being required to be paid to the Commonwealth more than 5 years after the date on which the amount would otherwise have had to be paid to the Commonwealth.

(6) A determination under subitem (4) has effect accordingly.

(7) In this item:

Commonwealth unclaimed money statement means a statement under subsection 216(1) of the amended Act.

notification action means:

(a) in relation to the unclaimed money law of Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory or the Northern Territory--enter, or enter particulars of, unclaimed money, or unclaimed moneys, (within the meaning of that law) in a register in accordance with that law; or

(b) in relation to the unclaimed money law of New South Wales--lodge a return with the Chief Commissioner (within the meaning of that law) relating to unclaimed money (within the meaning of that law) in accordance with that law; or

(c) in relation to the unclaimed money law of Western Australia--notify the Treasurer of particulars of unclaimed money (within the meaning of that law) in accordance with that law.

unclaimed money law means:

(a) the Unclaimed Money Act 1995 of New South Wales;

(b) the Unclaimed Moneys Act 1962 of Victoria;

(d) the Unclaimed Money Act 1990 of Western Australia

(e) the Unclaimed Moneys Act 1891 of South Australia;

(f) the Unclaimed Moneys Act 1918 of Tasmania;

(g) the Unclaimed Moneys Act 1950 of the Australian Capital Territory;

(h) the Companies (Unclaimed Assets and Moneys) Act of the Northern Territory.

18 Effect of amendments etc. on treatment of business that is not currently eligible insurance business for the purposes of Division 8A of Part III of the Income Tax Assessment Act 1936

If, immediately before the transfer date, a kind of business was not eligible insurance business for the purposes of Division 8A of Part III of the Income Tax Assessment Act 1936, then business of that kind that is carried on after the transfer date is not to be taken to be eligible insurance business for the purposes of that Division merely because of all or any of the following:

(a) the amendments made by Schedule 4; or

(b) anything in or done under the amended Act; or

19 Transitional provision relating to completion of transfers of engagements and mergers under State and Territory laws

(1) This item applies if a law of a State or Territory (a State or Territory transitional law) provides for a transfer of engagements, or a merger, commenced before the transfer date under the Financial Institutions Code or the Friendly Societies Code of the State or Territory to be completed, or to be given effect, after the transfer date in accordance with that law.

(2) A transfer of engagements or a merger to which a State or Territory transitional law applies may be completed, or be given effect, after the transfer date in accordance with that law despite anything in the Banking Act 1959, the Life Insurance Act 1995 or any other law of the Commonwealth prescribed by the regulations for the purposes of this subitem.

(3) Regulations for the purposes of this subitem may deal with how specified laws of the Commonwealth apply in relation to the situation resulting from a transfer of engagements, or a merger, that is completed or given effect in accordance with a State or Territory transitional law.

Note 1: For example, if the resulting situation would otherwise constitute a breach of a particular law of the Commonwealth, regulations may provide that the situation is taken not to constitute a breach of that law (either for a limited period or indefinitely).

Note 2: This subitem has effect in addition to section 49 of the Financial Sector (Shareholdings) Act 1998.

(4) For the purposes of this item, a transfer of engagements was commenced before the transfer date if, before that date:

(a) one of the following conditions was satisfied in relation to each transferring body involved:

(i) the transfer was approved by a special resolution of the body, in accordance with the Financial Institutions Code or the Friendly Societies Code of a State or Territory;

(ii) the relevant SSA made a determination, under the Financial Institutions Code or the Friendly Societies Code of a State or Territory, that the transfer may be approved by the board of the body; or

(b) the relevant SSA gave a direction, under the Financial Institutions Code or the Friendly Societies Code of a State or Territory, requiring the transfer.

(5) For the purposes of this item, a merger was commenced before the transfer date if, before that date, one of the following conditions was satisfied in relation to each transferring body involved:

(a) the merger was approved by a special resolution of the body, in accordance with the Financial Institutions Code or the Friendly Societies Code of a State or Territory;

(b) the relevant SSA made a determination, under the Financial Institutions Code or the Friendly Societies Code of a State or Territory, that the merger may be approved by the board of the body.

20 Treatment of determinations under section 29 of the Social Security Act 1991

A determination in force immediately before the transfer date for the purposes of section 29 of the Social Security Act 1991 as then in force is to be taken, on and after the transfer date, to be an approval for the purposes of section 29 of that Act as amended by this Act.

22 Regulations may deal with transitional, saving or application matters

(1) The regulations may deal with matters of a transitional, saving or application nature relating to:

(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or

(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or

(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:

(a) by applying (with or without modifications) to the matter:

(i) provisions of a law of the Commonwealth, or of a State or Territory; or

(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or

(iii) a combination of provisions referred to in subparagraphs (i) and (ii);

(b) by otherwise specifying rules for dealing with the matter;

(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.

(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.

(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:

(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;

(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;

(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.

(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:

(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and

(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).

(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.

(7) In this item:

replaced legislation means:

(a) the AFIC Codes; and

(b) the Financial Institutions Codes; and

(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and

(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and

(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and

(g) the Friendly Societies (Western Australia) Act 1999; and

(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.

23 Power to make regulations

The Governor-General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12

1 Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998;

(b) the General Insurance Supervisory Levy Imposition Act 1998;

(d) the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

(e) the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

(a) the Authorised Non-operating Holding Companies Supervisory Levy Determination Validation Act 2000;

(b) the General Insurance Supervisory Levy Determination Validation Act 2000;

(d) the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

(e) the Superannuation Supervisory Levy Determination Validation Act 2000.

2 Deferral of date for paying levy

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a) the entity is liable to pay levy imposed by an Imposition Act; and

(b) the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3 No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

8 Treatment of assignments under section 16ZA

(1) If an assignment of an interest in a benefit fund of a friendly society was made:

(a) before the day on which this Act receives the Royal Assent; and

(b) in accordance with section 16ZA of the Life Insurance Act 1995, as then in force, disregarding the effect of item 1 of Schedule 6 to this Act;

the assignment is taken to have been made in accordance with section 16ZA of the Life Insurance Act 1995 as amended by that item.

(2) Expressions used in this item have the same meanings as they have in the Life Insurance Act 1995.

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 (No. 137, 2000)

Schedule 2

418 Transitional--pre-commencement offences

(1) Despite the amendment or repeal of a provision by this Schedule, that provision continues to apply, after the commencement of this item, in relation to:

(a) an offence committed before the commencement of this item; or

(b) proceedings for an offence alleged to have been committed before the commencement of this item; or

as if the amendment or repeal had not been made.

(2) Subitem (1) does not limit the operation of section 8 of the Acts Interpretation Act 1901.

419 Transitional--pre-commencement notices

If:

(a) a provision in force immediately before the commencement of this item required that a notice set out the effect of one or more other provisions; and

(b) any or all of those other provisions are repealed by this Schedule; and

the amendment of the first-mentioned provision by this Schedule does not affect the validity of such a notice that was given before the commencement of this item.

Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 (No. 121, 2001)

Schedule 2

75 Application

The amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are registered under the Life Insurance Act 1995.

Taxation Laws Amendment (Structured Settlements and Structured Orders) Act 2002 (No. 139, 2002)

Schedule 1

17 Application of the Division

(1) Division 2A of Part 10 of the Life Insurance Act 1995 applies to an annuity or lump sum that is purchased under a structured settlement, or under a structured order, if the date of the settlement or order is the day on which that Division commences, or a later day.

(2) In subitem (1), structured settlement, structured order and date of the settlement or order have the same meanings as they have in Division 54 of the Income Tax Assessment Act 1997.

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (No. 154, 2007)

Schedule 1

290 Application of amendment of section 20 of the Life Insurance Act 1995

Despite the amendment of section 20 of the Life Insurance Act 1995 by this Act, an application made but not determined before the commencement of the amendment is, after the amendment, to be taken to have been made under section 20 as amended.

293 Saving provision for sections 125A and 125B determinations (Life Act)

(1) This item applies to a determination that was in force under section 125A or 125B of the Life Insurance Act 1995 immediately before those sections were repealed by this Act.

(2) To the extent that it relates to a provision of the Life Insurance Act 1995 referred to in section 7A of the Life Insurance Act 1995 as inserted by this Act, the determination:

(a) continues in force after the commencement of the amendments, as if it were a determination made under section 7A; and

(b) may be varied or revoked by APRA under section 7A.

(3) A determination or part of a determination to which subitem (2) does not apply ceases to have effect at the time sections 125A and 125B are repealed.

296 Regulations may prescribe matters

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) in relation to the amendments or repeals made by this Schedule.

Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (No. 25, 2008)

Schedule 1

34 Application

Section 245A of the Life Insurance Act 1995 (as inserted by this Act) applies in relation to any conduct engaged in by a person, whether before or after this item commences.

Schedule 2

25 Saving directions

(1) This item applies to a direction that is in force under section 134 or 150 of the Life Insurance Act 1995 immediately before this item commences.

(2) For the purposes of the Life Insurance Act 1995, the direction continues in force after this item commences as if the direction were given under section 230B of that Act (as amended by this Act).

Schedule 4

43 Application

The amendments made by this Schedule apply to decisions made on or after the day on which this Schedule commences.

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (No. 105, 2008)

Schedule 4

5 Application

The amendments of section 160 of the Life Insurance Act 1995 made by this Schedule apply in relation to orders for judicial management made on or after the commencement of this Schedule.

7 Application

The amendment of section 161 of the Life Insurance Act 1995 made by this Schedule applies in relation to judicial management commencing after the commencement of this Schedule.

12 Application

(1) Section 165A of the Life Insurance Act 1995 applies in relation to judicial management commencing after the commencement of that section.

(2) Section 165B of that Act applies to contracts made after the commencement of that section.

14 Application

(1) Section 168A of the Life Insurance Act 1995 applies to a judicial manager appointed on or after the commencement of that section.

(2) Section 168C of that Act applies to contracts made after the commencement of that section.

22 Application

The amendments of sections 175 and 176 of the Life Insurance Act 1995 made by this Schedule apply in relation to judicial management commencing on or after the commencement of this Schedule.

24 Application

Section 179A of the Life Insurance Act 1995 applies to acquisitions occurring on or after the commencement of that section.

30 Application

The amendments of section 194 of the Life Insurance Act 1995 made by this Schedule apply in relation to decisions relating to applications made on or after the commencement of this Schedule for confirmation of schemes.

Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 (No. 144, 2008)

Schedule 14

129 Transitional provision

The amendments of sections 211 and 212 of the Life Insurance Act 1995 made by this Part apply in relation to a person who dies on or after the commencement of those amendments.

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 (No. 75, 2009)

Schedule 1

14 Application

The amendments of section 21 of the Life Insurance Act 1995 made by this Part apply in relation to applications made before, on or after the commencement of the amendments for registration.

16 Application

Subsection 22(1A) of the Life Insurance Act 1995 (as amended by this Part) applies in relation to a registration made before, on or after the commencement of that subsection.

81 Application

The amendments of sections 131 and 132 of the Life Insurance Act 1995 made by this Part apply in relation to the giving of a notice on or after the commencement of the amendments.

88 Application

The amendments of section 132A of the Life Insurance Act 1995 made by this Part apply in relation to matters of which a body corporate becomes aware on or after the commencement of the amendments (whether the matter arose before, on or after that commencement).

117 Application

The amendments of Divisions 3 and 4 of Part 7 of the Life Insurance Act 1995 made by this Part apply in relation to notices given under section 135 of that Act after the commencement of those amendments.

Note: Division 4 of Part 7 of the Life Insurance Act 1995 deals with things done under warrants issued under Division 3 of that Part. A warrant can be issued under Division 3 of that Part only in connection with an investigation under that Division, which can be carried out only after a notice has been given under section 135 of that Act.

126 Application

The amendments of section 156A and 156E of the Life Insurance Act 1995 made by this Part apply to disclosures made on or after the commencement of the amendments.

135 Application

(1) The amendments of section 230A of the Life Insurance Act 1995 made by this Part apply in relation to standards determined on or after the commencement of the amendments.

(2) To avoid doubt, the amendments do not affect the validity of a standard determined under that section before the commencement of the amendments.

145 Application

(1) The amendments of sections 230B and 230C of the Life Insurance Act 1995 made by this Part apply in relation to the giving of directions on or after the commencement of those amendments.

(2) To avoid doubt, those amendments do not affect the validity of a direction given under section 230B of that Act before the commencement of those amendments.

180 Application

The amendments of section 245A of the Life Insurance Act 1995 made by this Part apply in relation to applications made on or after the commencement of the amendments.

Schedule 2

14 Application

The amendments made by this Schedule apply in relation to applications for injunctions made on or after the commencement of this Schedule, whether the conduct, refusal or failure that is the subject of the application occurred before, on or after that commencement.

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (No. 82, 2010)

Schedule 3

62 Saving--appointment as an auditor of a life company

(1) This item applies if:

(a) a person was appointed as the auditor of a life company under subsection 83(1) of the Life Insurance Act 1995 before the commencement of this item; and

(b) the appointment had not ended immediately before the commencement.

(2) After the commencement of this item, the appointment has effect as if the appointment had been made under subsection 83(1) of the Life Insurance Act 1995 as in force after the commencement.

(3) To avoid doubt, the person is the principal auditor of the life company for the purposes of the Life Insurance Act 1995.

63 Application--powers and functions of a judicial manager

Subsection 165(1) of the Life Insurance Act 1995, as amended by this Schedule, applies whether the order referred to in subsection 165(1) was made before, on, or after the commencement of this item.

Acts Interpretation Amendment Act 2011 (No. 46, 2011)

Schedule 3

10 Saving--appointments

The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.

11 Transitional regulations

The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.

Table B

Modifications

Life Insurance Regulations 1995

Schedule 5 Modifications of the Act in relation to friendly societies

(regulation 2A.01)

1 Section 15

omit

2 Paragraph 30 (f)

substitute

(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.

3 Subsection 35 (1)

omit

4 Subsection 35 (2)

omit

A policy document

insert

Approved benefit fund rules

5 Subsections 35 (3), (4) and (5)

omit

6 Paragraph 36 (b)

omit

7 Paragraph 38 (2) (c)

omit

Division 6

insert

Division 5

8 Subsection 38 (7)

omit

or 6.

insert

or 5.

9 Subsection 45 (1)

omit

or 6.

insert

or 5.

10 Part 4, Divisions 5 and 6

substitute

Division 5 Distribution of surplus in approved benefit fund

56 Distribution of surplus

(1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do 1 or more of the following:

(a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;

(b) transfer all or part of the surplus to another approved benefit fund of the society;

(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45 (3).

(3) A distribution under subsection (1) must comply with any applicable prudential standard.

14 Sections 75 and 76

substitute

75 Financial records -- friendly societies

A friendly society must keep such records of the income and outgoings of the management fund and each approved benefit fund of the society as will record properly the affairs and transactions of the society in respect of each fund.

15 Section 81

omit

If a life company

insert

(1) If a friendly society

16 Section 81

insert

(2) However, unless Prudential Rules, prudential standards or reporting standards otherwise require, subsection (1) does not apply to the treatment of an asset of the management fund of the friendly society.

17 Paragraph 82 (5) (c)

substitute

(i) for financial statements prepared for subsection (1) -- within the period required by subsection 118 (3); and

(ii) in any other case -- within 3 months after the time as at which they are prepared.

22 Subsection 134 (4)

substitute

(4) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

23 Subsection 150 (9)

substitute

(9) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding-up of the society; or

(b) a special resolution is passed for the voluntary winding-up of the society under subsection 180 (2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

24 Subsection 198 (1)

omit

or policy document

25 Paragraph 201 (1) (b)

omit

or endorsed on the policy

26 Subsection 213 (2)

omit everything after paragraph (b), insert

the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1) (a) and that the requirements of the rules are followed.

27 Subsection 213 (3)

omit

The company may endorse the policy

insert

However, the company may register the applicant

28 Part 10, Division 7

omit

29 Subsection 226 (1)

substitute

(1) A friendly society must keep a register of members for each approved benefit fund of the society.

(1A) The register must include:

(a) the name and address of each member of the approved benefit fund; and

(b) the date of each member's admission to membership; and

(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.

(1C) A society that, immediately before the transfer date, did not keep its register in parts as described in subsection (1B) must comply with that subsection:

(a) within 18 months starting on the transfer date; or

(b) a longer period that APRA, in writing, allows.

30 Section 227

omit

31 Subsection 229 (2)

omit

32 Section 242

omit

33 Schedule -- Dictionary, after definition of friendly society

insert

health benefits fund, for a friendly society, means a health benefits fund conducted by a society that is a registered health benefits organisation under the National Health Act 1953.

Note Income from the health insurance business of a registered health benefits organisation is to be credited to its health benefits fund: see s 68 of the National Health Act 1953.

34 Schedule -- Dictionary, after definition of life policy

insert

management fund, for a friendly society, means the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund, or of a health benefits fund (if any), of the society.

35 Schedule -- Dictionary, after definition of spouse

insert

SSA has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

36 Schedule -- Dictionary, after definition of trade union

insert

transfer date has the meaning given by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Schedule 6 Further modifications of the Act in relation to jointly regulated friendly societies

(regulation 2A.01)

1 After subsection 127 (1)

insert

(1A) The Regulator may appoint a person who is eligible to be appointed as an inspector under section 82R of the National Health Act 1953 as an authorised person for the purposes of the application of a specified provision of this Act to the health insurance business of a jointly regulated friendly society.

2 Paragraph 130 (c)

substitute

(d) the National Health Act 1953; and

(e) regulations made under that Act; and

(f) conditions on the registration of the company under that Act; and

(g) directions given to the company by the Minister under that Act.

3 After subsection 131 (1)

insert

(1A) In subsection (1), business includes health insurance business.

4 Before section 134

insert

133B Definitions for Division 3

In this Division:

life insurance business includes health insurance business.

policy includes a health insurance policy.

5 After subsection 134 (1)

insert

(1A) For subsection (1):

(a) a direction applies to an asset of the health insurance business of a company that is a jointly regulated friendly society only if the direction was given because of liabilities of the health insurance business of the society; and

(b) a direction applies to an asset of the life insurance business of a company that is a jointly regulated friendly society only if the direction was given because of liabilities of the life insurance business of the society.

(1B) APRA must not give a direction under subsection (1) in relation to an asset of the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

6 Subparagraph 136 (b) (iii)

substitute

(iii) a condition imposed, under section 22, on the registration of the company; or

(iv) the National Health Act 1953; or

(v) regulations made under that Act; or

(vi) conditions on the registration of the company under that Act; or

(vii) directions given to the company by the Minister under that Act; or

(viii) the Private Health Insurance Incentives Act 1997; or

(ix) the Private Health Insurance Incentives Act 1998.

7 After subsection 137 (2)

insert

(3) However, the Regulator must not decide, under subsection (2), to investigate the health insurance business of a company that is a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

8 After section 138

insert

138A Investigation of jointly regulated friendly society

The Regulator must not start an investigation under this Division in respect of a jointly regulated friendly society if an investigation in respect of the society is in progress under section 82R of the National Health Act 1953.

Note It is intended that regulations under the National Health Act 1953 will provide that an investigation of a jointly regulated friendly society must not be started under s 82R of that Act if an investigation of the society is in progress under this Division.

9 Section 149

omit

After an investigation

insert

(1) After an investigation

10 Section 149

insert

(2) For an investigation of the health insurance business of a company that is a jointly regulated friendly society, the summary must also be given to PHIAC and the Minister for Health and Aged Care and must include:

(a) a statement of the Regulator's opinion on the question whether the company is, or is about to become, unable to meet its liabilities, and the facts on which that opinion is based; and

(b) the Regulator's recommendation about:

(i) the question whether the company should be permitted to continue to conduct the health benefits fund; and

(ii) the question whether the affairs of the company should be reorganised to enable it to better conduct the health benefits fund and, if so, the way in which they should be so reorganised; and

(iii) such other matters affecting the company or the interests of contributors to the health benefits fund conducted by the company as the Regulator thinks fit.

(3) The Regulator may refer a report on the conclusions it reached as a result of an investigation of the health insurance business of a company to the Registration Committee established by section 70 of the National Health Act 1953.

11 Paragraph 150 (1) (c)

substitute

(d) has contravened:

(i) the National Health Act 1953; or

(ii) regulations made under that Act; or

(iii) conditions on the registration of the company under that Act; or

(iv) directions given to the company by the Minister under that Act; or

(v) the Private Health Insurance Incentives Act 1997; or

(vi) the Private Health Insurance Incentives Act 1998.

12 After subsection 150 (1)

insert

(1A) The Regulator must not give a direction under subsection (1) that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

13 Before section 157

insert

156G Definitions for Division 1

In this Division:

business includes health insurance business.

policy means:

(a) if the provision in which it occurs is being applied to, or for the purposes of, the health insurance business of a jointly regulated friendly society -- a health insurance policy; and

(b) if the provision in which it occurs is being applied to, or for the purposes of, the life insurance business of a jointly regulated friendly society -- a policy that, by subsection 16F (1) or (2), is taken to be issued by a friendly society; and

(c) if the provision in which it occurs is being applied to, or for the purposes of, all of the business of a jointly regulated friendly society -- a policy mentioned in paragraph (a) or (b).

14 After subsection 157 (1)

insert

(1A) However, APRA must not apply to the Court under subsection (1) for an order that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

15 After subsection 157 (5)

insert

(6) On an application by a jointly regulated friendly society that relates to the health insurance business of the society, PHIAC and the Minister for Health and Aged Care are entitled to be heard.

16 Paragraph 158 (a)

substitute

(a) that the business of the company has been investigated under Division 3 of Part 7 of this Act or section 82R of the National Health Act 1953; and

17 Subparagraphs 159 (a) (ii) and (iii)

substitute

(ii) the company has failed to comply with any of the following that apply to it:

(A) the prudential standards relating to solvency made by APRA under section 230A of the Act;

(B) a direction under section 230B in relation to solvency;

(D) a condition of registration under Division 3 of Part VI of that Act; or

18 Paragraph 159 (b)

omit

life insurance

19 Section 162

omit

A company

insert

(1) A company

20 Section 162

insert

(2) However, subsection (1) does not apply to a jointly regulated friendly society if the judicial management relates only to its health benefits fund.

Note Part VIA of the National Health Act 1953 makes provision for judicial management of health benefits funds.

21 After section 166

insert

166A Continued application of National Health Act

The appointment of a judicial manager under this Part that relates to the health insurance business of a jointly regulated friendly society does not affect the continued operation of the National Health Act 1953 in relation to the society or the obligation of the society to comply with that Act.

22 After subsection 167 (5)

insert

(6) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

23 After subsection 169 (2)

insert

(3) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

24 After subsection 170 (2)

insert

(3) PHIAC, or the Minister for Health and Aged Care, may ask a judicial manager for information about the conduct of a judicial management that relates to the health insurance business of a jointly regulated friendly society.

(4) The judicial manager must comply with the request.

25 After subsection 172 (6)

insert

(7) PHIAC and the Minister for Health and Aged Care are entitled to be heard on any application made under subsection (1) or (2) that relates to the health insurance business of a jointly regulated friendly society.

26 After paragraph 175 (2) (a)

insert

(ab) to transfer the business, or part of the business, of the company to an organisation registered under the National Health Act 1953;

27 After paragraph 175 (2) (c)

insert

(ca) to wind up the health benefits fund of the company under the National Health Act 1953;

28 Subsection 175 (4)

omit

paragraph (2) (a), (b) or (d),

insert

paragraph 2 (a), (ab), (b), (ca) or (d),

29 Before section 180

insert

179A Definition for Division 2

In this Division:

policy, in relation to a company that is a jointly regulated friendly society, includes a health insurance policy.

30 After subsection 180 (4)

insert

(5) To avoid doubt, this section does not prevent the winding-up of the health benefits fund of a jointly regulated friendly society under Part VIA of the National Health Act 1953.

31 Subsection 181 (1)

omit

subsection (2)

insert

subsections (2) and (2A)

32 After subsection 181 (2)

insert

(2A) However, APRA must not apply to the Court under subsection (1) for an order that a life company that is a jointly regulated friendly society be wound up without the written approval of PHIAC or the Minister for Health and Aged Care.

33 After subsection 183 (3)

insert

(4) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

34 After subsection 184 (4)

insert

(5) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that relates to the health insurance business of a jointly regulated friendly society.

35 After subsection 185 (2)

insert

(3) PHIAC, or the Minister for Health and Aged Care, may ask a liquidator for information in writing about the winding-up of the health insurance business of a jointly regulated friendly society.

(4) The judicial manager must comply with the request.

36 After subsection 186 (2A)

insert

(2B) If the company is a jointly regulated friendly society, the liquidator must also take account of health benefits fund rules of the society in making determinations under subsection (1), to the extent that those rules are consistent with any directions of the Court.

37 Subsections 187 (1), (2) and (3)

substitute

(1) Subject to this section, in the winding-up of a life company that is a jointly regulated friendly society, the assets of an approved benefit fund of the society and of the health benefits fund of the society must first be applied in accordance with the applicable Corporations Law in discharging debts and claims referred to in subsection 556 (1) of that Law.

(2) However, subsection (1) has effect only to the extent that debts or claims are liabilities that are referable to the business of the approved benefit fund or health benefits fund.

(3) If any assets remain after the application of subsection (1), the assets must be applied according to the following rules:

(a) the assets of an approved benefit fund are to be applied:

(i) first, in discharge of policy liabilities of the company referable to the approved benefit fund; and

(ii) if any assets remain, in discharge of other liabilities that are referable to the business of the approved benefit fund;

(b) the assets of the health benefits fund are to be applied:

(i) first, in discharge of policy liabilities of the company referable to the health benefits fund; and

(ii) if any assets remain, in discharge of other liabilities that are referable to the business of the health benefits fund;

(c) if any assets of the funds remain after an application of assets according to paragraphs (a) and (b), the assets are to be applied in such manner as the Court directs;

(d) directions given for the purpose of paragraph (c) are to be such directions as the Court considers equitable, having regard to:

(i) the interests of the owners of policies referable to the approved benefit fund or funds; and

(ii) the interests of the owners of policies referable to the health benefits fund; and

(iii) the interests of creditors of the company whose debts have not been discharged by application of the assets according to subparagraphs (a) (ii) and (b) (ii).

38 Subsection 188 (1)

omit each mention of

statutory fund

insert

health benefits fund or approved benefit fund

39 After subsection 190 (1)

insert

(1A) However, no part of the health insurance business of a life company that is a jointly regulated friendly society may be:

(a) transferred to another organisation; or

(b) amalgamated with the business of another organisation;

except under a scheme confirmed by the Court.

40 Subsection 191 (1), definition of affected policy owner

omit

statutory fund

insert

health benefits fund or approved benefit fund

41 Paragraph 191 (2) (a)

after

given to APRA

insert

(and to PHIAC and the Minister for Health and Aged Care if the scheme affects the health benefits fund of a jointly regulated friendly society)

42 After subsection 192 (2)

insert

(3) If the report relates to the health insurance business of a company that is a jointly regulated friendly society, APRA must give a copy of the report to PHIAC and the Minister for Health and Aged Care.

43 After subsection 193 (3)

insert

(4) PHIAC and the Minister for Health and Aged Care are entitled to be heard on an application that affects the health benefits fund of a jointly regulated friendly society.

44 After subsection 197 (1)

insert

(1A) If any part of the health insurance business carried on by a life company that is a jointly regulated friendly society is transferred to, or amalgamated with the business of, another organisation, the organisation must give APRA such documents as are required by the regulations to be given for subsection (1).

45 After subsection 230A (5)

insert

(5B) APRA must not determine, vary or revoke a standard that relates only to life insurance companies that are jointly regulated friendly societies without the written approval of PHIAC or the Minister for Health and Aged Care.

46 Subsection 230A (13), before definition of Territory

insert

policy owner, in relation to the health insurance business of a life company that is also a registered organisation under the National Health Act 1953, means a person who is a contributor to the health benefits fund of the organisation in accordance with the organisation's rules.

47 After paragraph 230B (1) (a)

insert

(ab) the company has contravened:

(i) the National Health Act 1953; or

(ii) regulations made under that Act; or

(iii) conditions on the registration of the company under that Act; or

(iv) directions given to the company by the Minister under that Act; or

(v) the Private Health Insurance Incentives Act 1997; or

(vi) the Private Health Insurance Incentives Act 1998; or

48 After subsection 230B (9)

insert

(10) However, APRA must not give a direction under this section that relates to the health insurance business of a jointly regulated friendly society without the written approval of PHIAC or the Minister for Health and Aged Care.

(11) In this section:

49 Schedule -- Dictionary, before definition of policy

insert

PHIAC means the Private Health Insurance Administration Council established by section 82B of the National Health Act 1953.

Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - NOTES