LIFE INSURANCE REGULATIONS (AMENDMENT) 1983 NO. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) 1983 NO. 240 - TABLE OF PROVISIONS 1. Interpretation 2. 3. 4. Substantial compliance with certain forms sufficient 5. 6. First Schedule 7. Further amendments SCHEDULE 1 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 1 Interpretation 1. Regulation 3 of the Life Insurance Regulations is amended by omitting sub-regulation (1) and substituting the following sub-regulation: "(1) In these Regulations, unless the contrary intention appears- 'quarter' means the period of 3 months commencing on 1 January, 1 April, 1 July and 1 October in any year; 'the Act' means the Life Insurance Act 1945.". 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 2 2. Regulations 12 to 20 (inclusive) of the Life Insurance Regulations are repealed and the following regulations substituted: When statistics to be collected "12. For the purposes of sub-section 145 (1) of the Act, the following times are prescribed, namely- (a) in respect of the statistics prescribed in paragraph 13 (a)-the expiration of the period within which Form 3 is required to be furnished; (b) in respect of the statistics prescribed in paragraph 13 (b)-the expiration of the period within which Form 6 is required to be furnished; and (c) in respect of the statistics prescribed in paragraph 13 (c)-the expiration of the period within which Form 7 is required to be furnished. Statistics to be collected "13. For the purposes of sub-section 145 (1) of the Act, the following statistics are prescribed, namely- (a) the particulars, in respect of a quarter, specified in Form 3 relating to- (i) ordinary life insurance business, other than ordinary risk premium business, in Australia; (ii) ordinary risk premium business in Australia; (iii) industrial business in Australia; (iv) superannuation business, other than superannuation risk premium business, in Australia; and (v) superannuation risk premium business in Australia; (b) the particulars, in respect of a quarter, specified in Form 6; and (c) the particulars, in respect of a month, specified in Form 7. Form in which statistics to be furnished "14. For the purposes of sub-section 145 (2) of the Act, the following forms are prescribed, namely- (a) Form 3, in respect of the particulars specified in that form; (b) Form 6, in respect of the particulars specified in that form; and (c) Form 7, in respect of the particulars specified in that form. When statistics to be furnished "15. For the purposes of sub-section 145 (2) of the Act, the following times are prescribed, namely- (a) in respect of the particulars specified in Form 3-once each quarter, being a time that occurs within 6 weeks of the expiration of the quarter to which the particulars relate; (b) in respect of the particulars specified in Form 6-once each quarter, being a time that occurs within 6 weeks of the expiration of the quarter to which the particulars relate; (c) in respect of the particulars specified in Form 7-once each month, being a time that occurs within 6 weeks of the expiration of the month to which the particulars relate.". 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 3 3. After regulation 25 of the Life Insurance Regulations the following regulations are inserted: Payment of policy moneys without requiring production of probate, &c. "26. For the purposes of section 103 of the Act, the amount of $10,000 is prescribed. Policies to which section 103A does not apply "26A. For the purposes of section 103A of the Act, the amount of $5,000 is prescribed. Payment on death of children "26B. (1) For the purposes of the definition of 'prescribed amount' in section 108 of the Act, the amount of $1,000 is applicable. "(2) For the purposes of the definition of 'repayment of premiums' in section 108 of the Act, the rate of 12 per cent per annum is prescribed. Where no need to advertise issue of special policy "26C. For the purposes of section 119 of the Act, the amount of $5,000 is prescribed.". 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 4 Substantial compliance with certain forms sufficient 4. Regulation 29 of the Life Insurance Regulations is amended by omitting "3A, 4, 5". 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 5 5. After regulation 29 of the Life Insurance Regulations the following regulation is inserted: Directions and instructions to be followed "29A. A form in Schedule 1 shall be completed in accordance with such directions and instructions as are specified in, or relate to, the form.". 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 6 First Schedule 6. The First Schedule to the Life Insurance Regulations is amended- (a) by omitting Forms 3 to 5 (inclusive) and substituting the following form: FORM 3 Regulations 13 and 14 Life Insurance Act 1945 Return of policies for the quarter ended.................... Name of company................................................................. Statutory fund.................................................................. Type of business........Ordinary* Ordinary risk premium* Superannuation* Superannuation risk premium* Industrial* *Strike out whichever is inapplicable PART 1-NEW AND EXISTING BUSINESS ------------------------------------------------------------------------------ -- Type of policy --------------------------------------------------------- Individual whole of life, endowment and endowment insurance Individual term Individual investment account and investment linked Individual accident sickness and disability Group life and credit life(1) Other Annuities ------------------------------------------------------------------------------ -- Business in force at beginning of quarter- -No. of policies . . . -Sum insured(2) (3) . -Annual premiums ($) . Business issued in quarter- -No. of policies . . . -Sum insured(2) (3) . -Single premiums(4) ($) . . . . . . . . . . -Annual premiums ($) . Business in force at end of quarter- -No. of policies . . . -Sum insured(2) (3) . -Annual premiums ($) . Surrenders in quarter- -No. of policies . . . -Annual premiums ($) . Forfeitures in quarter- -No. of policies . . . -Annual premiums ($) . ------------------------------------------------------------------------------ -- PART 2-DISCONTINUANCES DURING QUARTER ------------------------------------------------------------------------------ -- Cause of discontinuance ----------------------------------------------------------- 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - REG 7 Further amendments 7. The Life Insurance Regulations are further amended as set out in the Schedule. ---------------- 1983 No. 240 LIFE INSURANCE REGULATIONS (AMENDMENT) - SCHEDULE 1 SCHEDULE Regulation 7 ------------------------------------------------------------------------------ -- Provision amended Amendment ------------------------------------------------------------------------------ -- Regulation 2 . . . . . . Repeal. Sub-regulation 3 (2) . . Omit "the First Schedule to these Regulations", substitute "Schedule 1". Regulation 8 . . . . . . Omit "sub-section (2) of section ninety-five", substitute"sub-section 95 (2)". Sub-paragraph 8 (a) (i) Omit "of this paragraph". Sub-paragraph 8 (a) (ii) Omit "One dollar" (wherever occurring), substitute "$1". Sub-paragraph 8 (a) (iii) . . . . . . . . . Omit "the last preceding sub-paragraph", substitute "sub-paragraph (a) (ii)". Sub-paragraph 8 (d) (iii) . . . . . . . . . Omit "One dollar" (wherever occurring), substitute "$1". Regulation 11 . . . . . Omit "sub-section (2) of section one hundred", substitute "sub-section 100 (2)". Regulation 21 . . . . . Omit "section one hundred and forty-five", substitute "section 145". Regulation 22 . . . . . Omit "three months", substitute "3 months". Regulation 23 . . . . . (a) Omit "the thirty-first day of May", substitute "31May". (b) Omit "sections forty-four and fifty-one", substitute "sections 44 and 51". (c) Omit "ten", substitute "10". Regulation 24 . . . . . Omit "sub-section (2) of section fifty-seven", substitute "sub-section 57 (2)". Regulation 25 . . . . . Omit "paragraph (b) of sub-section (1) of section seventy-five", substitute "paragraph 75 (1) (b)". Regulation 27 . . . . . (a) Omit "Life Insurance Act 1945-1958", substitute "the Act". (b) Omit "the Second Schedule to these Regulations", substitute "Schedule 2". Regulation 29 . . . . . Omit "is" (third occurring). Regulation 30 . . . . . Omit "Fifty pounds", substitute "$100". Heading to First Schedule . . . . . . . . Omit "FIRST SCHEDULE", substitute "SCHEDULE1". Heading to Second Schedule . . . . . . . . Omit "SECOND SCHEDULE", substitute "SCHEDULE 2". Second Schedule . . . . Omit pounds (wherever occurring), substitute "$". - NOTES 1983 No. 240*1* LIFE INSURANCE REGULATIONS*2* (AMENDMENT) *1* Notified in the Commonwealth of Australia Gazette on 28 October 1983. *2* Statutory Rules 1946 No. 136 as amended by 1959 No. 98; 1962 Nos. 3 and 12; 1966 No. 36; 1969 No. 51; 1971 No. 100; 1974 Nos. 68 and 224; 1978 No. 31; 1980 No. 54; 1981 No. 262.