LIFE INSURANCE ACT 1995

This compilation was prepared on 3 September 2009
taking into account amendments up to Act No. 75 of 2009

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 .................................................... 2

6............ Extension of Act to Norfolk Island .................................................... 2

7............ General administration of Act ............................................................ 2

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

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

8............ Dictionary ........................................................................................... 4

Part 2--Explanation of key concepts 5

9............ Life policy .......................................................................................... 5

9A......... Continuous disability policy .............................................................. 6

10.......... Issue and ownership of policies ......................................................... 7

11.......... Life insurance business ....................................................................... 7

12.......... Classes of life insurance business ....................................................... 8

12A....... Declarations that insurance or annuity business is life insurance business 9

12B....... Declarations that other financial business is life insurance business 10

13.......... Business of a statutory fund ............................................................ 12

14.......... Investment account benefits, investment‑linked benefits ................. 12

15.......... Participating, non‑participating benefits .......................................... 14

16.......... Related companies ............................................................................ 14

Part 2A--Special provisions relating to life companies that are friendly societies 16

Division 1--Preliminary 16

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

16B....... Definitions ........................................................................................ 17

Division 2--Friendly societies and how this Act applies to them 19

16C....... What is a friendly society? ............................................................... 19

16D....... Act applies to friendly societies in accordance with this Part ......... 20

16E........ Restriction on use of expression friendly society .............................. 20

Division 3--Modified operation of key concepts 23

16F........ Issue, ownership etc. of policies ...................................................... 23

Division 4--Modified operation of provisions relating to statutory funds 25

Subdivision 1--Modifications 25

16G....... Act generally applies as if references to a statutory fund were references to an approved benefit fund 25

16H....... Modification of section 34 ............................................................... 25

16I......... Modification of section 38 ............................................................... 26

16J........ Modification of section 43 ............................................................... 26

16K....... Modification of section 45 ............................................................... 27

Subdivision 2--Approved benefit fund rules 27

16L........ Approval of benefit fund rules ......................................................... 27

16N....... When benefit fund rules approved by APRA come into force ........ 28

16O....... Benefit fund rules approved by APRA and in force form part of company's constitution 28

16P........ Amendment of approved benefit fund rules not effective unless approved by APRA 29

16Q....... Amendment of approved benefit fund rules on initiative of friendly society 29

16R....... Amendment of approved benefit fund rules as required by APRA . 30

16T....... When amendment of benefit fund rules approved or determined by APRA come into force 32

16U....... Approval of consequential amendments of company's constitution 32

16V....... Consequential amendments of constitution as required by APRA .. 33

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 ........ 36

Division 5--Other modifications 37

16ZA.... Assignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy 37

16ZB..... Certain friendly societies may continue to carry on health insurance business--modified operation of this Act 37

16ZC..... Other modifications .......................................................................... 38

Part 2B--Special provisions relating to Australian branches of foreign life insurance companies 39

16ZD.... Eligible foreign life insurance company ............................................ 39

16ZE..... Act does not apply to foreign life insurance business of eligible foreign life insurance company 40

16ZF..... Compliance Committee of eligible foreign life insurance company .. 40

16ZG.... Address for service of eligible foreign life insurance companies ....... 41

Part 3--Registration of life companies 42

17.......... When registration is required ............................................................ 42

18.......... Certain activities not regarded as carrying on life business .............. 42

19.......... Certain persons taken to carry on life business etc. ......................... 42

20.......... Application for registration .............................................................. 43

21.......... Decision on application for registration ........................................... 43

22.......... Conditions of registration ................................................................. 44

26.......... Cancellation of registration: defunct company ................................. 45

27.......... Voluntary deregistration ................................................................... 45

Part 4--Statutory funds of life companies 46

Division 1--General requirements 46

29.......... What is a statutory fund? ................................................................. 46

30.......... Outline of requirements regarding statutory funds ........................... 46

31.......... Requirement that company have statutory funds ............................ 46

32.......... Duty of company in relation to statutory funds .............................. 47

33.......... Notice to APRA when fund established .......................................... 48

34.......... Assets of statutory fund .................................................................. 48

35.......... Identification of policies referable to statutory fund ........................ 49

36.......... Payments to statutory fund ............................................................. 50

37.......... Capital payments to statutory funds ............................................... 50

38.......... Expenditure and application of statutory fund ................................ 50

39.......... Prohibition of reinsurance between funds ........................................ 52

40.......... Mortgages etc. of assets ................................................................... 52

41.......... Effect of non‑compliance with section 38 ¾general......................... 53

41A....... Effect of non‑compliance with section 38 ¾certain classes of transactions 53

42.......... Investment performance guarantee--limit of certain liabilities ........ 53

43.......... Investment of statutory funds .......................................................... 54

44.......... Reporting of restricted investments ................................................. 55

45.......... Transfer of assets between funds ..................................................... 56

46.......... Restriction on restructure or termination of statutory funds ........... 57

47.......... Ascertainment of income and outgoings of a statutory fund ............ 57

Division 2--Duties and liabilities of directors etc. 58

48.......... Duty of directors in relation to statutory funds ............................... 58

49.......... APRA may give notice ..................................................................... 59

50.......... Liability of directors ......................................................................... 59

51.......... APRA's power to sue in the name of a company ............................ 60

Division 3--Restructure and termination of statutory funds 61

52.......... Restructure of statutory funds ......................................................... 61

53.......... Termination of statutory funds ........................................................ 62

54.......... Prudential Rules may deal with transitional matters ........................ 63

Division 4--Additional requirements for transfer of policies between statutory funds by endorsement 64

55.......... Additional requirements for transfer of policies between statutory funds by endorsement 64

Division 5--Allocation of profits and losses and capital payments 65

56.......... Interpretation .................................................................................... 65

57.......... Obligation to allocate operating profit or loss .................................. 65

58.......... Operating profit etc. ......................................................................... 65

59.......... Allocation of operating profit etc. .................................................... 66

60.......... Basis of allocation of operating profit etc. ....................................... 67

Division 6--Distribution of retained profits and shareholders' capital 69

61.......... Interpretation .................................................................................... 69

62.......... Distribution of retained profits ........................................................ 71

63.......... Distribution of shareholders' capital ................................................ 72

Part 6--Financial management of life companies 74

Division 1--Preliminary 74

74.......... Interpretation .................................................................................... 74

Division 2--Financial records and statements 75

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

76.......... Financial records--overseas funds ................................................... 75

77.......... Financial year of a life company ....................................................... 76

78.......... Treatment of income and outgoings relating to mixed business ........ 77

79.......... Treatment of income or outgoings relating to 2 or more categories of business etc. 77

80.......... Basis of apportionment .................................................................... 78

81.......... Treatment of appreciation and depreciation of assets ...................... 78

83.......... Life company to have auditor ........................................................... 79

84.......... Appointment of auditor ................................................................... 79

85.......... Ending an appointment as auditor .................................................... 79

87.......... Notification of appointment etc. of auditor ..................................... 80

88.......... Auditor's obligation to report to company and APRA ................... 80

88A....... Auditor may give information to APRA .......................................... 82

89.......... Qualified privilege of auditors .......................................................... 82

Division 3--Appointed actuaries 83

93.......... Appointment .................................................................................... 83

94.......... Ending an appointment as actuary ................................................... 83

95.......... Notification of appointment etc. ...................................................... 84

96.......... Compliance with prudential standards ............................................. 84

97.......... Role of actuary ................................................................................. 84

98.......... Actuary's obligation to report to APRA ......................................... 85

98A....... Appointed actuary may give information to APRA ........................ 87

99.......... Qualified privilege of appointed actuary .......................................... 87

Division 8--Miscellaneous 88

114........ Method of valuing policy liabilities .................................................. 88

124........ Policy owner's right to copy of annual financial statements and annual return 88

125........ Referring matters to professional associations for auditors and actuaries 88

125A..... APRA may direct removal of auditor or actuary ............................. 89

Part 7--Monitoring and investigation of life companies 91

Division 1--Preliminary 91

126........ Interpretation .................................................................................... 91

127........ Appointment of authorised persons ................................................ 92

128........ Associated company ........................................................................ 92

129........ Related companies ............................................................................ 92

Division 2--Monitoring life companies 94

130........ Purpose of Division .......................................................................... 94

131........ Requirement to give information to Regulator .................................. 94

132........ Requirement to produce records ....................................................... 94

132A..... Requirement to notify APRA of certain matters ............................. 95

133........ Access to premises ........................................................................... 98

133A..... Enforceable undertakings .................................................................. 98

Division 3--Investigation by APRA 100

135........ Giving of show cause notice ........................................................... 100

136........ Grounds for giving of show cause notice ........................................ 100

137........ Decision to investigate .................................................................... 101

138........ Investigation of associated company .............................................. 102

139........ Investigation procedure .................................................................. 102

140........ Access to premises for purposes of investigation .......................... 102

141........ Requirement to produce records ..................................................... 103

142........ Regulator's power to require assistance ......................................... 103

143........ Application for warrant to seize records not produced ................. 103

144........ Grant of warrant ............................................................................. 104

145........ Powers if records produced or seized ............................................. 105

146........ Powers if records not produced ...................................................... 106

147........ Offences related to investigations ................................................... 106

149........ Regulator must give company written summary of conclusions .... 107

151........ Identity cards .................................................................................. 107

Division 3A--Life companies required to comply with determinations of the Superannuation Complaints Tribunal 108

151A..... Life companies must comply with determinations of the Superannuation Complaints Tribunal 108

Division 4--Special provisions relating to the execution of warrants 109

152........ Interpretation .................................................................................. 109

153........ Use of equipment to examine or process things ............................. 109

154........ Use of electronic equipment at premises ........................................ 110

155........ Compensation for damage to electronic equipment ........................ 112

156........ Copies of seized things to be provided .......................................... 112

Division 5--Protections in relation to information 113

Subdivision A--Protection for whistleblowers 113

156A..... Disclosures qualifying for whistleblower protection ..................... 113

156B..... Whistleblower protection for disclosures that qualify ................... 114

156C..... Victimisation of whistleblowers prohibited ................................... 115

156D..... Right to compensation .................................................................... 116

156E...... Confidentiality requirement for company, company officers and employees and auditors 116

Subdivision B--Self‑incrimination 118

156F...... Self‑incrimination ............................................................................ 118

Part 8--Judicial management, other external administration and winding up 119

Division 1--Judicial management 119

157........ Application for order for judicial management ............................... 119

158........ Order for judicial management after investigation .......................... 119

159........ Order for judicial management on other grounds ............................ 119

160........ Commencement of judicial management ......................................... 120

161........ Stay of proceedings during judicial management ............................ 120

162........ No judicial management except in accordance with this Act .......... 121

163........ Appointment of judicial manager ................................................... 121

164........ Remuneration of judicial manager ................................................... 121

165........ Management vests in judicial manager ............................................ 121

165A..... Effect on external administrator of judicial manager managing company 122

165B..... Judicial manager being in control not ground for denying obligation 123

166........ Continued application of other Parts of Act .................................. 123

167........ Court's control of judicial manager ................................................. 123

168........ Powers of judicial manager ............................................................. 124

168A..... Judicial manager's additional powers to facilitate recapitalisation . 125

168B..... Considering report before acting under section 168A .................... 126

168C..... Act under section 168A not ground for denying obligation ........... 128

169........ Application by APRA for instructions to judicial manager ........... 129

170........ Request by APRA for information ................................................ 129

171........ Duration of judicial management .................................................... 129

172........ Cancellation of judicial management ............................................... 129

173........ Judicial manager must conduct management efficiently and economically 130

174........ Disclaimer of onerous property ..................................................... 130

175........ Report by judicial manager ............................................................. 131

176........ Order of Court on report of judicial manager ................................. 132

177........ Transfer of business to another company ...................................... 133

178........ Resignation ..................................................................................... 133

179........ Indemnity ....................................................................................... 133

179A..... Exceptions to Part IV of the Trade Practices Act 1974 .................. 133

Division 1A--Other external administration 135

179B..... Relationship of this Division with Chapter 5 of the Corporations Act 2001 135

179C..... Involving APRA in applications to appoint external administrators of life companies 135

Division 2--Winding‑up 136

180........ Winding‑up of life companies ......................................................... 136

181........ Order on application by APRA ..................................................... 137

182........ Operation of Corporations Act ...................................................... 137

183........ Notification to APRA regarding applications by liquidator ........... 137

183A..... Application by liquidator for directions--voluntary winding up of friendly society 137

184........ Application by APRA for directions ............................................. 138

185........ APRA's power to ask for information ........................................... 138

186........ Determination of amounts to be treated as liabilities of life company 138

187........ Application of statutory fund assets ............................................. 139

188........ Liability of directors for loss to statutory fund ............................. 140

Part 9--Transfers and amalgamations of life insurance business 142

189........ Interpretation .................................................................................. 142

190........ Transfer or amalgamation of life insurance business ...................... 142

191........ Steps to be taken before application for confirmation ................... 143

192........ Actuarial report on scheme ............................................................. 144

193........ Application to Court ...................................................................... 144

194........ Confirmation of scheme .................................................................. 144

195........ Effect of confirmation etc. .............................................................. 144

196........ Costs of actuary's report ............................................................... 145

197........ Documents to be lodged in case of transfer or amalgamation ......... 145

Part 10--Provisions relating to policies 146

Division 1--Issue of policies 146

198........ Alteration of proposal and policy forms ........................................ 146

199........ Capacity of young persons to insure etc. ....................................... 147

Division 2--Assignments and mortgages 148

200........ Assignment of policy ..................................................................... 148

201........ Mortgages and trusts ...................................................................... 150

202........ Effect of notice of trust etc. ............................................................ 150

203........ Transfer of policy after change of trustee ...................................... 151

Division 2A--Restriction on assignment or commutation of payments under structured settlements and structured orders 152

203A..... Definitions ...................................................................................... 152

203B..... Application of Division to tax‑exempt annuities and lump sums .. 152

203C..... Assignments or commutations of tax‑exempt annuities are generally not effective 153

203D..... Assignments or commutations of tax‑exempt lump sums are not effective 153

203E...... Relationship with Division 2 .......................................................... 153

Division 3--Protection of policies 154

204........ Protection of interest of insured ..................................................... 154

205........ Protection of policy money on person's death .............................. 154

Division 4--Surrender values, paid‑up policies and non‑forfeiture of policies 156

206........ Application of Division .................................................................. 156

207........ Surrender of policies ....................................................................... 156

208........ Relaxation of company's obligations to surrender ......................... 157

209........ Paid‑up policies .............................................................................. 157

210........ Non‑forfeiture of policies in certain cases of non‑payment of premiums 158

Division 5--Payment of policy money 160

211........ Probate or administration not necessary in certain cases--a single policy 160

212........ Probate or administration not necessary in certain cases--2 or more policies 161

213........ Death of policy owner who is not the life insured ......................... 162

214........ Company not bound to see to the application of money paid by it 163

215........ Power to pay money into Court .................................................... 163

216........ Unclaimed money ........................................................................... 163

217........ No deduction in respect of other policies ....................................... 166

Division 6--Children's advancement policies 167

218........ Interpretation .................................................................................. 167

219........ Property in child's advancement policy ......................................... 168

220........ Death or bankruptcy of policy owner ............................................ 168

Division 7--Lost or destroyed policy documents 170

221........ Lost or destroyed policy--issue of replacement policy document 170

222........ Form of replacement policy document ........................................... 171

223........ Notice before issuing replacement policy document ...................... 171

224........ Claim under policy where policy document lost or destroyed ...... 172

225........ Application of sections 221, 222, 223 and 224 to replacement policy document 173

Division 8--General 174

226........ Registers ......................................................................................... 174

227........ Registration of policies ................................................................... 174

228........ Effect of suicide on policy .............................................................. 175

229........ Condition as to war risk void ......................................................... 175

230........ Policies not invalidated by contraventions of the Act .................... 175

Part 10A--Prudential standards and directions 176

Division 1--Prudential standards 176

230A..... APRA may make prudential standards for life companies ............ 176

Division 2--Directions 178

230B..... APRA may give directions in certain circumstances ...................... 178

230C..... Direction not grounds for denial of obligations .............................. 181

230D..... Supply of information about issue and revocation of directions .... 182

230E...... Secrecy requirements ...................................................................... 183

230F...... Non‑compliance with a direction .................................................... 183

Part 11--Miscellaneous 186

233........ Operation of State and Territory laws ........................................... 186

233A..... Transfer by life insurance company to statutory fund .................. 186

234........ Prohibition of mixed insurance business ......................................... 187

235........ Injunctions ...................................................................................... 187

236........ Review of certain decisions [see Notes 3 and 4] ............................ 189

237........ Constitution and procedure of Tribunal ......................................... 192

240........ Register of Life Companies ............................................................ 193

241........ Inspection of Register etc. .............................................................. 193

242........ Non‑shareholder members of life company--voting by post ........ 193

245........ Disqualified persons not to be directors, principal executive officers etc. of life companies 194

245A..... Court power of disqualification ...................................................... 197

245B..... Court power to revoke or vary a disqualification etc. .................... 198

246........ Principal executive officer ............................................................... 199

247........ Protection of person who discloses information etc. under compulsion 199

248........ Offences .......................................................................................... 199

250........ Conduct by directors, servants and agents ..................................... 200

251........ Compensation for acquisition of property ..................................... 201

251A..... Authorising contracts etc. for protecting policy owners' interests and financial system stability 202

251B..... Borrowing funds for payments under authorised contracts etc. .... 203

252........ Prudential Rules .............................................................................. 204

253........ Regulations ..................................................................................... 204

Part 12--How this Act affects existing life companies etc. 205

254........ Companies registered under Life Insurance Act 1945 ..................... 205

264........ Saving provision: sections 83, 84 and 94 of the Life Insurance Act 1945 205

Schedule--Dictionary 206

Notes 213

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) 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 256-289): [see Note 2]		Sch. 1 (items 290, 293, 296) [see Table A]
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]
First Home Saver Accounts (Consequential Amendments) Act 2008	45, 2008	25 June 2008	Schedule 3 (items 16-27): 26 June 2008		--
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): (q)		--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (items 1-187): [see Note 5 and Table A] 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]

Commencement information
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

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 (see F2009L02563)

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
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
S. 12B.................................	ad. No. 44, 1999
	am. No. 55, 2001; No. 154, 2007
S. 14....................................	am. No. 54, 1998; No. 45, 2008
S. 15....................................	am. No. 54, 1998; No. 154, 2007
S. 16....................................	am. No. 55, 2001
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
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
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
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
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
Part 2B
Part 2B................................	ad. No. 120, 2004
Ss. 16ZD-16ZG..................	ad. No. 120, 2004
Part 3
Heading to s. 17..................	rs. No. 44, 1999
S. 17....................................	am. No. 44, 1999
S. 20....................................	am. No. 54, 1998
	rs. No. 154, 2007
S. 21....................................	am. No. 54, 1998; No. 44, 1999; No. 121, 2001; No. 154, 2007; No. 25, 2008
S. 22....................................	am. No. 54, 1998
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
S. 28....................................	am. No. 54, 1998; No. 31, 2001
	rep. No. 154, 2007
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
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
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
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
Division 1
S. 74....................................	am. No. 45, 2008
Division 2
S. 76....................................	am. No. 120, 2004
S. 77....................................	am. No. 54, 1998; No. 154, 2007
S. 80....................................	am. No. 154, 2007
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
S. 84....................................	am. No. 61, 1998
	rs. No. 154, 2007
	am. No. 25, 2008
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
S. 86....................................	am. No. 54, 1998; No. 55, 2001
	rs. No. 154, 2007
	rep. No. 25, 2008
S. 87....................................	am. No. 54, 1998; No. 154, 2007
Heading to s. 88..................	am. No. 54, 1998
S. 88....................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007
S. 88A.................................	ad. No. 154, 2007
S. 89....................................	am. Nos. 55 and 121, 2001
S. 90....................................	rep. No. 154, 2007
S. 91....................................	am. No. 54, 1998
	rep. No. 154, 2007
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
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
S. 124..................................	am. No. 54, 1998; No. 121, 2001
	rs. No. 154, 2007
S. 125..................................	am. No. 54, 1998
	rs. No. 154, 2007
S. 125A...............................	ad. No. 44, 1999
	am. No. 121, 2001
	rep. No. 154, 2007
	ad. No. 25, 2008
S. 125B...............................	ad. No. 44, 1999
	am. No. 121, 2001
	rep. No. 154, 2007
Part 7
Division 1
S. 126..................................	am. No. 123, 2001; No. 45, 2008
S. 127..................................	am. No. 54, 1998
S. 129..................................	am. No. 55, 2001
Division 2
S. 130..................................	am. No. 54, 1998
Heading to s. 131................	am. No. 54, 1998
S. 131..................................	am. No. 54, 1998
S. 132..................................	am. No. 54, 1998
S. 132A...............................	ad. No. 154, 2007
S. 133..................................	am. No. 54, 1998
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
S. 136..................................	am. No. 54, 1998; No. 121, 2001; No. 154, 2007
Ss. 137-141........................	am. No. 54, 1998
Heading to s. 142................	am. No. 54, 1998
S. 142..................................	am. No. 54, 1998
Ss. 143, 144........................	am. No. 54, 1998
S. 147..................................	am. No. 107, 1997; No. 54, 1998; No. 31, 2001 (as rep. by No. 117, 2001)
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
S. 149..................................	am. No. 54, 1998
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 5
Subdivision A
Ss. 156A-156E...................	ad. No. 154, 2007
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
S. 165..................................	am. No. 120, 2004; No. 9, 2006; No. 105, 2008
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
S. 176..................................	am. Nos. 54 and 61, 1998; No. 105, 2008
S. 179A...............................	ad. No. 105, 2008
Division 1A
Div. 1A of Part 8..................	ad. No. 105, 2008
Ss. 179B, 179C...................	ad. No. 105, 2008
Division 2
S. 180..................................	am. No. 44, 1999; Nos. 31 and 55, 2001
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
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
Ss. 203A-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
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
S. 230A...............................	ad. No. 44, 1999
	am. No. 121, 2001; No. 154, 2007; No. 45, 2008
Division 2
S. 230B...............................	ad. No. 44, 1999
	am. No. 121, 2001; No. 120, 2004; No. 154, 2007; Nos. 25 and 45, 2008
S. 230C...............................	ad. No. 44, 1999
	am. No. 105, 2008
Ss. 230D, 230E...................	ad. No. 44, 1999
S. 230F................................	ad. No. 44, 1999
	am. Nos. 31 and 55, 2001
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; Nos. 25 and 45, 2008
S. 237..................................	am. No. 38, 2005; No. 25, 2008
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
Ss. 240, 241........................	am. No. 54, 1998
S. 242..................................	am. No. 61, 1998; No. 120, 2004
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
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
Ss. 245A, 245B...................	ad. No. 25, 2008
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
S. 252..................................	am. No. 54, 1998; No. 154, 2007
S. 253..................................	am. No. 54, 1998; No. 154, 2007
Part 12
S. 254..................................	am. No. 44, 1999; No. 154, 2007
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

Note 2

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

The following amendments commence on 1 July 2011:

Schedule 1

256 Subsection 12A(2)

Omit "in Prudential Rules or".

257 Subsection 12B(3)

Omit "in Prudential Rules or".

258 Subsection 15(3)

Omit "Prudential Rules or".

259 Paragraph 16B(2)(a)

Omit "Prudential Rules or in".

260 Subsection 16C(4)

Omit "Prudential Rules or in".

261 Section 16H (notional subsection 34(4))

Omit "Prudential Rules or".

262 Section 16H (notional paragraph 34(4A)(b))

Omit "Prudential Rules or".

263 Section 16J

Omit "Prudential Rules or".

264 Subsection 16L(2)

Omit "Prudential Rules or".

265 Paragraph 16L(4)(b)

Omit "Prudential Rules or".

266 Subsection 16Q(2)

Omit "Prudential Rules or".

267 Paragraph 16Q(4)(b)

Omit "Prudential Rules or".

268 Paragraph 16R(6)(b)

Omit "Prudential Rules or".

269 Subsection 16U(2)

Omit "Prudential Rules or".

270 Paragraph 16U(4)(b)

Omit "Prudential Rules or".

271 Subsection 16V(3)

Omit "Prudential Rules or".

272 Paragraph 16V(7)(b)

Omit "Prudential Rules or".

273 Subsection 34(4)

Omit "Prudential Rules or".

274 Subsection 44(6)

Omit "by Prudential Rules or".

275 Paragraphs 44(7)(a) and (b)

Omit "by Prudential Rules or".

276 Subsection 52(1)

Omit "Prudential Rules or the", substitute "The".

277 Subsection 52(3)

Omit "Prudential Rules or".

278 Subsection 53(1)

Omit "Prudential Rules or the", substitute "The".

279 Subsection 53(2)

Omit "Prudential Rules or".

280 Section 54

Repeal the section.

281 Subsection 55(2)

Omit "Prudential Rules or".

282 Subsection 55(3)

Omit "Prudential Rules or".

283 Subsection 61(1) (definition of starting amount)

Omit "Prudential Rules or".

284 Paragraph 62(3)(c)

Omit "Prudential Rules or".

285 Subsection 62(5)

Omit "Prudential Rules or the", substitute "The".

286 Subsection 236(1) (paragraphs (k) and (l) of the definition of reviewable decision)

Omit "Prudential Rules or".

287 Section 252

Repeal the section.

288 Schedule (definition of Prudential Rules )

Repeal the definition.

289 Schedule (paragraph (a) of the definition of this Act)

Omit ", prudential standards and Prudential Rules", substitute "and prudential standards".

As at 3 September 2009 the amendments are not incorporated in this compilation.

Note 3

Subsection 236(1)--Schedule 1 (item 29) of the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (No. 25 2008) provides as follows:

Schedule 1

29 Subsection 236(1) (after paragraph (z) of the definition of reviewable decision)

Insert:

(za) a decision to give a direction under section 125A;

The proposed amendment was misdescribed and is not incorporated in this compilation.

Note 4

Subsection 236(1)--Schedule 3 (item 26) of the First Home Saver Accounts (Consequential Amendments) Act 2008 (No. 45, 2008) provides as follows:

Schedule 3

26 Subsection 236(1) (definition of reviewable decision)

Omit "subsection (1A)", substitute "subsections (1A) and (1AA)".

The proposed amendment was misdescribed and is not incorporated in this compilation.

Note 5

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

The following amendments commence on 27 February 2010 unless proclaimed earlier:

Schedule 1

1 Section 4

Before "Without", insert "(1)".

2 Section 4

Omit "section", substitute "subsection".

3 At the end of section 4

Add:

(2) Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a subsidiary of a life company were, by express provision, confined to such a subsidiary that:

(a) is a corporation to which paragraph 51(xx) of the Constitution applies; or

(b) carries on banking with respect to which the Parliament has the power to make laws under paragraph 51(xiii) of the Constitution.

(3) Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a subsidiary of a registered NOHC were, by express provision, confined to such a subsidiary that:

(a) is a corporation to which paragraph 51(xx) of the Constitution applies; or

(b) carries on banking with respect to which the Parliament has the power to make laws under paragraph 51(xiii) of the Constitution.

4 Paragraphs 12A(4)(e) and 12B(5)(e)

Omit "this Act" (wherever occurring), substitute "section 21".

5 Paragraphs 16(a) and (b)

Omit "company", substitute "body corporate".

Note: The heading to section 16 is altered by omitting "companies" and substituting "bodies corporate".

6 Paragraph 16ZD(1)(d)

Omit "this Act", substitute "section 21".

7 Part 3 (heading)

Repeal the heading, substitute:

Part 3--Registration of life companies and their NOHCs

Division 1--Registration of life companies

8 Subsection 17(1)

Omit "this Act", substitute "section 21".

9 Paragraph 17(2)(a)

Omit "this Act", substitute "section 21".

10 Subsection 17(4)

Omit "this Act", substitute "section 21".

11 Subsection 20(1)

Omit "this Act", substitute "section 21".

12 Paragraph 21(3)(f)

Omit "Act", substitute "section".

13 At the end of subsection 21(3)

Add:

; (h) that the company is a subsidiary of a NOHC that is not a registered NOHC.

15 After subsection 22(1)

Insert:

(1A) Without limiting the conditions that APRA may impose on the registration, APRA may make the registration conditional on a body corporate, of which the company is a subsidiary, being a registered NOHC.

17 Paragraph 26(1)(a)

Omit "this Act", substitute "section 21".

18 Subsection 26(2)

Omit "the registration of the company under this Act", substitute "(under this section) the registration under section 21 of the company".

19 Paragraph 27(1)(a)

Omit "this Act", substitute "section 21".

20 Subsection 27(1)

Omit "the registration of the company under this Act", substitute "(under this section) the registration under section 21 of the company".

21 At the end of Part 3

Add:

Division 2--Registration of NOHCs of life companies

28A Registration as a NOHC

(1) A body corporate may apply in writing to APRA for registration under this section (the NOHC registration). The NOHC registration operates in relation to the body corporate and any life companies that are subsidiaries of the body corporate from time to time.

Note: The body corporate may want the registration because APRA may refuse to register a subsidiary of the body corporate under Division 1 unless the body corporate is registered under this section (see subsection 21(3)).

(2) APRA may require the body corporate to provide a statutory declaration in relation to information or documents provided in relation to the application.

(3) APRA may register an applicant if it considers it is appropriate to do so. The registration must be in writing.

(4) If APRA registers an applicant, APRA must give written notice to the applicant.

(5) The taking of an action is not invalid merely because of a failure to comply with subsection (4).

28B Conditions on a NOHC registration

(1) APRA may, at any time, by giving written notice to a registered NOHC:

(a) impose conditions, or additional conditions, on the NOHC registration; and

(b) vary or revoke conditions imposed on the NOHC registration.

(2) A condition may be expressed to have effect despite anything in the prudential standards.

(3) If APRA imposes, varies or revokes the conditions on a NOHC registration, APRA must give written notice to the registered NOHC.

(4) The taking of an action is not invalid merely because of a failure to comply with subsection (3).

28C When APRA may revoke a NOHC registration

(1) APRA may revoke a NOHC registration if APRA is satisfied that:

(a) the registered NOHC has failed to comply with:

(i) a requirement of this Act or of an instrument made for the purposes of this Act; or

(ii) a requirement of the Financial Sector (Collection of Data) Act 2001; or

(iii) a direction to the registered NOHC under this Act; or

(iv) a condition of the registration; or

(b) it would be contrary to the public interest for the registration to remain in force; or

(i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or

(ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or

(d) it would be contrary to the interests of the policy owners of any life company that is a subsidiary of the registered NOHC for the registration to remain in force; or

(e) the registered NOHC has ceased to be a NOHC of any life company.

(2) Before revoking a NOHC registration, APRA must give written notice to the registered NOHC advising it that:

(a) APRA is considering revoking the registration for the reasons specified; and

(b) the registered NOHC may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given).

APRA must consider any submissions made by the registered NOHC by that date.

(3) APRA may decide that subsection (2) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be:

(a) contrary to the public interest; or

(b) contrary to the interests of the policy owners of any life company that is a subsidiary of the registered NOHC concerned.

(4) If APRA revokes a body corporate's NOHC registration, APRA must give written notice to the body corporate.

(5) Revocation under this section of the registration of a body corporate takes effect at the end of 7 days after APRA gives the body written notice of the revocation.

28D When APRA must revoke a NOHC registration

(1) APRA must revoke a body corporate's NOHC registration if:

(a) the body corporate asks (in writing) APRA to do so; and

(b) APRA is satisfied that revoking the registration would not be contrary to either:

(i) the public interest; or

(ii) the interests of the policy owners of any life company that is a subsidiary of the body corporate.

(2) If APRA revokes a body corporate's NOHC registration, APRA must give written notice to the body.

(3) Revocation under this section of the registration of a body corporate takes effect when APRA gives the body written notice of the revocation.

22 Part 6 (heading)

Repeal the heading, substitute:

Part 6--Financial management of life companies etc.

23 Subsection 88(1)

Omit "a life company", substitute "a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

Note: The heading to section 88 is replaced by the heading "Obligations of auditors of certain bodies to report to bodies and APRA".

24 Subsection 88(1)

Omit "of the company" (wherever occurring), substitute "of the body".

25 Subsection 88(1)

Omit "taken by the company", substitute "taken by the body".

26 Paragraph 88(1)(b)

Omit "company", substitute "body, if it is a life company, or by a life company that is related to the body".

27 Subsection 88(2)

Omit "a life company", substitute "a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

28 Paragraph 88(2)(a)

Omit "the company" (wherever occurring), substitute "the body".

29 Paragraph 88(2)(b)

Omit "company", substitute "body, if it is a life company, or by a life company that is related to the body".

30 Subsection 88(2A)

Omit "a life company", substitute "a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

31 Paragraph 88(2A)(a)

Omit "life company" (wherever occurring), substitute "body".

32 Paragraph 88(2B)(a)

Omit "a life company", substitute "a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

33 Subparagraph 88(2B)(b)(i)

Omit "life company" (wherever occurring), substitute "body".

34 Subparagraph 88(2B)(b)(ii)

Omit "company", substitute "body, if it is a life company, or by a life company that is related to the body".

35 Paragraphs 88(2B)(c) and (d)

Omit "life company" (wherever occurring), substitute "body".

36 Paragraph 88(3)(a)

Omit "a life company", substitute "a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

37 Paragraph 88(3)(a)

Omit "of the company" (wherever occurring), substitute "of the body".

38 Paragraph 88(3)(a)

Omit "taken by the company", substitute "taken by the body".

39 Subparagraph 88(3)(a)(ii)

Omit "company", substitute "body, if it is a life company, or by a life company that is related to the body".

40 Paragraph 88(4)(b)

Omit "life company", substitute "body".

41 Subsection 88(4)

Omit "company" (last occurring), substitute "body".

42 Subsection 88A(1)

Omit "a life company", substitute "a body corporate that is or was a life company, a registered NOHC or a subsidiary of a life company or registered NOHC".

43 Subsection 88A(1)

Omit "the life company", substitute "the body".

44 Subsection 89(1)

Omit "a life company", substitute "a body corporate that is or was a life company, a registered NOHC or a subsidiary of a life company or registered NOHC".

45 Paragraph 89(2)(b)

Omit "life company", substitute "body".

46 Subsection 125A(1)

Omit "life company", substitute "body corporate that is a life company or a registered NOHC".

47 Paragraph 125A(1)(a)

Omit "company", substitute "body".

48 Paragraph 125A(1)(b)

Omit "company", substitute "body, if it is a life company".

49 Subparagraph 125A(2)(a)(i)

Omit "company", substitute "body".

50 Subsections 125A(3), (7) and (9)

Omit "life company" (wherever occurring), substitute "body corporate".

51 Part 7 (heading)

Repeal the heading, substitute:

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

52 Subsection 126(1) (definition of officer)

Omit "a company", substitute "a body corporate".

53 Subsection 126(1) (paragraph (a) of the definition of officer)

Omit "company" (first occurring), substitute "body".

54 Subsection 126(1) (subparagraph (a)(i) of the definition of officer)

Omit "company", substitute "body".

55 Subsection 126(1) (subparagraph (a)(ii) of the definition of officer)

Omit "company", substitute "body, if it is a life company".

56 Subsection 126(1) (subparagraphs (a)(iii) and (iv) of the definition of officer)

Omit "company", substitute "body".

57 Subsection 126(1) (paragraph (b) of the definition of officer)

Omit "company", substitute "body".

58 Subsection 126(1) (definition of relevant business)

Omit "company" (wherever occurring), substitute "body corporate".

59 Subsection 126(1) (definition of relevant person)

Omit "a company", substitute "a body corporate".

60 Subsection 126(1) (paragraph (a) of the definition of relevant person)

Omit "company", substitute "body".

61 Subsection 126(1) (paragraph (b) of the definition of relevant person)

Omit "company", substitute "body, if it is a life company".

62 Subsection 126(1) (paragraph (c) of the definition of relevant person)

Omit "company", substitute "body".

63 Section 128

Omit "company (first company) is associated with another company if the 2 companies", substitute "body corporate (the first body) is associated with another body corporate if the 2 bodies".

Note: The heading to section 128 is altered by omitting "company" and substituting "body corporate".

64 Paragraph 128(a)

Repeal the paragraph, substitute:

(a) the first body carries on life insurance business or is a registered NOHC; or

65 Paragraph 128(b)

Omit "companies", substitute "bodies".

66 Paragraph 128(b)

Omit "company", substitute "body".

67 Section 129

Omit "companies", substitute "bodies corporate".

Note: The heading to section 129 is altered by omitting "companies" and substituting "bodies corporate".

68 Division 2 of Part 7 (heading)

Repeal the heading, substitute:

Division 2-- Monitoring life companies and registered NOHCs

69 Section 130

Omit "life company", substitute "body corporate that is a life company or registered NOHC".

70 Paragraph 130(c)

Omit "company", substitute "body".

71 Subsection 131(1)

Omit "life company a written notice requiring the company", substitute "body corporate that is a life company or a registered NOHC a written notice requiring the body".

72 Paragraph 131(1)(a)

Omit "company's", substitute "body's".

73 Paragraphs 131(1)(b) and (c)

Omit "company", substitute "body".

74 Subsection 131(2)

Omit "company", substitute "body".

75 Subsection 131(3)

Omit "life company", substitute "body corporate that is a life company or a registered NOHC".

76 Subsection 131(4)

Omit "company", substitute "body".

77 Subsection 132(1)

Omit "life company a written notice requiring the company", substitute "body corporate that is a life company or a registered NOHC a written notice requiring the body".

78 Subsection 132(1)

Omit "company" (last occurring), substitute "body".

79 Subsection 132(3)

Omit "life company", substitute "body corporate that is a life company or a registered NOHC".

80 Subsection 132(4)

Omit "company", substitute "body".

82 Subsections 132A(4) and (5)

Repeal the subsections, substitute:

Matters requiring notice as soon as practicable

(4) If a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC becomes aware:

(a) both:

(i) that the body has breached or will breach a provision of this Act (other than a provision to which subsection (1) applies); and

(ii) that the breach is or will be significant (see subsection (5)); or

(b) of a matter that materially and adversely affects the body's financial position;

the body must give APRA a written report about the breach or matter as soon as practicable, and in any case no later than 10 business days, after becoming aware of the breach or matter.

(5) For the purposes of subparagraph (4)(a)(ii), a breach of a provision is or will be significant if the breach is or will be significant having regard to one or more of the following:

(a) the number or frequency of similar breaches;

(b) the impact the breach has or will have on the body corporate's ability to conduct its business;

(c) the extent to which the breach indicates that the body corporate's arrangements to ensure compliance with this Act might be inadequate;

(d) the actual or potential financial loss arising or that will arise from the breach:

(i) to the owners of policies issued by the body corporate, if it is a life company, or by a life company that is related to the body corporate; or

(ii) to the body corporate;

(e) any matters prescribed by the regulations for the purposes of this paragraph.

83 Subsection 132A(6)

Omit "A life company", substitute "A body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC".

84 Subsection 132A(6)

Omit "the life company", substitute "the body".

85 Subsection 132A(7)

Omit "a life company", substitute "a body corporate".

86 Paragraph 132A(7)(a)

Omit "or appointed actuary of the life company", substitute "of the body, or its appointed actuary if it is a life company,".

87 Subsection 132A(9)

Omit "life company", substitute "body corporate giving the notice or report".

89 Subsection 133(1)

Omit "life company", substitute "body corporate that is a life company or a registered NOHC".

90 Paragraph 133(2)(a)

Omit "life company", substitute "body".

91 Subsection 135(1)

Omit "life company a written notice inviting the company", substitute "body corporate that is a life company or a registered NOHC a written notice inviting the body".

92 Paragraph 135(1)(a)

Repeal the paragraph, substitute:

(a) a written statement of reasons why the Regulator should not investigate:

(i) the life insurance business, or a specified part of the life insurance business, of the body, if it is a life company; or

(ii) the business of the body, if it is a registered NOHC; and

93 Paragraph 135(1)(b)

Omit "company", substitute "body".

94 Section 136

Omit "life company" (first occurring), substitute "body corporate that is a life company or a registered NOHC".

95 Paragraphs 136(a) and (b)

Omit "life company", substitute "body".

96 Subparagraph 136(b)(ii)

Omit "company", substitute "body".

97 Subparagraph 136(b)(iii)

Omit "section 22, on the registration of the company", substitute "Part 3, on the registration of the body".

98 Paragraph 136(c)

Omit "life company", substitute "body".

99 Paragraph 136(c)

Omit "the company", substitute "the body".

100 Paragraph 136(ca)

Omit "life company", substitute "body".

101 Paragraphs 136(d), (e), (f) and (g)

Before "that", insert "if the body is a life company--".

102 At the end of section 136

Add:

; (h) if the body is a registered NOHC--that information in the possession of the Regulator calls for the investigation of the business of the NOHC.

103 Subsection 137(1)

Omit "life company", substitute "body corporate that is a life company, or business of a body corporate that is a registered NOHC,".

104 Paragraphs 137(1)(a) and (b)

Omit "company", substitute "body".

105 Subsection 137(2)

Omit "life company", substitute "body corporate that is a life company, or business of a body corporate that is a registered NOHC,".

106 Paragraph 137(2)(a)

Omit "company", substitute "body".

107 Subparagraphs 137(2)(c)(i) and (ii)

Omit "company", substitute "body".

108 Paragraph 137(2)(d)

Repeal the paragraph, substitute:

(d) the Regulator is satisfied that:

(i) if the body is a life company--it is in the best interests of owners of policies issued by the company that the business be investigated under this Division; or

(ii) if the body is a registered NOHC--it is in the public interest that the business be investigated under this Division.

109 Paragraph 138(a)

Omit "life company (the first company)", substitute "body corporate (the first body) that is a life company or a registered NOHC".

Note: The heading to section 138 is altered by omitting "company" and substituting "body corporate".

110 Paragraph 138(b)

Omit "company (the associated company)", substitute "body corporate (the associated body)".

111 Paragraph 138(b)

Omit "first company", substitute "first body".

112 Paragraph 138(c)

Omit "company", substitute "body".

113 Sections 139, 140, 141, 142, 143, 147 and 149

Omit "company" (wherever occurring), substitute "body corporate".

Note: The heading to section 149 is altered by omitting "company" and substituting "body corporate".

114 Section 152

Insert:

body concerned means:

(a) in relation to records--the body corporate by which, or for which, the records are kept; and

(b) in relation to the execution of a warrant--the body corporate to whose records the warrant relates.

115 Section 152 (definition of company concerned)

Repeal the definition.

116 Sections 153, 154, 155 and 156

Omit "company" (wherever occurring), substitute "body".

118 Subsection 156A(1)

Omit "a life company", substitute "a body corporate that is a life company or a registered NOHC".

119 Paragraphs 156A(1)(a), (b), (c) and (d)

Omit "life company", substitute "body".

120 Subparagraphs 156A(2)(a)(ii) and (iii)

Repeal the subparagraphs, substitute:

(ii) the body's auditor or a member of an audit team conducting an audit of the body;

(iii) the appointed actuary of the body, if the body is a life company;

121 Subparagraphs 156A(2)(a)(iv) and (v) and (c)(i) and (ii)

Omit "life company", substitute "body".

122 Subparagraph 156E(1)(b)(i)

Repeal the subparagraph, substitute:

(i) the body's auditor or a member of an audit team conducting an audit of the body; or

(ia) the body's appointed actuary, if the body is a life company; or

Note: The heading to section 156E is altered by omitting "company, company officers and" and substituting "body and its officers,".

123 Subparagraphs 156E(1)(b)(ii) and (iii)

Omit "life company", substitute "body".

124 Subparagraph 156E(1)(c)(i)

Repeal the subparagraph, substitute:

(i) the body's auditor or a member of an audit team conducting an audit of the body; or

(ia) the body's appointed actuary, if the body is a life company; or

125 Subparagraphs 156E(1)(c)(ii), (iii), (iv) and (v)

Omit "life company", substitute "body".

127 Subsection 190(2)

Omit "this Act", substitute "section 21".

128 Subparagraphs 203B(a)(i) and (b)(i)

Omit "this Act", substitute "section 21".

129 Paragraphs 230A(1)(a), (b) and (c)

After "companies", insert ", registered NOHCs or subsidiaries of life companies or registered NOHCs".

Note: The heading to section 230A is altered by adding at the end ", registered NOHCs and subsidiaries".

130 Subsection 230A(1)

Omit "concerned", substitute "that are to comply with the standards or that are related to bodies corporate that are to comply with the standards".

131 After subsection 230A(3)

Insert:

(3A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:

(a) each life company or registered NOHC; or

(b) each life company or registered NOHC included in a specified class of life companies or registered NOHCs; or

(d) each of 2 or more specified life companies or registered NOHCs;

to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.

132 At the end of subsection 230A(4)

Add ", registered NOHCs or subsidiaries of a life company or registered NOHC".

133 Subsections 230A(7) and (9)

Repeal the subsections, substitute:

(7) If APRA determines or varies a standard referred to in paragraph (1)(c) it must, as soon as practicable, give a copy of the standard or variation to:

(a) if the standard applies to one or more life companies that are not subsidiaries of a registered NOHC--each of those life companies; and

(b) if the standard applies to one or more registered NOHCs--each of those registered NOHCs; and

(c) if the standard applies to one or more subsidiaries of a life company or registered NOHC--each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).

(9) If APRA revokes a standard referred to in paragraph (1)(c) it must, as soon as practicable, give notice of the revocation to:

(a) if the standard applied to one or more life companies that are not subsidiaries of a registered NOHC--each of those life companies; and

(b) if the standard applied to one or more registered NOHCs--each of those registered NOHCs; and

(c) if the standard applied to one or more subsidiaries of a life company or registered NOHC--each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).

134 Subsection 230A(13)

Repeal the subsection.

136 Subsection 230B(1)

Repeal the subsection, substitute:

(1) APRA may give a body corporate that is a life company or a registered NOHC a direction of a kind specified in subsection (2) if APRA has reason to believe that:

(a) the body corporate has contravened a provision of this Act or the Financial Sector (Collection of Data) Act 2001; or

(b) the body corporate is likely to contravene this Act or the Financial Sector (Collection of Data) Act 2001, and such a contravention is likely to give rise to a prudential risk; or

(c) the body corporate has contravened a condition or direction under this Act or the Financial Sector (Collection of Data) Act 2001; or

(d) the direction is necessary in the interests of:

(i) if the body corporate is a life company--policy owners or prospective policy owners of the life company; or

(ii) if the body corporate is a registered NOHC--policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or

(e) the body corporate is, or is about to become, unable to meet its liabilities; or

(f) there is, or there might be, a material risk to the security of the body corporate's assets; or

(g) there has been, or there might be, a sudden material deterioration in the body corporate's financial condition; or

(h) the body corporate is conducting its affairs in an improper or financially unsound way; or

(i) the failure to issue a direction would materially prejudice the interests of:

(i) if the body corporate is a life company--policy owners or prospective policy owners of the life company; or

(ii) if the body corporate is a registered NOHC--policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or

(j) the body corporate is conducting its affairs in a way that may cause or promote instability in the Australian financial system.

137 Paragraph 230B(1A)(a)

Omit "company", substitute "body corporate".

138 Subsection 230B(2)

Repeal the subsection, substitute:

(2) The kinds of direction that the body corporate may be given are directions to do, or to cause a body corporate that is its subsidiary to do, any one or more of the following:

(a) to comply with the whole or a part of this Act or the Financial Sector (Collection of Data) Act 2001;

(b) to comply with a condition or direction referred to in paragraph (1)(c);

(c) to order an audit of the affairs of the body corporate, at the expense of the body corporate, by an auditor chosen by APRA;

(d) to remove a director or senior manager from office;

(e) to ensure a director or senior manager of the body corporate does not take part in the management or conduct of the business of the body corporate except as permitted by APRA;

(f) to appoint a person or persons as a director or senior manager of the body corporate for such term as APRA directs;

(g) to remove any auditor of the body corporate from office and appoint another auditor to hold office for such term as APRA directs;

(h) to terminate the appointment of the appointed actuary of the body corporate and to appoint another actuary to hold office for such term as APRA directs, if the body corporate is a life company;

(i) not to give financial accommodation to any person;

(j) not to issue or renew any policy, undertake any liability under any policy or collect any premium;

(k) not to borrow any amount;

(l) not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given;

(m) not to repay any amount paid on shares;

(n) not to pay a dividend on any shares;

(o) not to discharge any policy or other liability;

(p) not to transfer any asset of a statutory fund;

(q) not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so;

(r) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person;

(s) to hold, or otherwise deal in a specified way, with a specified amount of capital;

(t) to provide, or further provide, in its accounts for the purposes of this Act, a specified amount or an amount determined in a specified way in respect of its liabilities or the value of a specified asset of the body corporate;

(u) to order an actuarial investigation of the affairs of the body corporate, at the expense of the body corporate, by an actuary chosen by APRA;

(v) to do, or to refrain from doing, an act that relates to the way in which the affairs of the body corporate are to be conducted or not conducted.

A direction under paragraph (q) not to pay or transfer any amount does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution.

139 Subsections 230B(5) and (6)

Omit "life company", substitute "body corporate".

140 After subsection 230B(6)

Insert:

(6A) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:

(a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and

(b) the subsidiary has power to do, or to refrain from doing, the act or thing;

despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party.

141 Subsection 230B(7)

Omit "life company", substitute "body corporate".

142 Paragraph 230B(8)(c)

Omit "company", substitute "body corporate".

143 Subsection 230B(10) (definition of senior manager)

Repeal the definition.

144 Subsection 230C(2)

Omit "230B(2)(m)", substitute "230B(2)(o)".

146 Subsection 230D(1)

After "company", insert "or registered NOHC".

147 Paragraph 230D(3)(a)

After "company", insert "or registered NOHC".

148 At the end of paragraph 230D(3)(b)

Add "or registered NOHCs".

149 Subsection 230D(4)

After "company", insert "or registered NOHC".

150 Subsection 230F(1)

After "company", insert "or registered NOHC".

151 Subsection 230F(2)

After "life company", insert "or registered NOHC".

152 Subsection 230F(2)

After "the company" (wherever occurring), insert "or NOHC".

153 Subsection 230F(3)

After "life company", insert "or registered NOHC".

154 Paragraphs 230F(3)(a) and (b)

After "company", insert "or NOHC".

155 Subsection 230F(4)

After "life company", insert "or registered NOHC".

156 Subsection 230F(4)

After "the company", insert "or NOHC".

157 Subsection 236(1) (after paragraph (ga) of the definition of reviewable decision)

Insert:

(gb) a refusal of an application for registration of a body corporate under section 28A;

(gc) a decision to impose conditions, or additional conditions, on a NOHC registration;

(gd) a decision to vary conditions imposed on a NOHC registration;

(ge) a decision to revoke under section 28C a NOHC registration;

158 At the end of subsection 237(3)

Add "or of a NOHC of such a company or body".

159 At the end of subsection 240(1)

Add "and Non‑Operating Holding Companies".

Note: The heading to section 240 is altered by adding at the end "and Non‑Operating Holding Companies".

160 Subsection 240(3)

After "company", insert ", or body corporate,".

161 Subsection 242(2)

Omit "this Act", substitute "section 21".

162 Subparagraphs 245(2)(b)(i) and (ii)

After "company", insert ", or body corporate,".

163 Subparagraph 245(2)(b)(iii)

Omit "this Act", substitute "section 21".

164 Subparagraph 245(2)(b)(iv)

After "company", insert ", or body corporate,".

165 Subparagraphs 245(3)(b)(i) and (ii)

After "company", insert ", or body corporate,".

166 Subparagraph 245(3)(b)(iii)

Omit "this Act", substitute "section 21".

167 Subparagraph 245(3)(b)(iv)

After "company", insert ", or body corporate,".

168 Subsection 245(5)

After "A company", insert "or body corporate".

169 Paragraph 245(5)(a)

After "company", insert "or body corporate".

170 Subparagraphs 245(5)(c)(i), (ii) and (iv)

After "company", insert "or body corporate".

171 Paragraph 245(5)(e)

After "company", insert "or body corporate".

172 Subsection 245(5A)

After "A company", insert "or body corporate".

173 Paragraph 245(5A)(a)

After "company", insert "or body corporate".

174 Subparagraphs 245(5A)(c)(i), (ii) and (iv)

After "company", insert "or body corporate".

175 Paragraph 245(5A)(e)

After "company", insert "or body corporate".

176 Paragraph 245A(2)(a)

After "company", insert ", or body corporate,".

177 Paragraph 245A(2)(b)

After "companies", insert ", or bodies corporate,".

178 Paragraph 245A(2)(c)

After "company", insert ", or body corporate,".

179 Paragraph 245A(5)(a)

After "company" (wherever occurring), insert ", or body corporate,".

181 Subsection 254(1)

Omit "this Act", substitute "section 21".

182 Schedule

Insert:

NOHC: see Non‑Operating Holding Company.

183 Schedule

Insert:

NOHC registration has the meaning given by section 28A.

184 Schedule

Insert:

Non‑Operating Holding Company, in relation to a body corporate, means a body corporate:

(a) of which the first body corporate is a subsidiary; and

(b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and

185 Schedule (definition of Register)

After "Companies", insert "and Non‑Operating Holding Companies".

186 Schedule

Insert:

registered NOHC means a body corporate that:

(a) is registered under Division 2 (Registration of NOHCs of life companies) of Part 3; and

(b) is a NOHC of one or more life companies.

187 Schedule

Insert:

senior manager of a body corporate means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the body.

As at 3 September 2009 the amendments are not incorporated in this compilation.

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 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.

The following provisions commence on 27 February 2010 unless proclaimed earlier:

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.

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 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

Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - NOTES

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