Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 16Z

             (1)  Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section 16F, taken to be the owner of a policy referable to the benefit fund.

             (2)  Without limiting the generality of subsection (1), a policy that is, because of section 16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:

                     (a)  the person who is, because of that section, taken to be the owner of the policy; and

                     (b)  either:

                              (i)  the friendly society that is taken to have issued the policy; or

                             (ii)  if that friendly society's liabilities under the policy have been transferred or assigned to another company--that other company.