LIFE INSURANCE ACT 1995 - SECT 223 Other matters relating to certain replacement policy documents
LIFE INSURANCE ACT 1995 - SECT 223
Other matters relating to certain replacement policy documents(1) This section applies if the amount of the net claim value of a policy at the date the replacement policy document is issued is more than $25,000 or such other amount as is prescribed.
(2) For the purposes of subsection (1), the net claim value of a policy at a particular time is the amount calculated according to the regulations.
(5) After a replacement policy document has been issued, the company must arrange for the following details to be entered in the appropriate register kept under Division 8:
(a) the fact that a replacement policy document has been issued;
(b) the reason for the issue of the replacement policy document.