Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 35

             (1)  A policy document must specify the statutory fund or statutory funds to which the policy is referable.

             (2)  A policy document must not make provision inconsistent with section 31.

             (3)  A provision in a policy document that a policy is referable to 2 or more statutory funds is not effective unless it specifies:

                     (a)  the benefits under the policy that are to be provided out of each fund; and

                     (b)  either:

                              (i)  the proportion of the premium that is related to the benefits to be provided out of each fund and is to be credited to the fund; or

                             (ii)  the way in which that proportion is to be calculated.

             (4)  Subsection (1) does not prevent a policy document being endorsed so as to change the statutory fund or funds to which the policy is referable.

Note:          If the fund or funds to which a policy is referable is changed in this way, section 55 must be complied with.

             (5)  If:

                     (a)  a policy was issued before the commencement of this Act; and

                     (b)  since that commencement, the company that issued the policy has given the policy owner written notice of the statutory fund or funds to which the policy is referable;

this Act has effect as if the notice were part of the policy document relating to the policy.

             (6)  During the period of 15 months beginning at the commencement of this Act, subsection (1) does not apply to the policy document relating to a policy issued before the commencement of this Act.