Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 44

             (1)  This section is concerned with the reporting of restricted investments.

             (2)  Subject to subsection (3), any investment of assets of a statutory fund of a life company in a related company (including a subsidiary) is a restricted investment.

             (3)  An investment of assets of a statutory fund by way of deposit with a bank is not a restricted investment, even though the bank is related to the life company concerned.

             (4)  Every life company must give APRA a restricted investments return in relation to each half‑year.

             (5)  A half‑year, in relation to a life company, is:

                     (a)  a period of 6 months that commences on the first day of a financial year of the company; or

                     (b)  a period of 6 months that immediately follows a period referred to in paragraph (a).

             (6)  A restricted investments return is a return setting out the particulars required by Prudential Rules or by reporting standards made under the Financial Sector (Collection of Data) Act 2001 of each restricted investment:

                     (a)  current at the end of the half‑year to which the return relates; or

                     (b)  made by the company during that half‑year but not current at the end of the half‑year.

             (7)  The return must:

                     (a)  be in accordance with the form prescribed by Prudential Rules or by reporting standards made under the Financial Sector (Collection of Data) Act 2001 ; and

                     (b)  be given to APRA within such time as is fixed by Prudential Rules or by reporting standards made under the Financial Sector (Collection of Data) Act 2001 .