Contents

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Act binds the Crown .......................................................................... 1

4............ External Territories ............................................................................. 1

5............ Definitions .......................................................................................... 1

6............ Imposition of life insurance supervisory levy .................................... 2

7............ Amount of levy .................................................................................. 2

8............ Calculation of indexation factor .......................................................... 4

9............ Regulations ......................................................................................... 4

Notes                                                                                                                                               5

 

 

Notes to the Life Insurance Supervisory Levy Imposition Act 1998

Note 1

The Life Insurance Supervisory Levy Imposition Act 1998 as shown in this compilation comprises Act No. 57, 1998 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Life Insurance Supervisory Levy Imposition Act 1998	57, 1998	29 June 1998	1 July 1998 (see s. 2 and Gazette 1998, No. S316)
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Schedule 6 (item 25) and Schedule 8 (items 22, 23): Royal Assent	Sch. 8 (Items 22, 23)
Life Insurance Supervisory Levy Imposition Amendment Act 2005	16, 2005	22 Feb 2005	22 Feb 2005	Sch. 1 (item 7)
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 4 (items 51, 52): Royal Assent	--
First Home Saver Accounts (Further Provisions) Amendment Act 2008	92, 2008	30 Sept 2008	Schedule 3 (item 6): 1 July 2009	--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (items 216, 217): [see Note 2]	--

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
S. 5......................................	am. No. 16, 2005
S. 7......................................	am. No. 16, 2005; No. 154, 2007; No. 92, 2008
S. 8......................................	am. No. 44, 1999; No. 16, 2005

Note 2

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

216  Title

After "under", insert "section 21 of".

217  Section 5 (definition of life insurance company)

After "under", insert "section 21 of".

As at 4 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 (No. 1) 1999 (No. 44, 1999)

Schedule 8

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

                     (c)  the amendments and repeals made by the Schedules to this Act.

(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

                     (c)  the Friendly Societies 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.

Life Insurance Supervisory Levy Imposition Amendment Act 2005
(No. 16, 2005)

Schedule 1

7  Application and transitional

The amendments made by this Schedule apply in relation to levy payable for:

                     (a)  the financial year commencing on 1 July 2005; and

                     (b)  each succeeding financial year.