Contents

Part 1                    Preliminary                                                                 

                        1     Name of regulations [see Note 1]                                      4

                    1.02     Commencement                                                              4

                    1.03     Definitions                                                                       4

Part 2                    Explanation of key concepts                                 

                    2.01     Contract to pay annuity -- term prescribed                        5

Part 2A                 Special provisions relating to life companies that are friendly societies    

                  2A.01     Modifications of the Act in its application to friendly societies  6

Part 2B                 Special provisions relating to Australian branches of foreign life insurance companies                                                                  

                  2B.01     Eligible foreign life insurance company                               7

Part 4                    Statutory funds of life companies                        

                    4.00     Notice of establishment of statutory fund                            8

                  4.00A     Charges over the assets of statutory funds: derivative contracts (Act, s 38 (3) (c))         8

                  4.00B     Charges over the assets of approved benefit funds (Act s 38 (3) (c))     9

5>                    4.01     Statutory funds -- maximum amount of unsecured borrowing  10

                  4.01A     Prohibited investments                                                   10

Part 9                    Transfers and amalgamations of life insurance business      

                    9.01     Copy of scheme for transfer etc to be given to APRA (and to PHIAC, and the Minister for Health and Aged Care, if required)                                                    12

                    9.02     Notice of intention to apply for confirmation of scheme       12

                    9.03     Application for confirmation of scheme                             13

                    9.04     Documents to be lodged with APRA                                13

Part 10                  Provisions relating to policies                              

                  10.01     Assignment of life policy -- prescribed form                     15

                  10.02     Notice of change of trustee of life policy                           15

                  10.04     Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206 (3))                                                                                    15

                  10.05     Interest on overdue premiums -- prescribed terms            15

                10.05A     Unclaimed money -- statements                                     16

                10.05B     Public notice of unclaimed moneys                                  17

                  10.06     Calculation of net claim value of policy                             17

Part 11                  Miscellaneous                                                           

                  11.00     Form and content of Register of Life Companies               18

                  11.01     Fee for inspection or copying of documents                      19

Part 13                  Dictionary                                                                   

                  13.02     Definition of superannuation policy -- dictionary                20

Schedule 2             Modification of Division 4 of Part 10 of the Act (Surrender values, paid‑up policies and non‑forfeiture of policies                                             21

Schedule 4             Forms                                                                          30

Form 2                     Memorandum of transfer for assigning rights  under a life policy           30

Form 3                     Statement of unclaimed money                                       31

Form 4                     Statement of money paid after the end of the calendar year 32

Form 5                     Unclaimed money disk lodgment form                              33

Schedule 5             Modifications of the Act in relation to friendly societies 34

Schedule 6             Further modifications of the Act in relation to jointly regulated friendly societies            41

Schedule 7             Approved bodies                                                         55

Notes                                                                                                          59

 

 

  

Notes to the Life Insurance Regulations 1995

Note 1

The Life Insurance Regulations 1995 (in force under the Life Insurance Act 1995) as shown in this compilation comprise Statutory Rules 1995 No. 141 amended as indicated in the Tables below.

Under the Legislative Instruments Act 2003, which came into force on 1 January 2005, it is a requirement for all non-exempt legislative instruments to be registered on the Federal Register of Legislative Instruments. From 1 January 2005 the Statutory Rules series ceased to exist and was replaced with Select Legislative Instruments (SLI series). Numbering conventions remain the same, ie Year and Number.

Table of Instruments

Year and number	Date of notification in Gazette or FRLI registration	Date of commencement	Application, saving or transitional provisions
1995 No. 141	15 June 1995	1 July 1995
1995 No. 317	26 Oct 1995	26 Oct 1995	--
1995 No. 431	22 Dec 1995	1 Jan 1996	--
1996 No. 89	5 June 1996	5 June 1996	--
1996 No. 305	18 Dec 1996	18 Dec 1996	--
1997 No. 100	7 May 1997	7 May 1997	--
1997 No. 119	29 May 1997	2 June 1997 (see r. 1 and Gazette 1997, No. S202)	--
1997 No. 239	10 Sept 1997	10 Sept 1997	--
1998 No. 191	30 June 1998	Rr. 9 and 20: 30 June 1998 Remainder: 1 July 1998	--
1999 No. 146	30 June 1999	(a)	--
2002 No. 19	21 Feb 2002	11 Mar 2002 (see r. 2 and Gazette 2001, No. GN42)	--
2002 No. 148	27 June 2002	30 June 2002	--
2004 No. 317	11 Nov 2004	1 Jan 2005 (see r. 2)	--
2007 No. 342	8 Oct 2007 (see F2007L03937)	Rr. 1-3 and Schedule 1: 24 Sept 2007 (see r. 2 (a)) Schedule 2: 1Jan 2008	--

(a)    Regulation 2 provides as follows:

         These regulations commence on the commencement of Schedule 4 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

         Schedule 4 commenced at the transfer time. The transfer time occurred on 1 July 1999 (see Gazette 1999, No. S293).

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted
Provision affected	How affected
Part 1
R. 1.........................................	rs. 1999 No. 146
R. 1.03...................................	rs. 1999 No. 146
Part 2A
Part 2A...................................	ad. 1999 No.146
R. 2A.01.................................	ad. 1999 No. 146
R. 2A.02.................................	ad. 1999 No. 146
	rep. 2007 No. 342
R. 2A.03.................................	ad. 1999 No. 146
	rep. 2007 No. 342
Part 2B
Part 2B...................................	ad. 2004 No. 317
R. 2B.01.................................	ad. 2004 No. 317
Part 3......................................	rep. 2007 No. 342
R. 3.01...................................	rep. 2007 No. 342
R. 3.02...................................	am. 1998 No. 191
	rep. 2007 No. 342
Part 4
R. 4.00...................................	ad. 1995 No. 317
	am. 1999 No. 146
R. 4.00A.................................	ad. 1998 No. 191
	am. 2002 No. 19
R. 4.00B.................................	ad. 1999 No. 146
R. 4.01...................................	am. 2007 No. 342
R. 4.01A.................................	ad. 1995 No. 431
	am. 2004 No. 317
R. 4.01B.................................	ad. 1996 No. 305
	am. 1997 No. 100; 1998 No. 191
	rep. 2007 No. 342
R. 4.02...................................	ad. 1995 No. 317
	rep. 1999 No. 146
Part 6......................................	rep. 2007 No. 342
Part 9
R. 9.01...................................	am. 1998 No. 191; 1999 No. 146
R. 9.02...................................	am. 1998 No. 191
Note 2 to r. 9.02	am. 1999 No. 146
R. 9.04...................................	am. 1998 No. 191
Part 10
R. 10.01.................................	am. 1999 No. 146
R. 10.03.................................	rep. 1998 No. 191
	ad. 1999 No. 146
	rep. 2002 No. 148
R. 10.05A...............................	ad. 1995 No. 317
	am. 1998 No. 191
R. 10.05B..............................	ad. 1996 No. 305
	am. 1998 No. 191
Part 11
R. 11.00.................................	ad. 1995 No. 317
	am. 1998 No. 191; 2004 No. 317
R. 11.01.................................	am. 1998 No. 191
Rr. 11.02-11.04...................	rs. 1997 No. 239
	rep. 1998 No. 191
Part 12...................................	rep. 2007 No. 342
R. 12.01.................................	rep. 2007 No. 342
Part 13
R. 13.01.................................	am. 1998 No. 191
	rep. 1999 No. 146
R. 13.02.................................	am. 1997 No. 119; 1998 No. 191
Schedule 1............................	am. 1998 No. 191; 1999 No. 146; 2004 No. 317
	rep. 2007 No. 342
Schedule 2
Schedule 2............................	am. 1996 No. 89; 1998 No. 191: 2007 No. 342
Schedule 3............................	am. 1998 No. 191; 1999 No. 146
	rep. 2007 No. 342
Schedule 4
Schedule 4............................	am. 1995 No. 317
Form 1.................................	rep. 2007 No. 342
Form 3................................	ad. 1995 No. 317
Form 4................................	ad. 1995 No. 317
Form 5................................	ad. 1995 No. 317
Schedule 5
Schedule 5............................	ad. 1999 No. 146
	am. 2007 No. 342
Schedule 6
Schedule 6............................	ad. 1999 No. 146
	am. 2007 No. 342
Schedule 7
Schedule 7............................	ad. 2002 No. 19