Commonwealth Consolidated Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997 - REG 3.11

                The RSA holder‑protection standards do not apply to a part of the benefits of an RSA holder that is wholly determined by a life insurance policy within the meaning of the Life Insurance Act 1995 if:

                (a)    the policy includes an investment component; and

               (b)    the premium is not dissected (whether by reference to the investment component or otherwise); and

                (c)    the sum insured, together with bonuses (if any), is payable only upon:

                          (i)    the death of the life insured; or

                         (ii)    the occurrence of the earlier of the following events:

                                   (A)     the death of the life insured; or

                                   (B)     the attainment by the life insured of the age specified in the policy.