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FINANCIAL SECTOR LEGISLATION AMENDMENT (REVIEW OF PRUDENTIAL DECISIONS) ACT 2008 (NO. 25, 2008) - NOTES

 

No. 25, 2008

 

 

 

 

 

  

  

Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 4

Schedule 1--Court power of disqualification etc.                                                 5

Part 1--Amendments commencing on Royal Assent                                          5

Banking Act 1959                                                                                                        5

Insurance Act 1973                                                                                                   12

Life Insurance Act 1995                                                                                            23

Retirement Savings Accounts Act 1997                                                                 29

Superannuation Industry (Supervision) Act 1993                                              34

Part 2--Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                             52

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                       52

Insurance Act 1973                                                                                                   52

Schedule 2--Direction powers                                                                                       54

Banking Act 1959                                                                                                      54

Insurance Act 1973                                                                                                   56

Life Insurance Act 1995                                                                                            64

Superannuation Industry (Supervision) Act 1993                                              66

Schedule 3--Removal of Ministerial consent                                                      68

Part 1--Amendments commencing on Royal Assent                                        68

Insurance Act 1973                                                                                                   68

Life Insurance Act 1995                                                                                            71

Superannuation Industry (Supervision) Act 1993                                              71

Part 2--Amendments contingent on the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                             73

Division 1--Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences first      73

Insurance Act 1973                                                                                                   73

Division 2--Amendments if Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 has not yet commenced               74

Insurance Act 1973                                                                                                   74

Division 3--Amendments once Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 commences      77

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007                                                                                                                                       77

Insurance Act 1973                                                                                                   78

Schedule 4--Review of decisions                                                                                79

Banking Act 1959                                                                                                      79

Financial Sector (Collection of Data) Act 2001                                                 81

Insurance Act 1973                                                                                                   85

Life Insurance Act 1995                                                                                            87

Superannuation Industry (Supervision) Act 1993                                              88

 

 

 

Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008

No. 25, 2008

 

 

 

An Act to amend the law relating to the financial sector, and for related purposes

[Assented to 26 May 2008]

The Parliament of Australia enacts:


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