LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991
Table of Provisions
- 1 Short title
- 2 Commencement
- 3 Object of Act
- 4 Application of Life Insurance Act
- 5 Interpretation
- 6 Company's statutory accounts to be prima facie evidence of value of its assets
- 7 Commissioner to notify Australian proportion of value of assets in statutory funds
- 8 Non-leviable funds - eligible companies
- 9 By whom levy payable
- 10 When levy due for payment
- 11 Penalty for non-payment of levy
- 12 Recovery of levy and late payment penalty
- 13 Levy may be paid out of statutory funds
- 14 Manner of payment of levy etc.
- 15 Life Insurance Policy Holders' Protection Fund
- 16 Payments into Fund
- 17 Purposes of Fund
- 18 Separate notional accounts to be kept within Fund
- 19 Transfer of equity in Fund
- 20 Winding-up advances
- 21 Winding-up of Fund
- 22 Judicial manager or liquidator of eligible company may apply for grant of financial assistance from the Fund
- 23 Grants of financial assistance from the Fund
- 24 Conditions to which grant of financial assistance is subject
- 25 Repayment of overpayments of grants
- 26 Repayment of grant if conditions are contravened
- 27 Repayment of grant if a specified contingency happens
- 28 Remission of grant repayments
- 29 Recovery of grant repayments
- 30 Grant repayments may be paid out of statutory funds
- 31 Manner in which grant repayments are to be made
- 32 Priority of grant repayments
- 33 Grants to be under the control of the judicial manager or liquidator
- 34 Judicial manager or liquidator under the control of the Court
- 35 Application of Division 8 of Part III of the Life Insurance Act
- 36 Decision-making principles
- 37 Review of decisions
- 38 Only judicial manager/liquidator of an eligible company has standing to seek review of decisions affecting the eligible company
- 39 Delegation
- 40 Annual report
- 41 Regulations
- 42 Consequential amendments
