Source: https://www.legislation.gov.au/Details/F2011C00192/Html/Text
Timestamp: 2020-08-04 19:14:23
Document Index: 706703326

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 4', 'art 9', 'art 10', 'art 10', 'art 13', 'art 10', 'art 10', 'art 10', 'art 2', 'art 12']

Details: F2011C00192
- F2011C00192
SR 1995 No. 141 Regulations as amended, taking into account amendments up to Insurance Legislation Amendment Regulations 2011 (No. 1)
Insurance Legislation Amendment Regulations 2011 (No. 1) - F2011L00588
r 4, sch 2
Registered 11 Apr 2011
Start Date 09 Apr 2011
End Date 30 Oct 2011
F2011C00192
Statutory Rules 1995 No. 141 as amended
This compilation was prepared on 9 April 2011
taking into account amendments up to SLI 2011 No. 48
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
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) 11
9.02 Notice of intention to apply for confirmation of scheme 11
9.03 Application for confirmation of scheme 12
9.04 Documents to be lodged with APRA 12
Part 10 Provisions relating to policies
10.01 Assignment of life policy — prescribed form 14
10.02 Notice of change of trustee of life policy 14
10.04 Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206 (3)) 14
10.05 Interest on overdue premiums — prescribed terms 14
10.05A Unclaimed money — statements 15
10.05B Public notice of unclaimed moneys 16
10.06 Calculation of net claim value of policy 16
11.01 Fee for inspection or copying of documents 17
Part 13 Dictionary
13.02 Definition of superannuation policy — dictionary 18
Schedule 2 Modification of Division 4 of Part 10 of the Act (Surrender values, paid-up policies and non-forfeiture of policies) 19
Schedule 4 Forms 20
Form 2 Memorandum of transfer for assigning rights under a life policy 20
Form 3 Statement of unclaimed money 21
Form 4 Statement of money paid after the end of the calendar year 22
Form 5 Unclaimed money disk lodgment form 23
Schedule 5 Modifications of the Act in relation to friendly societies 24
Schedule 6 Further modifications of the Act in relation to jointly regulated friendly societies 31
Schedule 7 Approved bodies 46
2.01 Contract to pay annuity — term prescribed
For the purposes of paragraph 9 (1) (d) of the Act, the term of 10 years is prescribed as the term that the term of an annuity paid under a contract must exceed for the contract to constitute a life policy.
Note The Act applies to friendly societies subject to the provisions of Pt 2A of the Act. See also s 16ZC of the Act.
For paragraph 16ZD (1) (e) of the Act, the following conditions are specified:
(a) that the body corporate is authorised to carry on life insurance business in the United States of America;
(b) that the body corporate is incorporated in the United States of America.
(1) A notice under paragraph 33 (1) (d) of the Act of the establishment of a statutory fund must contain particulars of:
(2) For the purposes of subsection 33 (2) of the Act, the notice must be given in writing within 14 days after establishment of the fund.
4.00A Charges over the assets of statutory funds: derivative contracts (Act, s 38 (3) (c))
4.00B Charges over the assets of approved benefit funds (Act s 38 (3) (c))
(3) Subregulation (2) does not apply to a charge over, or in relation to, an asset of an approved benefit fund that satisfies the requirements of subregulation 4.00A (1).
For the purposes of paragraph 43 (3) (d) of the Act, an investment of assets of a statutory fund of a life company in a subsidiary of that life company is prohibited if:
For the purposes of paragraph 191 (2) (a) of the Act, a copy of:
(1) For the purposes of paragraph 191 (2) (b) of the Act, an applicant to the Court for confirmation of a scheme must publish a notice of intention to make the application, in a form approved by APRA:
Note 1 A life company must have a register of life policies for each State and Territory in which it carries on life insurance business: subsection 226 (1) of the Act.
Note 2 An affected policy owner is the owner of a policy that is referable to a statutory fund affected by a scheme: subsection 191 (1) of the Act. However, for a jointly regulated friendly society an affected policy owner is the owner of a policy that is referable to a health benefits fund or approved benefit fund affected by a scheme: see Sch 6, item 40.
(1) For the purposes of subsection 193 (2) of the Act, an application to the Court for confirmation of a scheme may be made no earlier than whichever is the later of:
(a) the day after the day on which the period referred to in subregulation 9.02 (4) ends; or
(b) unless the Court dispenses with the need for compliance with paragraph 191 (2) (c) of the Act — 15 days after the approved summary of the scheme has been given to every affected policy owner under that paragraph.
Note The Court may dispense with the need to comply with paragraph 191 (2) (c) of the Act in relation to a particular scheme if it is satisfied that, because of the nature of the scheme or the circumstances attending its preparation, it is not necessary that the paragraph be complied with: subsection 191 (5) of the Act.
(1) For the purposes of subsection 197 (1) of the Act, a company to which life insurance business is transferred, or with whose life insurance business any part of the business of another company is amalgamated must give APRA the following documents:
(2) For the purposes of subsection 197 (2) of the Act, and subject to subregulation (3), the documents must be lodged within 30 days after the transfer or amalgamation is completed.
10.01 Assignment of life policy — prescribed form
For the purposes of paragraph 200 (2) (a) of the Act, Form 2 in Schedule 4 is prescribed as the form of memorandum of transfer for the purpose of assigning rights under a life policy (other than a policy that is issued by a friendly society).
For the purposes of subsection 203 (2) of the Act, a notice that a person is the trustee of a life policy must be in the form of a statutory declaration.
10.04 Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206 (3))
10.05 Interest on overdue premiums — prescribed terms
For the purposes of subsection 210 (3) of the Act, the least favourable terms on which interest may be charged on overdue premiums is the interest rate worked out by the following formula:
10.05A Unclaimed money — statements
(2) A statement under subsection 216 (1) of the Act of unclaimed money as at the end of a calendar year:
(a) if it is in writing — must be in accordance with Form 3 in Schedule 4; or
(b) if it is recorded on computer disk — must contain particulars of the number and total value of unclaimed policies and particulars, for each policy for which money is unclaimed, of:
(3) A statement under subsection 216 (4) of the Act of money paid between the end of the calendar year and the date on which the statement is given to ASIC:
(a) if it is in writing — must be in accordance with Form 4 in Schedule 4; or
(b) if it is recorded on computer disk — must contain particulars of the number and total value of policies claimed and particulars, for each policy for which money has been paid, of:
(1) For the purposes of subsection 223 (2) of the Act, the net claim value of a policy:
(1) For the purposes of subsection 243 (2) of the Act, a fee of $10 is prescribed as the fee to inspect a financial statement or an annual statistical return given to APRA under subsection 118 (2) of the Act.
13.02 Definition of superannuation policy — dictionary
Schedule 2 Modification of Division 4 of Part 10 of the Act (Surrender values, paid-up policies and non-forfeiture of policies)
(b) if additional amounts of premium are paid — the amount of the sum insured.
Form 2 Memorandum of transfer for assigning rights under a life policy
Form 3 Statement of unclaimed money
(paragraph 10.05A (2) (a))
Form 4 Statement of money paid after the end of the calendar year
(paragraph 10.05A (3) (a))
Form 5 Unclaimed money disk lodgment form
(subregulation 10.05A (4))
Schedule 5 Modifications of the Act in relation to friendly societies
2 Paragraph 30 (f)
3 Subsection 35 (1)
4 Subsection 35 (2)
5 Subsections 35 (3), (4) and (5)
6 Paragraph 36 (b)
7 Paragraph 38 (2) (c)
8 Subsection 38 (7)
9 Subsection 45 (1)
(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45 (3).
75 Financial records — friendly societies
17 Paragraph 82 (5) (c)
(i) for financial statements prepared for subsection (1) — within the period required by subsection 118 (3); and
(ii) in any other case — within 3 months after the time as at which they are prepared.
22 Subsection 134 (4)
(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180 (2), and APRA:
23 Subsection 150 (9)
24 Subsection 198 (1)
25 Paragraph 201 (1) (b)
26 Subsection 213 (2)
the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1) (a) and that the requirements of the rules are followed.
27 Subsection 213 (3)
29 Subsection 226 (1)
(c) for each membership terminated — the date and circumstances of the termination.
31 Subsection 229 (2)
33 Schedule — Dictionary, after definition of friendly society
Note Income from the health insurance business of a registered health benefits organisation is to be credited to its health benefits fund: see s 68 of the National Health Act 1953.
34 Schedule — Dictionary, after definition of life policy
35 Schedule — Dictionary, after definition of spouse
36 Schedule — Dictionary, after definition of trade union
Schedule 6 Further modifications of the Act in relation to jointly regulated friendly societies
1 After subsection 127 (1)
2 Paragraph 130 (c)
3 After subsection 131 (1)
5 After subsection 134 (1)
6 Subparagraph 136 (b) (iii)
7 After subsection 137 (2)
Note It is intended that regulations under the National Health Act 1953 will provide that an investigation of a jointly regulated friendly society must not be started under s 82R of that Act if an investigation of the society is in progress under this Division.
11 Paragraph 150 (1) (c)
12 After subsection 150 (1)
(a) if the provision in which it occurs is being applied to, or for the purposes of, the health insurance business of a jointly regulated friendly society — a health insurance policy; and
(b) if the provision in which it occurs is being applied to, or for the purposes of, the life insurance business of a jointly regulated friendly society — a policy that, by subsection 16F (1) or (2), is taken to be issued by a friendly society; and
(c) if the provision in which it occurs is being applied to, or for the purposes of, all of the business of a jointly regulated friendly society — a policy mentioned in paragraph (a) or (b).
14 After subsection 157 (1)
15 After subsection 157 (5)
16 Paragraph 158 (a)
17 Subparagraphs 159 (a) (ii) and (iii)
18 Paragraph 159 (b)
Note Part VIA of the National Health Act 1953 makes provision for judicial management of health benefits funds.
22 After subsection 167 (5)
23 After subsection 169 (2)
24 After subsection 170 (2)
25 After subsection 172 (6)
26 After paragraph 175 (2) (a)
27 After paragraph 175 (2) (c)
28 Subsection 175 (4)
paragraph (2) (a), (b) or (d),
paragraph 2 (a), (ab), (b), (ca) or (d),
30 After subsection 180 (4)
31 Subsection 181 (1)
32 After subsection 181 (2)
33 After subsection 183 (3)
34 After subsection 184 (4)
35 After subsection 185 (2)
36 After subsection 186 (2A)
37 Subsections 187 (1), (2) and (3)
(1) Subject to this section, in the winding‑up of a life company that is a jointly regulated friendly society, the assets of an approved benefit fund of the society and of the health benefits fund of the society must first be applied in accordance with the applicable Corporations Law in discharging debts and claims referred to in subsection 556 (1) of that Law.
(iii) the interests of creditors of the company whose debts have not been discharged by application of the assets according to subparagraphs (a) (ii) and (b) (ii).
38 Subsection 188 (1)
39 After subsection 190 (1)
40 Subsection 191 (1), definition of affected policy owner
41 Paragraph 191 (2) (a)
42 After subsection 192 (2)
43 After subsection 193 (3)
44 After subsection 197 (1)
45 After subsection 230A (5)
46 Subsection 230A (13), before definition of Territory
47 After paragraph 230B (1) (a)
48 After subsection 230B (9)
49 Schedule — Dictionary, before definition of policy
Schedule 7 Approved bodies
(subregulation 4.00A (2),
ASX Futures Pty Limited
Options Clearing House Pty Ltd
OM Stockholm AB (OMS)
Notes to the Life Insurance Regulations 1995
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.
R. 2A.01.................................
R. 2A.02.................................
R. 2A.03.................................
Part 2B...................................
R. 2B.01.................................
R. 4.00....................................
R. 4.00A.................................
R. 4.00B.................................
R. 4.01A.................................
R. 4.01B.................................
R. 9.02....................................
Note 2 to r. 9.02....................
R. 9.04....................................
R. 10.01.................................
R. 10.03.................................
R. 10.05A...............................
R. 10.05B...............................
R. 11.00.................................
R. 11.01.................................
Part 12...................................
R. 12.01.................................
R. 13.01.................................
R. 13.02.................................
Form 1.................................