Document ID: chunk:federal_register_of_legislation:C2004A04861:front:0:p7
Version: federal_register_of_legislation:C2004A04861
Segment Type: other
Provision Reference: 
Character Range: 15274–18013

(definition of "company"):

After "Life Insurance Act 1945" insert "as in force immediately before the commencement of the Life Insurance Act 1995".

SCHEDULE—continued

54. Section 3 (paragraph (b) of the definition of "leviable day"):

Omit "or".

55. Section 3 (definition of "leviable day"):

Add at the end:

    "or (d) in relation to a life company—a day during any part of which the company was registered, or was taken to be registered, under the Life Insurance Act 1995;".

56. Section 3:

Insert:

" 'life company' means a company that is required to give financial statements under subsection 82(1) of the Life Insurance Act 1995;

'Life Insurance Act 1945' means the Life Insurance Act 1945 as in force from time to time before the commencement of the Life Insurance Act 1995 and includes the Life Insurance Act 1945 as in force under section 258 of the Life Insurance Act 1995;".

57. Subsection 5(2):

Omit "Life Insurance Act 1945", substitute "Life Insurance Act 1995".

58. Section 6:

Add at the end:

"(4) If:

    (a) a financial year of a life company ends on or after the date of commencement of the Life Insurance Act 1995; and

    (b) that financial year includes a leviable day;

the life company is liable to pay a levy for the period that consists of that financial year.".

59. Subsection 7(3):

After "company" (first occurring) insert", other than a life company;".

60. After subsection 7(3):

Insert:

"(3A) Life insurance levy payable by a life company for a period is due and payable on the last day of the period within which the company is required by subsection 118(3) of the Life Insurance Act 1995 to give to the Commissioner financial statements as at the end of that period.".

SCHEDULE—continued

61. Subsection 7(4):

After "accounts" insert "or financial statements".

Life Insurance Supervisory Levy Act 1989

62. Title:

After "required to lodge accounts under the Life Insurance Act 1945" insert "or to give financial statements under the Life Insurance Act 1995".

63. Section 5:

    Omit "Life Insurance Act 1945", substitute "Life Insurance Act 1995".

Parliamentary Contributory Superannuation Act 1948

64. Subsection 4(1) (definition of "life policy"):

Omit the definition, substitute:

" 'life policy' has the same meaning as in the Life Insurance Act 1995;".

65. Subsection 4(1):

Insert:

    " 'owner of a life policy' has the same meaning as in the Life Insurance Act 1995;".

66. Subsection 4A(3):

Omit all the words from and including "he had the legal title" to and including "by his employer", substitute "the person was the owner of a life policy, or was entitled to have the rights of the owner of a life policy assigned to him or her, being a policy the premiums for