Document ID: chunk:federal_register_of_legislation:C2025C00135:section:216:p3
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 216 (pt 3/3)
Character Range: 388990–390974

amount of unclaimed money specified in a statement given to ASIC for the purposes of subsection (1); and
 (b) particulars of the persons to whom, if this section had not been enacted, the money would have been payable.
 (14) The particulars referred to in paragraph (13)(b) may include a person's tax file number.
 (14A) It is the intention of the Parliament that a law of a State or Territory has no effect to the extent to which it requires a life company to:
 (a) pay unclaimed money to, or to an authority of, a State or Territory; or
 (b) lodge a return relating to unclaimed money with, or with an authority of, a State or Territory.
 (14B) The Minister may, in writing, delegate any of the Minister's functions or powers under this section to:
 (a) a non‑corporate Commonwealth entity for which the Minister is the responsible Minister; or
 (b) a member, or staff member, of such an entity.
 (15) In this section:
authorised officer means a member of staff authorised by ASIC for the purposes of this section.
non‑corporate Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
responsible Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
successor company, in relation to another company (the first company), means the company to which the life insurance business of the first company has been transferred.
unclaimed money means:
 (a) all sums of money that have become legally payable by a company in respect of policies; but
 (b) in respect of which the time within which proceedings may be taken for their recovery has expired;
and includes:
 (c) sums of money payable on the maturity of a policy which are not claimed within:
 (i) 7 years; or
 (ii) if a greater number of years is specified in the regulations—that greater number of years;
  after the maturity date of the policy; and
 (d) any money that the company considers should be treated as unclaimed money.