Document ID: chunk:federal_register_of_legislation:C2025C00185:section:963b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 963B (pt 2/2)
Character Range: 4046034–4047889

of the person makes contributions to the fund for the benefit of the person.
Note: Superannuation guarantee surcharge may be imposed on an employer if the employer does not make contributions to a superannuation fund for the benefit of its employees. If an employee does not notify the employer of the employee's chosen fund, the employer is still able to satisfy its obligations by making contributions to certain funds: see the Superannuation Guarantee (Administration) Act 1992.
 (3A) The benefit ratio for a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product, or life risk insurance products, for a year is the ratio between:
 (a) the benefit; and
 (b) the policy cost payable for the product or products, or that part of the policy cost payable for the product or products to which the benefit relates, for the year.
 (3B) The policy cost for a life risk insurance product, or products, for a year is the sum of:
 (a) the premiums payable for the product, or products, for that year; and
 (b) any fees payable for that year to the issuer of the product or products for that issue; and
 (c) any additional fees payable because the premium for the product, or products, is paid periodically rather than in a lump sum; and
 (d) any other amount prescribed by the regulations for the purposes of this paragraph.
 (3C) However, the policy cost for a life risk insurance product, or products, does not include any amount prescribed by the regulations for the purposes of this subsection.
 (4) The regulations may prescribe circumstances in which, despite a provision of this section, all or part of a benefit is to be treated as conflicted remuneration.
 (5) This section applies despite section 963A and any regulations made for the purposes of section 963AA.