Document ID: chunk:federal_register_of_legislation:F2023L00749:body:0:p1
Version: federal_register_of_legislation:F2023L00749
Segment Type: other
Provision Reference: 
Character Range: 0–2828

ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437
I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 6 June 2023

Rhys Bollen

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Confirmation of transactions to a third person in circumstances where the holder of the financial product is deceased
Part 3—Repeal
6 Repeal

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
holder has the same meaning as in paragraph 1017F(1)(a) of the Act.
life company has the meaning given by section 8 of the Life Insurance Act 1995.
relevant life policy means a life policy in relation to which all of the following are satisfied:
(a) the person to whom the policy was issued (initial owner of the policy) is the same person as the life insured under the policy;
(b) the initial owner of the policy has deceased;
(c) when the initial owner deceased, they did not hold the policy jointly with any other person;
(d) the rights of the initial owner have not been assigned under the Life Insurance Act 1995 or transferred by the operation of the policy;
(e) on the death of the initial owner, the issuer of the policy has the obligation to pay a sum of money under the policy to a person (third party payee) other than the initial owner or their estate.
Note:  The third party payee could include a third party beneficiary for the purposes of subsection 48A(1) of the Insurance Contracts Act 1984, or a person to whom the sum of money is required to be paid in accordance with section 211 or section 212 of the Life Insurance Act 1995.

Part 2—Declaration

5 Confirmation of transactions to a third person in circumstances where the holder of the financial product is deceased
(1) Part 7.9 of the Act applies in relation to a financial product that is a relevant life policy as if section 1017F were modified or varied as follows:
(a) in subparagraph (1)(b)(ii):
(i) after "transaction" (first occurring), insert "(other than a transaction referred to in subparagraph (iia))"; and
(ii) omit "; and", substitute "; or";
(b) after subparagraph (1)(b)(ii), insert:
               "(iia) for a product that is a life policy—a transaction by which the issuer of the product pays