Document ID: chunk:federal_register_of_legislation:C2004A04861:front:0:p1
Version: federal_register_of_legislation:C2004A04861
Segment Type: other
Provision Reference: 
Character Range: 0–2690

Life Insurance (Consequential Amendments and Repeals) Act 1995

No. 5 of 1995

An Act to amend and to repeal certain Acts in consequence of the enactment of the Life Insurance Act 1995, and for other purposes

[Assented to 23 February 1995]

The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Life Insurance (Consequential Amendments and Repeals) Act 1995.

Commencement

2. This Act commences on the day on which the Life Insurance Act 1995 commences.

Application

3.(1) The amendments made by this Act to the Defence Force Retirement and Death Benefits Act 1973, the Defence Forces Retirement Benefits Act 1948, the Parliamentary Contributory Superannuation Act 1948 or the Superannuation Act 1976 only apply to a transfer value (within the meaning of that Act) that has become payable to or in respect of a person on or after the commencement of this Act.

(2) The amendments made by this Act to the Income Tax Assessment Act 1936 only apply to the 1994-95 year of income and the subsequent years of income.

(3) In subsection (2), "year of income" has the same meaning as in the Income Tax Assessment Act 1936.

PART 2—CONSEQUENTIAL AMENDMENTS

Consequential amendments

4.(1) The Acts specified in Part 1 of the Schedule are amended as set out in that Part.

(2) The Corporations Law set out in section 82 of the Corporations Act 19892 is amended as set out in Part 2 of the Schedule.

PART 3—REPEAL OF ACTS

Repeal of Acts

5. The following Acts are repealed:

    (a) the Life Insurance Act 1945;

    (b) the Life Insurance Policy Holders' Protection Levies Act 1991;

    (c) the Life Insurance Policy Holders' Protection Levies Collection Act 1991.

___________

SCHEDULE

 PART 1 Subsection 4(1)

AMENDMENTS OF ACTS

Defence Force Retirement and Death Benefits Act 1973

1. Subsection 66(1) (definition of "life policy"):

Omit the definition, substitute:

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

2. Subsection 66(1):

Insert:

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

3. Subsection 68(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 which were, while the person was employed in that employment, paid in whole or in part by the person's employer".

4. Subsection 68(4):

    (a) Omit "he had the legal title to a life policy, or was entitled to have the legal title to a life policy assigned