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Life Insurance Amendment Act 1983

No. 143 of 1983

An Act to amend the Life Insurance Act 1945

[Assented to 22 December 1983]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.
1. (1) This Act may be cited as the Life Insurance Amendment Act 1983.
(2) The Life Insurance Act 19451 is in this Act referred to as the Principal Act.

Commencement
2. The provisions of this Act shall come into operation on such date as is, or such respective dates as are, fixed by Proclamation.

Interpretation
3. Section 4 of the Principal Act is amended—
    (a) by inserting in the definition of "company" in sub-section (1) ", except as provided in sub-sections (9) and (10)," before "means"; and

    (b) by adding at the end thereof the following sub-sections:
    "(9) In this Act, 'holding company', 'related company' and 'subsidiary' have the same respective meanings as they would have in the Companies Act 1981 if references in section 7 of that Act to corporations were references to companies.
    "(10) A reference in sub-section (9) to a company, and a reference in any other provision of this Act to a holding company or a related company, is not confined to a company as defined in sub-section (1).".

Actuaries
4. Section 4A of the Principal Act is amended—
    (a) by omitting sub-sections (1) and (2) and substituting the following sub-section:
    "(1) A reference in this Act to an actuary shall, unless the contrary intention appears, be read as a reference to a person who is ordinarily resident in Australia and—
        (a) is a Fellow of The Institute of Actuaries of Australia; or
        (b) is approved by the Commissioner under sub-section (3)."; and
    (b) by omitting from sub-section (3) "a body referred to in paragraph (1) (a), (b), (c) or (d)" and substituting "The Institute of Actuaries of Australia".

Terms and conditions of appointment
5. Section 9a of the Principal Act is amended by omitting paragraph (4) (a) and substituting the following paragraph:
    "(a) the reference to a corporation that is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of another corporation were a reference to a corporation that is in a position to cast, or control the casting of, more than one-quarter of that number of votes; and".

Annual report and returns
6. Section 11 of the Principal Act is amended by omitting from sub-section (1) "three" and substituting "5".

Registration of companies
7. Section 19 of the Principal Act is amended by inserting after paragraph
(2) (a)