Document ID: chunk:federal_register_of_legislation:C2025C00135:section:32
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 32
Character Range: 117576–118645

32  Duty of company in relation to statutory funds
 (1) In the investment, administration and management of the assets of a statutory fund, a life company:
 (a) must comply with this Part; and
 (b) must give priority to the interests of owners and prospective owners of policies referable to the fund.
 (2) An act or decision of a life company in relation to a statutory fund does not contravene paragraph (1)(b) if, having regard to the circumstances existing at the time of the act or decision, it is reasonable to believe that the act or decision gives priority to the interests of owners and prospective owners of policies referable to the fund.
 (3) An investment by a life company is not ineffective merely because it is made in contravention of paragraph (1)(b).
 (4) A reference in subsection (1) or (2) to the interests of owners of policies referable to a statutory fund is a reference to the interests of such persons viewed as a group.
 (5) Nothing in subsection (1) prevents a life company doing anything that the company is permitted by this Part to do.