Document ID: chunk:federal_register_of_legislation:F2023L00749:body:0:p2
Version: federal_register_of_legislation:F2023L00749
Segment Type: other
Provision Reference: 
Character Range: 2568–4442

"(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 a sum of money under the product to a person (third party payee) who is not the holder of the product; and
                  Note: Subparagraphs (b)(i) and (ii) may also apply in relation to a product that is a life policy.";
(c) in subsection (1)(d), before "the holder", insert "in the case of a transaction referred to in subparagraph (b)(i) or (ii)—";
(d) after subsection (1)(d), insert:
                  "(da)  in the case of a transaction referred to in subparagraph (b)(iia)—the third party payee has not waived their right to be provided with confirmation of the transaction";
(e) in subsection (2), after "the holder", insert "(or, in the case of a transaction specified in column 2 of item 4A, the third party payee)";
           (f) after item 4 of the table in subsection (2), insert:
      "4A  transaction by which the issuer pays a sum of money under the product to a third party payee  the issuer of the product";

(g) in subsections (5), (5A) and (7), after "holder" (wherever occurring), insert "or third party payee";
(h) after paragraph (8)(a), insert:
              "(aa) in the case of a transaction referred to in subparagraph (b)(iia), identify the third party payee;";
(i) in subparagraph (8)(c)(iii), after "holder", insert "or the third party payee".
       (2) Part 7.9 of the Act applies in relation to a financial product that is a relevant life policy as if subregulation 7.9.63G(2) of the Corporations Regulations 2001 were modified or varied by, after "holder", inserting "or third party payee".

Part 3—Repeal

6 Repeal

This instrument is repealed at the start of 1 July 2028.