Document ID: chunk:federal_register_of_legislation:C2004A04861:front:0:p9
Version: federal_register_of_legislation:C2004A04861
Segment Type: other
Provision Reference: 
Character Range: 20229–23113

commencement of the Life Insurance Act 1995;".

SCHEDULE—continued

Superannuation Act 1976

74. Subsection 125(1) (definition of "life policy"):

Omit the definition, substitute:

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

75. Subsection 125(1):

Insert:

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

76. Subsection 127(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".

77. Subsection 127(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 to him", 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".

    (b) Omit "he had the legal title to that policy, or was entitled to have the legal title to that policy assigned to him", substitute "the person was the owner of that policy, or was entitled to have the rights of the owner of that policy assigned to him or her".

78. Subsection 145(1):

Omit "he" (wherever occurring), substitute "the person".

79. Paragraph 145(1)(b):

    (a) Omit "him" (first occurring), substitute "the person".

    (b) Omit all the words from and including "by reason of his having" to and including "assigned to him", substitute "because the person was the owner of a life policy or policies of a kind referred to in that subsection, or because the person was entitled to have the rights of the owner of such a policy or policies assigned to him or her".

Superannuation Industry (Supervision) Act 1993

80. Section 10 (definition of "life insurance company"):

Omit the definition, substitute:

SCHEDULE—continued

" 'life insurance company' means:

    (a) a body corporate registered under the Life Insurance Act 1995; or

    (b) a public authority:

        (i) that is constituted by a law of a State or Territory; and

        (ii) that carries on life insurance business within the meaning of section 11 of that Act;".

 PART 2 Subsection 4(2)

AMENDMENTS OF THE CORPORATIONS LAW

  1. Amend the Corporations Law in accordance with the following table:

Amendment number  Provisions to be amended                                                                                                                                                                                                                                                                                                             Omit                                          Substitute