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Life Insurance Act 1995

No. 4, 1995

Compilation No. 69

Compilation date: 21 February 2025

                Includes amendments: Act No. 14, 2025

About this compilation

This compilation

This is a compilation of the Life Insurance Act 1995 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Objects of Act
4 Additional operation of Act
5 Exclusion of certain State insurance
6 Extension of Act to Norfolk Island
7 General administration of Act
7A Determination that certain provisions do not apply
7B Breach of condition of a determination under section 7A
8 Dictionary
8A Approved manner and form of applications and notices
Part 2—Explanation of key concepts
9 Life policy
9A Continuous disability policy
10 Issue and ownership of policies
11 Life insurance business
12 Classes of life insurance business
12A Declarations that insurance or annuity business is life insurance business
12B Declarations that other financial business is life insurance business
13 Business of a statutory fund
14 Investment account benefits, investment‑linked benefits
15 Participating, non‑participating benefits
15A Relevant group of bodies corporate
16 Related bodies corporate and subsidiaries
Part 2A—Special provisions relating to life companies that are friendly societies
Division 1—Preliminary
16A Overview
16B Definitions
Division 2—Friendly societies and how this Act applies to them
16C