Document ID: chunk:federal_register_of_legislation:F2023L00222:body:0:p2
Version: federal_register_of_legislation:F2023L00222
Segment Type: other
Provision Reference: 
Character Range: 2674–4553

previous policy lapses due to non-payment of premium;
              (iii) to exercise an option to buy back cover following payment of a sum insured;
              (iv) to remove or reduce a cover option other than the sum insured;
              (v) to change an income protection policy from agreed value to indemnity based cover;
              (vi) to combine two or more previous policies into a single policy covering all the previous policies;
              (vii) to separate a previous policy into two or more standalone policies, each providing separate coverage.

6 Exemption for the reissue of life policies originally issued on or after 5 October 2021
(1) Part 7.8A of the Act does not apply in relation to a contract (the reissued policy) that constitutes a life policy in relation to which all of the following apply:
           (a) the reissued policy replaces a contract (the previous policy) that constitutes a life policy that was issued on or after 5 October 2021;
           (b)  the reissued policy is issued at the request of the owner of the previous policy and the owner will also be the owner of the reissued policy, unless to correct an administrative error in the previous policy;
           (c) the only differences between the terms and effect of the reissued policy and the previous policy are to give effect to:
              (i)  the replacement of the previous policy; or
              (ii) a matter referred to in paragraph (d);
           (d) the reissued policy is issued for either or both of the following reasons:
              (i) to correct an administrative error in the previous policy;
              (ii) to reinstate the previous policy after the previous policy lapses due to non-payment of premium.

Part 3—Repeal

7 Repeal
This instrument is repealed at the start of the day that is 5 years after the day this instrument commences.