Life Insurance Act 1995 (Cth)

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

An Act relating to life insurance, and for related purposes

Part 1Preliminary 1Short title

This Act may be cited as the Life Insurance Act 1995.

2Commencement

(1)
Subject to subsection (2), this Act commences on a day to be fixed by Proclamation.
(2)
If this Act does not commence under subsection (1) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.

3Objects of Act

(1)
The main objects of this Act are:
(a)
to protect the interests of the owners and prospective owners of life insurance policies in a manner consistent with the continued development of a viable, competitive and innovative life insurance industry; and
(b)
to promote financial system stability in Australia.
(1A)
An additional object of this Act is to protect the interests of persons entitled to other kinds of benefits provided in the course of carrying on life insurance business (including business that is declared to be life insurance business).
(2)
The principal means adopted for the achievement of these objects are the following:
(a)
restricting the conduct of life insurance business to companies that are able to meet certain requirements as to suitability;
(b)
imposing on life companies requirements designed to promote prudent management of the life insurance business of such companies, including requirements designed to ensure the solvency and capital adequacy of statutory funds;
(c)
providing for the supervision of life companies by APRA and ASIC;
(d)
providing for APRA to manage or respond to circumstances in which the ability of a life company to meet its obligations may be threatened;
(e)
making provision to ensure that, in the winding‑up of a life company, the interests of policy owners are adequately protected;
(f)
providing for the supervision of transfers and amalgamations of life insurance business by the Court.
(3)
Generally, this Act achieves these objects by provisions applying to all life companies. However, there are a number of special provisions that apply only to friendly societies (see in particular Part 2A).

4Additional operation of Act

(1)
Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a company were, by express provision, confined to a company that is a corporation to which paragraph 51(xx) of the Constitution applies.
(2)
Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a subsidiary of a life company were, by express provision, confined to such a subsidiary that:
(a)
is a corporation to which paragraph 51(xx) of the Constitution applies; or
(b)
carries on banking with respect to which the Parliament has the power to make laws under paragraph 51(xiii) of the Constitution.
(3)
Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a subsidiary of a registered NOHC were, by express provision, confined to such a subsidiary that:
(a)
is a corporation to which paragraph 51(xx) of the Constitution applies; or
(b)
carries on banking with respect to which the Parliament has the power to make laws under paragraph 51(xiii) of the Constitution.
(4)
Without prejudice to its effect apart from this subsection, this Act also has the effect it would have if each reference to a holding company of a life company were, by express provision, confined to such a holding company that:
(a)
is a corporation to which paragraph 51(xx) of the Constitution applies; or
(b)
carries on banking with respect to which the Parliament has the power to make laws under paragraph 51(xiii) of the Constitution.

5Exclusion of certain State insurance

This Act does not apply with respect to State insurance that does not extend beyond the limits of the State concerned.

6Extension of Act to Norfolk Island

This Act extends to the Territory of Norfolk Island.

7General administration of Act

(1)
Subject to subsection (3):
(a)
APRA has the general administration of:
(i)
Parts 3 to 6; and
(ii)
Parts 8 to 9; and
(iii)
sections 206 to 210; and
(iiia)
Part 10A; and
(iv)
Part 12; and
(b)
ASIC has the general administration of Part 10 (other than sections 206 to 210).
(2)
Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA’s administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions.
Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in Schedule 1.
(3)
The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.

7ADetermination that certain provisions do not apply

(1)
APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force:
(a)
a provision of Part 2, 2A, 2B or 3;
(b)
a provision of Division 1, 3, 4, 5 or 6 of Part 4;
(c)
section 75;
(d)
section 76;
(e)
section 78;
(f)
section 79;
(g)
section 80;
(h)
section 81;
(j)
section 230AAA.
(2)
The determination:
(a)
may be expressed to apply to a particular person or to a class of persons; and
(b)
may specify the period during which the determination is in force; and
(c)
may be made subject to specified conditions.
(3)
If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination.
(4)
APRA may, in writing, vary or revoke a determination under this section.
(5)
The following instruments made under this section are not legislative instruments:
(a)
a determination that applies to a particular person;
(b)
an instrument varying or revoking a determination that applies to a particular person.
(6)
Otherwise, an instrument made under this section is a legislative instrument.

7BBreach of condition of a determination under section 7A

(1)
A person commits an offence if:
(a)
a determination under section 7A applies to a person; and
(b)
the person does or fails to do an act; and
(c)
doing or failing to do the act results in a breach of a condition to which the determination is subject.
Penalty: 60 penalty units.
(2)
Strict liability applies to subsection (1).
Note: For strict liability, see section 6.1 of the Criminal Code.

8Dictionary

(1)
A dictionary of expressions used in the Act is contained in Schedule 1.
(2)
Unless the contrary intention appears, an expression defined in the dictionary has the meaning there set out.

8AApproved manner and form of applications and notices

(1)
This section applies in relation to making an application or giving a notice if another provision of this Act refers to making the application or giving the notice in accordance with this section.
(2)
The application is made, or the notice is given, in accordance with this section if the application or notice:
(a)
is made or given:
(i)
if APRA has approved a manner for making the application or giving the notice under subsection (3)—in the approved manner; or
(ii)
otherwise—in writing; and
(b)
if APRA has approved a form for making the application or giving the notice under subsection (3):
(i)
is made or given in the approved form; and
(ii)
includes the information required by the form; and
(iii)
is accompanied by the documents (if any) required by the form; and
(c)
includes the information (if any) prescribed by regulations made for the purposes of this paragraph in relation to the application or notice; and
(d)
is accompanied by the documents (if any) prescribed by regulations made for the purposes of this paragraph in relation to the application or notice.
(3)
For the purposes of paragraph (2)(a) or (b), APRA may, in writing, approve a manner or form for making the application or giving the notice.
(4)
Without limiting subsection (3), a form approved under that subsection may be:
(a)
the form of a statutory declaration; or
(b)
a form that requires a matter to be verified by a statutory declaration.

Part 2Explanation of key concepts 9Life policy

(1)
Subject to subsection (2), each of the following constitutes a life policy for the purposes of this Act:
(a)
a contract of insurance that provides for the payment of money on the death of a person or on the happening of a contingency dependent on the termination or continuance of human life;
(b)
a contract of insurance that is subject to payment of premiums for a term dependent on the termination or continuance of human life;
(c)
a contract of insurance that provides for the payment of an annuity for a term dependent on the continuance of human life;
(d)
a contract that provides for the payment of an annuity for a term not dependent on the continuance of human life but exceeding the term prescribed by the regulations for the purposes of this paragraph;
(e)
a continuous disability policy;
(f)
a contract (whether or not it is a contract of insurance) that constitutes an investment account contract;
(g)
a contract (whether or not it is a contract of insurance) that constitutes an investment‑linked contract.
(2)
A contract that provides for the payment of money on the death of a person is not a life policy if:
(a)
by the terms of the contract, the duration of the contract is to be not more than one year; and
(b)
payment is only to be made in the event of:
(i)
death by accident; or
(ii)
death resulting from a specified sickness.

9AContinuous disability policy

(1)
Subject to this section, a continuous disability policy is a contract of insurance:
(a)
that is, by its terms, to be of more than 3 years’ duration; and
(b)
under which a benefit is payable in the event of:
(i)
the death, by accident or by some other cause stated in the contract, of the person whose life is insured (the insured); or
(ii)
injury to, or disability of, the insured as a result of accident or sickness; or
(iii)
the insured being found to have a stated condition or disease.
(2)
A contract of insurance that is, by its terms, to be of a duration of not more than 3 years is taken to comply with paragraph (1)(a) if:
(a)
contracts of insurance of the same kind as the contract are usually of more than 3 years’ duration; and
(b)
the contract is of a lesser duration only because of the age of the owner of the policy at the time when it was entered into.
(3)
A contract of insurance is not a continuous disability policy if the terms of the contract permit alteration, at the instance of the life company concerned, of the benefits provided for by the contract or the premiums payable under the contract.
(4)
A contract of insurance the terms of which permit alteration, at the instance of the life company concerned, of the benefits provided for by the contract is not thereby excluded by subsection (3) from being a continuous disability policy if, by those terms, the only alterations that are permitted to be made are alterations that improve the benefits and are made following an offer made by the life company and accepted by the owner of the policy.
(5)
A contract of insurance the terms of which permit alteration, at the instance of the life company concerned, of the premiums payable under the contract is not thereby excluded by subsection (3) from being a continuous disability policy if the terms of all contracts of the same kind as the contract only permit such alterations if they are made on a simultaneous and consistent basis.
(6)
A contract of consumer credit insurance within the meaning of the Insurance Contracts Act 1984 is not a continuous disability policy.
(7)
A contract of insurance entered into in the course of carrying on health insurance business is not a continuous disability policy.

10Issue and ownership of policies

(1)
For the purposes of this Act:
(a)
a life company issues a policy when the company enters into the contract that constitutes the policy; and
(b)
a policy is issued to the person with whom the life company enters into the contract.
(2)
For the purposes of this Act, the owner of a policy is:
(a)
the person to whom the policy is issued; or
(b)
if the rights of that person under the policy have been assigned under this Act or transferred by the operation of the policy, the person who has those rights.

11Life insurance business

(1)
A reference in this Act to life insurance business is a reference to:
(a)
business that consists of any or all of the following:
(i)
the issuing of life policies;
(ii)
the issuing of sinking fund policies;
(iii)
the undertaking of liability under life policies;
(iv)
the undertaking of liability under sinking fund policies; and
(b)
any business that relates to business referred to in paragraph (a).
Note: Declarations under sections 12A and 12B have the effect of extending the kinds of business that are life insurance business for the purposes of this Act.
(2)
In order to avoid doubt and without limiting paragraph (1)(b), it is declared that the reference in that paragraph to business that relates to business referred to in paragraph (1)(a) includes business relating to the investment, administration and management of the assets of a statutory fund.
(3)
For the purposes of this Act, the following do not constitute life insurance business:
(a)
business in relation to benefits provided by a trade union for its members or their dependants;
(b)
business in relation to the benefits provided for its members or their dependants by an association of employees that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009;
(c)
business in relation to any scheme or arrangement under which superannuation benefits, pensions or payments to employees or their dependants (and not to any other persons) on retirement, disability or death are provided by an employer or by employees, or by both, wholly through an organisation established by the employer or employees or by both;
(d)
in the case of a person who issues policies to his or her employees, and not to any other persons, in Australia, the business that consists of the issue of those policies or the undertaking of liability under those policies;
(e)
business in relation to a scheme or arrangement for the provision, by a person other than a life company, of benefits consisting of:
(i)
the provision of funeral, burial or cremation services, with or without the supply of goods connected with such services; or
(ii)
the payment of money, on the death of a person, for the purpose of meeting the whole or a part of the expenses of and incidental to the funeral, burial or cremation of the person;
and no other benefits, except benefits incidental to the scheme or arrangement.
Note: This subsection has effect subject to sections 12A and 12B (under which certain business may be declared to be life insurance business for the purposes of this Act).

12Classes of life insurance business

(1)
For the purposes of this Act, the following are the classes of life insurance business:
(a)
ordinary business;
(b)
superannuation business.
The expressions “ordinary business” and“superannuation business” are defined in the Dictionary.
(2)
APRA may, at the request of a life company, declare, in writing, that life insurance business carried on by the life company and included in one class of life insurance business is to be treated, for the purposes of this Act, as if it were included in the other class of life insurance business.
(3)
If APRA makes a declaration:
(a)
this Act has effect accordingly; and
(b)
APRA must give a copy of the declaration to the life company at whose request the declaration was made.

12ADeclarations that insurance or annuity business is life insurance business

(1)
APRA may, on the application of a company, declare, in writing, that insurance business (other than health insurance business or business of insurance against loss of, or damage to, property) or business relating to the payment of annuities:
(a)
that is carried on by the company; or
(b)
that the company proposes to carry on;
is to be treated, for the purposes of this Act, as if it were life insurance business.
(2)
The application must comply with any applicable requirements in the prudential standards.
(3)
APRA must only make the declaration if it is satisfied that:
(a)
the company is a life company; or
(b)
the company is not currently a life company, but the only business it proposes to carry on if the declaration is made is:
(i)
the business in respect of which the declaration is sought; or
(ii)
that business and other business that will be, or is likely to be declared to be, life insurance business.
(4)
In deciding whether to make the declaration, APRA may also have regard to the following matters:
(a)
whether the business in respect of which the declaration is sought is similar in nature to other life insurance business;
(b)
whether it would be appropriate for the business to be regulated under this Act;
(c)
whether it would be more appropriate for the business to be regulated under some other law (for example, the Insurance Act 1973);
(d)
the tax treatment of benefits provided in the course of the business;
(e)
if the company is not registered under section 21—whether the company would be able to be registered under section 21;
(f)
any other matter that APRA considers is relevant.
(5)
The declaration must also state the class of life insurance business in which the business is to be treated as being included.
(6)
If APRA makes a declaration:
(a)
this Act has effect accordingly; and
(b)
APRA must give a copy of the declaration to the company.

12BDeclarations that other financial business is life insurance business

(1)
This section applies to business consisting of the provision of eligible financial benefits. For this purpose, an eligible financial benefit is a benefit in relation to which the following conditions are satisfied:
(a)
the benefit is to be provided by a company to a person in accordance with a contract;
(b)
the person’s entitlement to the benefit is conditional on amounts being paid in accordance with the contract;
(c)
the benefit is an amount of money (and is not, for example, the provision of a service or facility);
(d)
the benefit is not an excluded benefit under any of the following subparagraphs:
(i)
the benefit is an excluded benefit if the contract is entered into in the course of banking business, as defined in section 5 of the Banking Act 1959, carried on by the company;
(ii)
the benefit is an excluded benefit if the right to the benefit constitutes an interest in a registered scheme, as defined in section 9 of the Corporations Act 2001;

(iii)
the benefit is an excluded benefit if the right to the benefit constitutes an interest in a regulated superannuation fund, an approved deposit fund, a pooled superannuation trust or a public sector superannuation scheme, as defined in section 10 of the Superannuation Industry (Supervision) Act 1993;
(iv)
the benefit is an excluded benefit if it is provided under a contract of insurance entered into in the course of carrying on health insurance business;
(v)
the benefit is an excluded benefit if it is a benefit of a kind specified in regulations for the purposes of this subparagraph.
(2)
APRA may, on the application of a company, declare, in writing, that business:
(a)
that:
(i)
is carried on by the company; and
(ii)
is business to which this section applies; or
(b)
that:
(i)
the company proposes to carry on; and
(ii)
will, when it is carried on, be business to which this section applies;
is to be treated, for the purposes of this Act, as if it were life insurance business.
(3)
The application must comply with any applicable requirements in the prudential standards.
(4)
APRA must only make the declaration if it is satisfied that:
(a)
the company is a life company; or
(b)
the company is not currently a life company, but the only business it proposes to carry on if the declaration is made is:
(i)
the business in respect of which the declaration is sought; or
(ii)
that business and other business that will be, or is likely to be declared to be, life insurance business.
(5)
In deciding whether to make the declaration, APRA may also have regard to the following matters:
(a)
whether the business in respect of which the declaration is sought is similar in nature to other life insurance business;
(b)
whether it would be appropriate for the business to be regulated under this Act;
(c)
whether it would be more appropriate for the business to be regulated under some other law (for example, Chapter 5C of the Corporations Act 2001);
(d)
the tax treatment of benefits provided in the course of the business;
(e)
if the company is not registered under section 21—whether the company would be able to be registered under section 21;
(f)
any other matter that APRA considers is relevant.
(6)
The declaration must also state the class of life insurance business in which the business is to be treated as being included.
(7)
If APRA makes a declaration:
(a)
this Act has effect accordingly; and
(b)
APRA must give a copy of the declaration to the company.

13Business of a statutory fund

(1)
A reference in this Act to the business of a statutory fund of a life company is a reference to the life insurance business to which the fund relates.
(2)
For the purposes of this Act:
(a)
a liability (including a policy liability) is taken to be referable to the business of a statutory fund if the liability is of a kind that, under Part 4, may be discharged out of the assets of the fund; and
(b)
an expense is taken to be referable to the business of a statutory fund if the expense is of a kind that, under Part 4, may be met out of the assets of the fund.

14Investment account benefits, investment‑linked benefits

(1)
In this Act:
(a)
the expression “investment account benefits” refers to benefits payable under an investment account contract; and
(b)
the expression “investment‑linked benefits” refers to benefits payable under an investment‑linked contract.
(2)
An investment account contract is a contract that:
(a)
provides for benefits to be paid:
(i)
on death; or
(ii)
on a specified date or specified dates or on death before the specified date, or the last of the specified dates, as the case may be; and
(b)
provides for the benefits to be calculated by reference to:
(i)
a running account under the contract; or
(ii)
units the value of which are guaranteed by the contract not to be reduced; and
(c)
provides for the account to be increased (for example, by the amounts of premiums paid or interest payable).
(3)
In spite of subsection (2), a contract is not an investment account contract if it provides for the account to be reduced otherwise than by the amounts of withdrawals by the person responsible for the payment of premiums or by the amounts of charges payable under the contract.
(4)
An investment‑linked contract is a contract:
(a)
the principal object of which is the provision of benefits calculated by reference to units the value of which is related to the market value of a specified class or group of assets of the party by whom the benefits are to be provided; and
(b)
that provides for benefits to be paid:
(i)
on death; or
(ii)
on a specified date or specified dates or on death before the specified date, or the last of the specified dates, as the case may be.
(5)
APRA, at the request of a life company, may make a written declaration:
(a)
that contracts of a kind specified in the declaration and entered into by the company are, or would be, investment account contracts; or
(b)
that contracts of a kind specified in the declaration and entered into by the company are, or would be, investment‑linked contracts.
(6)
If APRA makes a declaration:
(a)
this Act has effect accordingly; and
(b)
APRA must give a copy of the declaration to the life company at whose request the declaration was made.

15Participating, non‑participating benefits

(1)
Subject to this section, a participating benefit is any benefit other than a non‑participating benefit.
(2)
Subject to this section, a non‑participating benefit is a benefit that has the following features:
(a)
the benefit does not include any entitlement to share in any distribution by the life company of profits or surplus;
(b)
the amount of the benefit is specified in the policy document or is to be calculated according to a formula that:
(i)
is set out in the policy document; and
(ii)
does not include any element that is in any way dependent on, or to be ascertained according to, a decision of the life company concerned.
(3)
A benefit is a non‑participating benefit if it is declared by the prudential standards to be a non‑participating benefit.
(4)
APRA, at the request of a life company, may make a written declaration:
(a)
that benefits of a specified kind, when provided for by policies issued by the company, are, or would be, participating benefits; or
(b)
that benefits of a specified kind, when provided for by policies issued by the company, are, or would be, non‑participating benefits.
(5)
If APRA makes a declaration:
(a)
this Act has effect accordingly; and
(b)
APRA must give a copy of the declaration to the life company at whose request the declaration was made.

15ARelevant group of bodies corporate

For the purposes of this Act:
(a)
a life company and its subsidiaries together constitute a relevant group of bodies corporate; and
(b)
a registered NOHC and its subsidiaries together also constitute a relevant group of bodies corporate.

16Related bodies corporate and subsidiaries

Except for the purposes of Part 7, the question whether:
(a)
one body corporate is a subsidiary of another; or
(b)
one body corporate is related to another;
is to be determined, in the same way as it would be determined under the Corporations Act 2001.

Part 2ASpecial provisions relating to life companies that are friendly societiesDivision 1Preliminary16AOverview

(1)
The concept of a friendly society is defined for the purposes of this Act in section 16C.
(2)
A friendly society will be a life company if it carries on life insurance business in Australia.
(3)
In working out whether a friendly society does carry on life insurance business (within the meaning of section 11), the effect of Division 3 must be taken into account. The effect of any relevant declarations under section 12A or 12B must also be taken into account.
(4)
This Act applies to life companies that are friendly societies subject to:
(a)
the modified operation of key concepts set out in Division 3; and
(b)
the modifications relating to statutory funds set out in Division 4; and
(c)
the modifications relating to financial management set out in Division 5; and
(d)
the modifications relating to policies set out in Division 6; and
(e)
any other modifications set out in Division 7 or in regulations for the purposes of section 16ZC.
(5)
In addition to the modifications set out in this Part and in regulations for the purposes of section 16ZC, this Act includes some other special provisions in relation to friendly societies. See in particular various provisions in Division 2 of Part 8 about winding up of friendly societies.
(6)
Unless a contrary intention appears, a reference in this Act to a particular provision of this Act also includes, if that provision has been modified as mentioned in subsection (4), a reference to that provision as so modified.
Note: So, for example, if a provision referred to in subsection 7A(1) has been modified, a determination under that section may be made in relation to the provision as so modified.

16BDefinitions

(1)
For the purposes of this Act:
adequately adopted, in relation to benefit fund rules or an amendment of benefit fund rules, has the meaning given by subsection (2).
approved benefit fund means a benefit fund for which there are approved benefit fund rules.
approved benefit fund rules means rules (as amended from time to time by amendments in force under section 16T) in relation to which the following conditions are satisfied:
(a)
an approval under section 16L is in force in relation to the rules; and
(b)
the rules are in force under section 16N.
benefit fund means a fund:
(a)
that is established to provide benefits in accordance with rules of a friendly society; and
(b)
that is established in the records of the friendly society.
benefit fund rules, in relation to a benefit fund, means the rules referred to in paragraph (a) of the definition of benefit fund.
friendly society has the meaning given by section 16C.
jointly regulated friendly society has the meaning given by subsection 16ZB(2).
(2)
For the purposes of this Act, benefit fund rules of a company have, or an amendment of benefit fund rules of a company has, been adequately adopted if:
(a)
the rules have, or the amendment has, been adopted by or on behalf of the company, or by or on behalf of the members or a class of the members of the company, in a way set out in the prudential standards for the purposes of this subsection; and
(b)
APRA considers that adoption of the rules or the amendment in that way adequately takes into account the interests of members of the company.
APRA may consult ASIC in considering the matters referred to in paragraph (b).

Division 2Friendly societies and how this Act applies to them16CWhat is a friendly society?

(1)
For the purposes of this Act, a friendly society is a body:
(a)
that is registered as a company under the Corporations Act 2001; and
(b)
that is either:
(i)
taken to be registered under this Act because of item 11 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; or
(ii)
covered by a determination under subsection (2).
(2)
APRA may, in writing, determine that a specified body that is registered as a company under the Corporations Act 2001 is a friendly society for the purposes of this Act.
Note: A company may be specified by name, by inclusion in a specified class or in some other way.
(3)
APRA may, in writing, vary or revoke a determination made under subsection (2).
(4)
APRA must comply with any applicable requirements in the prudential standards relating to the circumstances in which the powers under subsections (2) and (3) may be exercised.
(5)
If APRA:
(a)
makes a determination under subsection (2); or
(b)
varies or revokes a determination under subsection (3);
APRA must cause notice of that action to be published in the Gazette. If the action relates to a particular company, otherwise than because the company is included in a specified class of companies, APRA must also give the company written notice of the action.
(6)
If APRA:
(a)
makes a determination under subsection (2); or
(b)
varies or revokes a determination under subsection (3);
APRA must also give notice of that action to ASIC.

16DAct applies to friendly societies in accordance with this Part

This Act applies to a friendly society subject to the provisions of this Part.
Note: As noted in subsection 16A(5), this Act also contains some other special provisions in relation to friendly societies.

16ERestriction on use of expression friendly society

(1)
A body corporate commits an offence if:
(a)
it assumes or uses, in Australia, the expression friendly society in relation to a financial business carried on by the body corporate (whether or not in Australia); and
(b)
it is not a friendly society; and
(c)
APRA did not consent to that assumption or use of that expression.
Penalty: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(1A)
Subsection (1) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.
(2)
If a body corporate assumes or uses the expression friendly society in circumstances that give rise to the body corporate committing an offence against subsection (1), the body corporate commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(3)
A consent may be expressed to apply to a particular body corporate or to bodies corporate included in a class of bodies corporate.
(4)
APRA may, at any time:
(a)
impose conditions, or additional conditions, on a consent; or
(b)
vary or revoke conditions imposed on a consent; or
(c)
revoke a consent.
(5)
The form of the granting of a consent, or the taking of action under subsection (4) in relation to a consent, is to be as follows:
(a)
if the consent applies to a particular body corporate—notice in writing served on the body corporate;
(b)
if the consent applies to a class of bodies corporate—notice in writing published in the Gazette.
(6)
If APRA:
(a)
grants a consent; or
(b)
takes action under subsection (4) in relation to a consent;
APRA must also give ASIC notice of the granting of the consent or the taking of that action.
(7)
A body corporate commits an offence if:
(a)
it has been given a consent under this section; and
(b)
it contravenes a condition to which the consent is subject.
Penalty: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(7A)
Subsection (7) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.
(8)
If a body corporate does or fails to do an act in circumstances that give rise to the body corporate committing an offence against subsection (7), the body corporate commits an offence against that subsection in respect of:
(a)
the first day on which the offence is committed; and
(b)
each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(9)
In this section:
financial business means a business that:
(a)
consists of, or includes, the provision of financial services; or
(b)
relates, in whole or in part, to the provision of financial services.

Division 3Modified operation of key concepts16FIssue, ownership etc. of policies

New interests in benefit funds
(1)
A friendly society is taken to issue a policy to a person when it accepts an application by the person for an interest in a benefit fund of the friendly society in accordance with the benefit fund rules. However, acceptance of an application for an increase to, or a continuation of, an existing interest in a benefit fund does not constitute the issue of a policy.
Interests in benefit funds existing as at the transfer date
(2)
An interest that a person holds in a benefit fund of a friendly society on the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 is taken to be a policy issued to the person by the friendly society.
Terms etc. of the policy
(3)
If subsection (1) or (2) applies, then:
(a)
the benefit fund rules are taken to be the terms of the policy referred to in that subsection; and
(b)
the owner of the policy is taken to be:
(i)
the person referred to in that subsection; or
(ii)
if that person’s rights to the interest in the benefit fund have been assigned under this Act or transferred by the operation of the benefit fund rules—the person who has those rights; and
(c)
an amount that is required or permitted, by the benefit fund rules, to be paid in respect of those rights is taken to be a premium in respect of the policy; and
(d)
the policy is taken to be referable to the benefit fund.
Note 1: Approved benefit fund rules have effect as a contract (see section 16Z).
Note 2: The policy that a friendly society is taken by subsection (1) or (2) to issue or to have issued will, depending on the terms of the benefit fund rules, be:
(a) a life policy (see section 9); or
(b) a sinking fund policy (see the definition in Schedule 1); or
(c) a section 12A or 12B policy (see the definition in Schedule 1); or
(d) some other kind of policy.
(4)
Subsections (1), (2) and (3) have effect:
(a)
for the purposes of this Act; and
(b)
for the purposes of all other laws of the Commonwealth, subject to the expression of a contrary intention.
(5)
In this section:
policy is not limited to a life policy, a sinking fund policy or a section 12A or 12B policy.

Division 4Modified operation of provisions relating to statutory fundsSubdivision 1Modifications16GAct generally applies as if references to a statutory fund were references to an approved benefit fund

(1)
Subject to subsection (2), this Act applies to a friendly society as if each reference to a statutory fund were instead a reference to an approved benefit fund.
Note: An approved benefit fund is a benefit fund for which there are approved benefit fund rules (see the definition in section 16B). Benefit fund rules are approved benefit fund rules if an approval under section 16L is in force in relation to the rules and the rules are in force under section 16N.
(2)
Subsection (1) has effect subject to:
(a)
the other provisions of this Subdivision; and
(b)
the expression of a contrary intention in a particular provision; and
(c)
the expression of a contrary intention in a particular provision of regulations for the purposes of section 16ZC.
(3)
Other laws of the Commonwealth have effect in relation to friendly societies as if any reference in such a law to a statutory fund of a life company also included a reference to an approved benefit fund of a friendly society, subject to the expression of a contrary intention.

16GAModification of section 30

Section 30 has effect in relation to a friendly society as if paragraph 30(f) were omitted and the following paragraph were substituted:
(f)
surpluses in an approved benefit fund may only be distributed in accordance with section 56.

16HModification of section 34

Section 34 has effect in relation to a friendly society as if subsections (2), (3) and (4) were omitted and the following subsections were substituted:
(2)
Assets or investments obtained by the application of assets (other than money) of an approved benefit fund are themselves assets of the fund. If an investment is a joint investment (see subsection (4A)), the asset is an asset of each of the contributing funds in proportion to their respective contributions.

(3)
Subject to subsections (4) and (4A), a friendly society must keep assets of an approved benefit fund distinct and separate from assets of other approved benefit funds and from all other money, assets or investments of the friendly society.
(4)
A friendly society may maintain a single bank account for money that constitutes assets of 2 or more approved benefit funds if the account is maintained in accordance with the prudential standards.
(4A)
A friendly society may invest assets of 2 or more approved benefit funds in a single investment if:
(a)
the approved benefit fund rules of each of those funds provide for the assets of the fund to be invested together with the assets of the other fund or funds; and
(b)
the investment complies with the applicable requirements (if any) in the prudential standards relating to assets of one fund being invested together with assets of another fund or funds.
The investment is referred to as a joint investment, each of the funds is referred to as a contributing fund and the assets of a fund that are invested in the investment are referred to as the fund’s contribution.

16HAModification of section 35

(1)
Subsection 35(1) does not apply in relation to a friendly society.
(2)
Subsection 35(2) has effect in relation to a friendly society as if the reference in that subsection to a policy document were a reference to approved benefit fund rules.
(3)
Subsections 35(3), (4) and (5) do not apply in relation to a friendly society.

16HBModification of section 36

Paragraph 36(b) does not apply in relation to a friendly society.

16IModification of section 38

Section 38 has effect in relation to a friendly society as if the following subsection were added at the end of the section:
(8)
Nothing in this section authorises a friendly society to apply assets of an approved benefit fund, or to mortgage or charge such assets, otherwise than as provided by the approved benefit fund rules.

16JModification of section 43

Section 43 has effect in relation to a friendly society as if the following paragraph were inserted after paragraph (3)(b):
(ba)
nothing in this Act authorises a friendly society to make an investment of assets of an approved benefit fund unless:
(i)
the investment is of a kind provided for by the approved benefit fund rules; and
(ii)
the investment complies with the requirements (if any) in the prudential standards;

16KModification of section 45

Section 45 has effect in relation to a friendly society as if the following subsection were added at the end of the section:
(5)
In this section as it applies to a company that is a friendly society, a reference to an approved benefit fund includes a reference to the management fund of the society. The management fund of the society is the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund of the society.

16KAOther modifications of Part 4

Part 4 applies to a friendly society subject to the modifications set out in Part 1 of Schedule 2.

Subdivision 2Approved benefit fund rules16LApproval of benefit fund rules

(1)
A body that is registered as a company under the Corporations Act 2001 may apply in writing to APRA for approval of benefit fund rules for a benefit fund operated or to be operated by the company.
Note 1: The application may also include an application for approval of consequential amendments of the company’s constitution (see section 16U).
Note 2: Rules of a jointly regulated friendly society relating to its health insurance business are not covered by this Subdivision.
(2)
The application must be accompanied by a copy of the benefit fund rules and must comply with any applicable requirements in the prudential standards.
(3)
APRA must, in writing, approve the benefit fund rules if:
(a)
application has been made for approval of the rules in accordance with subsection (2); and
(b)
APRA is satisfied that:
(i)
the carrying on of the activities to which the rules relate constitutes the carrying on of life insurance business; and
(ii)
the rules are consistent with this Act; and
(c)
APRA is satisfied that the rules have been adequately adopted.
APRA must give the company written notice of its decision whether to approve the rules.
(4)
The company commits an offence if:
(a)
APRA has approved the benefit fund rules; and
(b)
the prudential standards require the company to notify some or all of its members of the rules; and
(c)
the company does not notify those members of the rules in accordance with that requirement.
Penalty for contravention of this subsection: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(5)
Subsection (4) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

16NWhen benefit fund rules approved by APRA come into force

Benefit fund rules approved by APRA under section 16L come into force on the later of the following days:
(a)
the day on which APRA approved the rules;
(b)
the day (if any) specified in the rules as the day on which they are to come into force;
(c)
if the company that applied for approval of the rules was not a friendly society on the day on which the application was made—the day on which the company becomes a friendly society.

16OBenefit fund rules approved by APRA and in force form part of company’s constitution

Benefit fund rules that:
(a)
have been approved by APRA under section 16L; and
(b)
have come into force under section 16N;
are, by force of this section, part of the constitution of the company that applied for approval of the rules.

16PAmendment of approved benefit fund rules not effective unless approved by APRA

(1)
An amendment of approved benefit fund rules of a friendly society is effective if, and only if:
(a)
the amendment has been approved by APRA under subsection 16Q(3) and is in force under section 16T; or
(b)
the amendment is determined by APRA under subsection 16R(4) and is in force under section 16T.
(2)
Without limiting subsection (1), an amendment of approved benefit fund rules that is in force under section 16T takes effect, by force of this section, as an amendment of the constitution of the friendly society.

16QAmendment of approved benefit fund rules on initiative of friendly society

(1)
A friendly society may apply in writing for approval of a proposed amendment of approved benefit fund rules of the friendly society.
Note: The application may also include an application for approval of consequential amendments of the company’s constitution (see section 16U).
(2)
The application must be accompanied by a copy of the amendment and must comply with any applicable requirements in the prudential standards.
(3)
APRA must, in writing, approve the amendment if:
(a)
application has been made for approval of the amendment in accordance with subsection (2); and
(b)
APRA is satisfied that the rules, as proposed to be amended, will satisfy the requirements of paragraph 16L(3)(b); and
(c)
APRA is satisfied that the amendment has been adequately adopted.
APRA must give the friendly society written notice of its decision whether to approve the amendment.
(4)
The friendly society commits an offence if:
(a)
APRA has approved the amendment; and
(b)
the prudential standards require the friendly society to notify some or all of its members of the amendment; and
(c)
the friendly society does not notify those members of the amendment in accordance with that requirement.
Penalty for contravention of this subsection: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(5)
Subsection (4) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

16RAmendment of approved benefit fund rules as required by APRA

When this section applies
(1)
This section applies if APRA considers that approved benefit fund rules of a friendly society are deficient because they are inconsistent with this Act.
APRA may give notice requiring amendment
(2)
APRA may, by written notice given to the friendly society, require the friendly society:
(a)
to propose an amendment of the approved benefit fund rules, to rectify the deficiency, in accordance with requirements specified in, or determined in accordance with, the notice; and
(b)
to submit the amendment for APRA’s approval.
The notice must specify a reasonable period for the submission of the amendment.
Compliance with notice—submission of amendment for approval under section 16Q
(3)
To submit an amendment for APRA’s approval, the friendly society must apply in writing to APRA for approval of the amendment under section 16Q.
Non‑compliance with notice—APRA’s power to determine amendment
(4)
If:
(a)
the friendly society submits an amendment for APRA’s approval before the end of the period specified in the notice, but APRA refuses to approve the amendment under section 16Q; or
(b)
the friendly society fails to submit an amendment for APRA’s approval before the end of that period;
APRA may, in writing, determine an amendment of the rules to rectify the deficiency.
Non‑compliance with notice—notifying friendly society of amendment determined
(5)
If APRA determines an amendment of the approved benefit fund rules under subsection (4), APRA must immediately give the friendly society written notice of the amendment.
Non‑compliance with notice—notifying members of amendment
(6)
The friendly society commits an offence if:
(a)
APRA gives the friendly society notice of an amendment of the benefit fund rules that APRA has determined; and
(b)
the prudential standards require the friendly society to notify some or all of its members of the amendment; and
(c)
the friendly society does not notify those members of the amendment in accordance with that requirement.
Penalty for contravention of this subsection: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(7)
Subsection (6) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

16TWhen amendment of benefit fund rules approved or determined by APRA come into force

An amendment of approved benefit fund rules:
(a)
approved by APRA under section 16Q; or
(b)
determined by APRA under section 16R;
comes into force on the later of the following days:
(c)
the day on which APRA approved or determined the amendment;
(d)
the day (if any) specified in the amendment as the day on which it is to come into force.

16UApproval of consequential amendments of company’s constitution

(1)
An application:
(a)
by a company under section 16L for approval of benefit fund rules; or
(b)
by a company under section 16Q for approval of a proposed amendment of approved benefit fund rules;
may also include an application for approval of proposed amendments (the consequential amendments) of the constitution of the company that are consequential on the proposed benefit fund rules or amendment of benefit fund rules.
Note: This covers applications by friendly societies, all of which are companies.
(2)
The application for approval of the consequential amendments must be accompanied by a copy of the consequential amendments and must comply with any applicable requirements in the prudential standards.
(3)
APRA may approve the consequential amendments if APRA is satisfied that the changes proposed to be made by the consequential amendments:
(a)
are consequential on the proposed benefit fund rules or amendment of benefit fund rules; and
(b)
do not also deal with other matters.
APRA may consult ASIC in considering the matters referred to in paragraphs (a) and (b). APRA must give the company written notice of its decision whether to approve the consequential amendments.
(4)
The company commits an offence if:
(a)
APRA has approved the consequential amendments; and
(b)
the prudential standards require the company to notify some or all of its members of the consequential amendments; and
(c)
the company does not notify those members of the consequential amendments in accordance with that requirement.
Penalty for contravention of this subsection: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(5)
Subsection (4) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

16VConsequential amendments of constitution as required by APRA

When this section applies
(1)
This section applies if APRA considers that the constitution of a company is deficient because, as a result of the adoption or amendment of approved benefit fund rules of the company, the constitution is inconsistent with those rules.
APRA may give notice requiring amendments
(2)
APRA may, by written notice given to the company, require the company:
(a)
to propose consequential amendments to its constitution, to rectify the deficiency, in accordance with requirements specified in, or determined in accordance with, the notice; and
(b)
to submit the amendments for APRA’s approval.
The notice must specify a reasonable period for the submission of the amendments.
Compliance with notice—submission of amendments for approval
(3)
To submit consequential amendments for APRA’s approval, the company must apply in writing to APRA for approval of the amendments under this subsection. The application must be accompanied by a copy of the amendments and must comply with any applicable requirements in the prudential standards.
Approval of submitted amendments
(4)
APRA may approve the consequential amendments if APRA is satisfied that:
(a)
an application has been made for approval of the amendments in accordance with subsection (3); and
(b)
the amendments rectify the deficiency referred to in subsection (1).
APRA must give the company written notice of its decision whether to approve the consequential amendments.
Non‑compliance with notice—APRA’s power to determine amendments
(5)
If:
(a)
the company submits consequential amendments for APRA’s approval before the end of the period specified in the notice, but APRA refuses to approve the amendments under subsection (4); or
(b)
the company fails to submit consequential amendments for APRA’s approval before the end of that period;
APRA may, in writing, determine consequential amendments of the constitution to rectify the deficiency.
Non‑compliance with notice—notifying company of amendments determined
(6)
If APRA determines consequential amendments of the constitution under subsection (5), APRA must immediately give the company written notice of the amendments.
Notifying members of amendments
(7)
The company commits an offence if:
(a)
APRA has either:
(i)
approved consequential amendments under subsection (4); or
(ii)
given the company notice of consequential amendments that APRA has determined under subsection (5); and
(b)
the prudential standards require the company to notify some or all of its members of the consequential amendments; and
(c)
the company does not notify those members of the consequential amendments in accordance with that requirement.
Penalty for contravention of this subsection: 50 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(8)
Subsection (7) is an offence of strict liability.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

16XWhen consequential amendments approved or determined by APRA come into force

Consequential amendments:
(a)
approved by APRA under subsection 16U(3) or subsection 16V(4); or
(b)
determined by APRA under subsection 16V(5);
come into force on the later of the following days:
(c)
the day on which APRA approved or determined the amendments;
(d)
the day (if any) specified in the amendments as the day on which they are to come into force.

16YConsequential amendments approved by APRA and in force take effect as amendments of company’s constitution

A consequential amendment of a company’s constitution that is in force under section 16X takes effect, by force of this section, as an amendment of the constitution of the company.

16ZContractual effect of approved benefit fund rules and policies

(1)
Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section 16F, taken to be the owner of a policy referable to the benefit fund.
(2)
Without limiting the generality of subsection (1), a policy that is, because of section 16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:
(a)
the person who is, because of that section, taken to be the owner of the policy; and
(b)
either:
(i)
the friendly society that is taken to have issued the policy; or
(ii)
if that friendly society’s liabilities under the policy have been transferred or assigned to another company—that other company.

Division 5Modified operation of provisions relating to financial management16ZAAModification of Part 6

Part 6 applies to a friendly society subject to the modifications set out in Part 2 of Schedule 2.

Division 6Modified operation of provisions relating to policies16ZABModification of section 198

Subsection 198(1) has effect in relation to a friendly society as if the reference in that subsection to a policy document were omitted.

16ZAAssignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy

An assignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy is taken to satisfy the requirements of subsection 200(2) if the following requirements have been satisfied:
(a)
the assignment must be by memorandum of transfer in accordance with, or substantially in accordance with, the form set out in the relevant benefit fund rules;
(b)
the memorandum must be signed by the transferor and the transferee;
(c)
the transferor must give 2 copies of the signed memorandum to the friendly society concerned;
(d)
the assignment must be registered in a register of assignments kept by the friendly society concerned;
(e)
the date of registration must be inserted in the memorandum;
(f)
the memorandum must be signed by an officer of the friendly society concerned who is authorised to do so by the friendly society.

16ZAAAModification of section 201

Paragraph 201(1)(b) has effect in relation to a friendly society as if the reference in that paragraph to endorsement on the policy were omitted.

16ZAABModification of section 213

(1)
Subsection 213(2) has effect in relation to a friendly society as if all the words in that subsection after paragraph (b) were omitted and the following words substituted:
the friendly society may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph (1)(a) and that the requirements of the rules are followed.
(2)
Subsection 213(3) has effect in relation to a friendly society as if the words “The company may endorse the policy” in that subsection were omitted and the words “However, the friendly society may register the applicant” were substituted.

16ZAACModification of Division 7 of Part 10

Division 7 of Part 10 does not apply in relation to a friendly society.

16ZAADModification of section 226

Section 226 of the Act has effect in relation to a friendly society as if subsection (1) of that section were omitted and the following subsections substituted:
(1)
A friendly society must keep a register of members for each approved benefit fund of the society.
(1A)
The register must include:
(a)
the name and address of each member of the approved benefit fund; and
(b)
the date of each member’s admission to membership; and
(c)
for each membership terminated—the date and circumstances of the termination.
(1B)
The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.

16ZAAEModification of section 227

Section 227 does not apply in relation to a friendly society.

16ZAAFModification of section 229

Subsection 229(2) does not apply in relation to a friendly society.

Division 7Other modifications16ZAAGModification of section 242

Section 242 does not apply in relation to a friendly society.

16ZBCertain friendly societies may continue to carry on health insurance business – modified operation of this Act

(1)
A friendly society:
(a)
that is taken to be registered under this Act because of item 11 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999; and
(b)
that was carrying on health insurance business immediately before being taken to be so registered;
may continue to carry on that health insurance business after being taken to be so registered.
(2)
A reference in this Act to a jointly regulated friendly society is a reference to a friendly society that carries on life insurance business and that also carries on health insurance business in accordance with subsection (1).
Note: The society’s life insurance business is regulated under this Act, while its health insurance business is regulated under the Private Health Insurance Act 2007 and the Private Health Insurance (Prudential Supervision) Act 2015.
(3)
Section 234 has effect subject to subsection (1) of this section.
(4)
Without limiting the matters that may be dealt with in regulations under section 16ZC, regulations under that section may set out modifications of this Act as it applies in relation to jointly regulated friendly societies.

16ZCOther modifications

(1)
The regulations may set out modifications of this Act that are to apply in relation to friendly societies (in addition to the modifications set out in the other provisions of this Part).
(2)
Modifications set out in regulations for the purposes of subsection (1) cannot:
(a)
modify a provision of this Act that creates an offence; or
(b)
include new provisions that create offences.
(3)
This Act applies to a friendly society subject to any modifications set out in regulations for the purposes of subsection (1).

Part 2BSpecial provisions relating to Australian branches of foreign life insurance companies 16ZDEligible foreign life insurance company

(1)
A body corporate is an eligible foreign life insurance company if:
(a)
it is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b)
it is authorised in a foreign country, or part of a foreign country, to carry on life insurance business; and
(c)
it has established, or proposes to establish, an Australian branch; and
(d)
it is not an existing life company that is registered under section 21; and
(e)
the conditions specified in the regulations are satisfied in relation to the body corporate.
(2)
The conditions specified in the regulations for the purposes of paragraph (1)(e) may include either or both of the following kinds of conditions:
(a)
a condition that the body corporate be authorised to carry on life insurance business in a specified country, or a specified part of a foreign country;
(b)
a condition that the body corporate be incorporated in a specified country, or a specified part of a foreign country.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3)
Subsection (2) does not limit the regulations that may be made for the purposes of paragraph (1)(e).
(4)
In this section:
Australian branch, in relation to a body corporate, means a permanent establishment (as defined in subsection 6(1) of the Income Tax Assessment Act 1936) in Australia through which the body corporate carries on or proposes to carry on life insurance business.

16ZELimited application of Act to eligible foreign life insurance companies

(1)
Subject to this section, this Act does not apply in relation to life insurance business carried on outside Australia by an eligible foreign life insurance company.
(2)
Subsection (1) does not apply to sections 180, 181 and 182.
(3)
Subsection (1) also does not apply to the provisions listed in subsection (4), however those provisions do not apply in relation to:
(a)
business of an eligible foreign life insurance company (other than Australian business assets and liabilities); or
(b)
the management of an eligible foreign life insurance company, to the extent that the management relates to such business of the eligible foreign life insurance company.
(4)
The provisions are as follows:
(a)
Divisions 1, 1AA and 1A of Part 8;
(b)
sections 183, 183A, 183B, 183, 184, 185, 186, 187 and 188.
(5)
Subsection 165(4) does not apply to the issue of policies by an eligible foreign life insurance company in the course of carrying on life insurance business carried on outside Australia by the company.
(6)
In this section:
asset has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.
Australian business assets and liabilities, of an eligible foreign life insurance company, means the following:
(a)
the assets and liabilities of the eligible foreign life insurance company in Australia;
(b)
any other assets and liabilities of the eligible foreign life insurance company that:
(i)
are related to its operations in Australia; and
(ii)
if regulations are made for the purposes of this subparagraph—are of a kind specified in those regulations.
liability has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.

16ZFCompliance Committee of eligible foreign life insurance company

(1)
A committee is the Compliance Committee of an eligible foreign life insurance company if:
(a)
the members of the committee have powers of management in relation to the Australian branch of the company that carries out life insurance business in Australia; and
(b)
those powers of management are sufficient to enable those members to ensure that the company complies with this Act; and
(c)
the committee is established and operated in accordance with requirements set out in the prudential standards.
(2)
The prudential standards may set out the following requirements in relation to the establishment and operation of Compliance Committees:
(a)
requirements relating to the composition of Compliance Committees;
(b)
requirements relating to the resignation of members of Compliance Committees;
(c)
requirements relating to the disclosure of interests of members of Compliance Committees;
(d)
requirements relating to the termination of appointment of members of Compliance Committees;
(e)
requirements relating to the residency in Australia of members of Compliance Committees.
(3)
Subsection (2) does not limit the requirements that may be set out in the prudential standards for the purposes of paragraph (1)(c).
(4)
An eligible foreign life insurance company that is a life company must establish and operate a Compliance Committee.

16ZGAddress for service of eligible foreign life insurance companies

(1)
A document or notice required or permitted to be served on, or given to, an eligible foreign life insurance company for the purposes of this Act may be served or given by:
(a)
leaving it at its address for service (see subsection (2)); or
(b)
sending it by registered post to that address.
(2)
An address becomes the address for service for the eligible foreign life insurance company when written notice of the address is given to APRA. (The address continues to be the address for service until APRA is given written notice of another address.)

Part 3Registration of life companies and their NOHCsDivision 1Registration of life companies17When registration is required

(1)
A person other than a company registered under section 21 must not intentionally:
(a)
issue a life policy; or
(b)
undertake liability under a life policy.
(2)
Subsection (1) does not prohibit a person from:
(a)
acting as agent of a company registered under section 21; or
(b)
entering into, or undertaking liability under, a contract referred to in subsection (3) if the particular contract is not a contract of insurance.
(3)
Paragraph (2)(b) applies to the following contracts:
(a)
an investment account contract;
(b)
an investment‑linked contract.
(4)
If a declaration is in force under section 12A or 12B in relation to business carried on or proposed to be carried on by a company, the company must not intentionally carry on that business unless the company is registered under section 21.

18Certain activities not regarded as carrying on life business

A person is not taken to be carrying on life business merely because the person:
(a)
collects premiums under a policy issued outside Australia to a person who was resident outside Australia at the time of issue of the policy; or
(b)
makes payments due under such a policy.

19Certain persons taken to carry on life business etc.

(1)
For the purposes of this Part, a person who publishes or distributes, or procures the publication or distribution of, a statement relating to the willingness of the person to do something that constitutes the carrying on of life business is taken to carry on that business.
(2)
For the purposes of this Part, a person is taken to carry on life business in Australia if:
(a)
business that, under this Act, would constitute life business is carried on by another person outside Australia; and
(b)
the first‑mentioned person acts, in Australia, as the agent of that other person in relation to the business carried on outside Australia.

20Application for registration

(1)
A company may apply in writing to APRA for registration under section 21.
(2)
The application must:
(a)
be made in accordance with section 8A; and
(c)
nominate for the purposes of this Act:
(i)
the person who is to be the principal executive officer of the life company; and
(ii)
the period that is to be the financial year of the life company.
(2A)
APRA may, by legislative instrument, set criteria for the registration of a company under this Act.
(3)
For the purposes of determining an application, APRA may by written notice require an applicant to provide information specified in the notice, before the end of the period specified in the notice.
(4)
If the applicant does not provide the specified information before the end of the specified period or any longer period agreed to in writing by APRA, the application is taken to be withdrawn.
(5)
A notice under subsection (3) must include a statement about the effect of subsection (4).

21Decision on application for registration

(1)
APRA must, in writing, register a company that applies for registration under section 20, unless APRA is satisfied that a ground for refusal specified in subsection (3) exists.
(3)
The following are the grounds on which APRA may refuse to register a company:
(d)
that the company is not able, or is unlikely to be able, to meet its obligations, including obligations in respect of business other than life insurance business;
(e)
that the company is not able, or is unlikely to be able, to comply with the provisions of this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023;
(f)
that the name of the company so closely resembles the name of a company already registered under this section as to be likely to deceive;
(g)
in the case of a company that carries on, or proposes to carry on, some other form of business in addition to life insurance business, that the carrying on of that other form of business in addition to insurance business would be contrary to the public interest;
(h)
that the company is a subsidiary of a NOHC that is not a registered NOHC.

22Conditions on registration

(1)
APRA may, at any time, by giving written notice to a company:
(a)
impose conditions, or additional conditions, on the company’s registration under section 21; or
(b)
vary or revoke conditions imposed on the company’s registration under section 21.
The conditions must relate to prudential matters.
(2)
A condition may be expressed to have effect despite anything in the prudential standards.
(3)
Without limiting the conditions that APRA may impose on a registration, APRA may make the registration conditional on a body corporate, of which the company is a subsidiary, being a registered NOHC.
(4)
If APRA imposes, varies or revokes the conditions on a company’s registration, APRA must:
(a)
give written notice to the company; and
(b)
ensure that notice that the action has been taken is published in the Gazette.
(5)
The taking of an action is not invalid merely because of a failure to comply with subsection (4).

23Breach of registration conditions

(1)
A company commits an offence if:
(a)
the company does an act or fails to do an act; and
(b)
doing the act or failing to do the act results in a contravention of a condition of the company’s registration under section 21; and
(c)
there is no determination in force under section 7A that this subsection does not apply to the company.
Penalty: 300 penalty units.
(2)
If an individual:
(a)
commits an offence against subsection (1) because of Part 2.4 of the Criminal Code; or
(b)
commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);
he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.
(3)
An offence against this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

26When APRA may revoke registration

(1)
APRA may revoke (in writing) a company’s registration under section 21 if APRA is satisfied that the company has no liabilities in respect of life insurance business carried on by it in Australia and that:
(a)
the company has failed to comply with:
(i)
a requirement of this Act or of an instrument made for the purposes of this Act; or
(ii)
a requirement of the Financial Sector (Collection of Data) Act 2001; or
(iia)
a requirement of the Financial Accountability Regime Act 2023; or
(iii)
a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations; or
(iv)
a direction under this Act; or
(v)
a condition of the company’s registration; or
(b)
it would be contrary to the public interest for the registration to remain in force; or
(c)
the company has failed to pay:
(i)
an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
(ii)
an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or
(d)
the company is insolvent and is unlikely to return to solvency within a reasonable period of time; or
(e)
the company has inadequate capital and is unlikely to have adequate capital within a reasonable period of time; or
(f)
the company has ceased to carry on life insurance business in Australia; or
(g)
the company has not, within the period of 12 months after it was granted a registration, carried on life insurance business in Australia; or
(h)
both of the following apply:
(i)
the company is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution;
(ii)
an authorisation (however described) for the company to carry on life insurance business in a foreign country has been revoked or otherwise withdrawn in that foreign country.
(2)
Before revoking a company’s registration, APRA must give written notice to the company advising it that:
(a)
APRA is considering revoking the registration for the reasons specified; and
(b)
the company may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given).
(3)
To avoid doubt, APRA may give a notice under subsection (2) to a company even if, at the time the notice is given, APRA is not satisfied that the company has no liabilities in respect of life insurance business carried on by it in Australia.
(4)
If APRA gives a notice under subsection (2) to a company, APRA must not revoke the company’s registration until after the date specified in the notice, and after consideration of any submission, as mentioned in paragraph (2)(b).
(5)
APRA may decide that subsection (2) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be contrary to the public interest.
(6)
If APRA revokes a company’s registration, APRA must:
(a)
give written notice to the company; and
(b)
ensure that notice of the revocation is published in the Gazette.
(7)
A revocation is not invalid merely because of a failure to comply with subsection (6).

27Voluntary deregistration

(1)
If:
(a)
a company gives APRA a written request that its registration under section 21 be cancelled; and
(b)
APRA is satisfied that:
(i)
no policies issued by the company remain in force; and
(ii)
the company is not subject to any outstanding policy liabilities;
APRA may revoke (under this section) the registration under section 21 of the company by giving the company written notice of revocation.
(2)
Revocation under this section of the registration of a company takes effect when APRA gives the company written notice of revocation.

27AAssignment of liabilities to enable revocation

(1)
If APRA considers that it would, under section 26, revoke a company’s registration if the company had no liabilities in respect of life insurance business carried on by it in Australia, APRA may direct the company to arrange, subject to APRA’s approval, to assign those liabilities to one or more other companies that are registered under section 21. The company must effect the assignment of the liabilities within the period specified in the direction and comply with such conditions relating to the assignment as are specified by APRA in the direction.
(2)
Subsection (1) has effect despite subsection 190(1).
Note: A company that has asked APRA for a revocation under section 27 may, for the purpose of obtaining the revocation, make an application to the Court under Part 9 for an order transferring the company’s life insurance business to another company.
(3)
A company must not assign its liabilities under this section, and a purported assignment under this section is of no effect, unless the assignment is approved by APRA under subsection (4).
(4)
APRA may only approve a proposed assignment of a company’s liabilities under this section if APRA is satisfied that the assignment is appropriate, having regard to:
(a)
the interests of the company’s policy owners; and
(b)
the interests of the policy owners of the company or companies to which the liabilities are to be assigned; and
(c)
the public interest; and
(d)
any other matter APRA considers relevant.
The approval must be in writing and may be made subject to specified conditions.
(5)
If a company (the first company) accepts an assignment of liabilities from another company (the second company) approved by APRA under subsection (4), the following are taken to have occurred:
(a)
policies in respect of which liability is accepted by the first company (the transferring policies) are to be treated for all purposes as if each policy had been transferred by novation from the second company to the first company;
(b)
a policy owner of a transferring policy is taken to have the same rights against the first company as the person would have against that company had the person’s policy been transferred by novation to the first company;
(c)
the rights of the first company against policy owners of transferring policies are the same as they would be had the transferring policies been transferred by novation to the first company from the second company.
(6)

ad No 10, 2018
Part 4
Division 1
s 30............................................	am No 54, 1998; No 44, 1999
s 31............................................	am No 54, 1998; No 120, 2004
s 33............................................	am No 54, 1998; No 76, 2023
s 34............................................	am No 54, 1998; No 154, 2007
s 35............................................	ad No 44, 1999
am No 76, 2023
s 38............................................	am No 107, 1997; No 54, 1998; No 82, 2010; No 76, 2023
s 38A.........................................	ad No 76, 2023
s 38B.........................................	ad No 76, 2023
s 39............................................	am No 154, 2007
s 40............................................	am No 54, 1998; No 154, 2007; No 25, 2008; No 76, 2023
s 41............................................	am No 107, 1997
s 41A.........................................	ad No 107, 1997
am No 54, 1998
s 42............................................	am No 154, 2007
s 43............................................	am No 54, 1998; No 55, 2001; No 10, 2018; No 76, 2023
s 43A.........................................	ad No 76, 2023
s 44............................................	am No 54, 1998; No 154, 2007
rep No 82, 2010
s 46............................................	am No 54, 1998; No 44, 1999
s 47............................................	am No 154, 2007
Division 2
s 48............................................	am No 54, 1998
s 49............................................	am No 107, 1997; No 54, 1998; No 25, 2008
s 50............................................	am No 54, 1998
s 51............................................	am No 54, 1998
Division 3
Division 3..................................	rs No 44, 1999
ss 52, 53.....................................	am No 54, 1998
rs No 44, 1999
am No 154, 2007
s 54............................................	am No 54, 1998
rs No 44, 1999
rep No 154, 2007
Division 4
Division 4 heading......................	rs No 44, 1999
s 55............................................	am No 54, 1998; No 44, 1999; No 154, 2007
Division 5
s 57............................................	am No 54, 1998; No 121, 2001; No 154, 2007
s 60............................................	am No 61, 1998
Division 6
s 61............................................	am No 54, 1998; No 154, 2007
s 62, 63......................................	am No 107, 1997; No 54, 1998; No 154, 2007; No 25, 2008
Part 5 heading.............................	rs No 44, 1999
rep No 154, 2007
Part 5.........................................	rep No 154, 2007
s 64............................................	rep No 154, 2007
s 65............................................	am No 54, 1998
rep No 154, 2007
s 66............................................	rep No 154, 2007
s 67............................................	rep No 154, 2007
s 68............................................	am No 107, 1997; No 54, 1998
rep No 154, 2007
s 69............................................	rep No 154, 2007
s 70............................................	am No 54, 1998; No 44, 1999
rep No 154, 2007
s 71............................................	rep No 154, 2007
s 72............................................	rep No 154, 2007
s 73............................................	am No 107, 1997; No 54, 1998; No 44, 1999
rep No 154, 2007
Division 3..................................	ad No 44, 1999
rep No 154, 2007
s 73A–73E.................................	ad No 44, 1999
rep No 154, 2007
s 73F..........................................	ad No 44, 1999
am No 8, 2007
rep No 154, 2007
Part 6
Part 6 heading.............................	rs No 75, 2009
Division 1
s 74............................................	am No 45, 2008; No 82, 2010; No 70, 2015
Division 2
s 76............................................	am No 120, 2004
s 76A.........................................	ad No 82, 2010
am No 76, 2023
s 77............................................	am No 54, 1998; No 154, 2007
s 80............................................	am No 154, 2007; No 82, 2010
s 82............................................	am No 107, 1997; No 54, 1998
rep No 121, 2001
s 83............................................	am No 54, 1998; No 121, 2001
rs No 154, 2007; No 82, 2010
s 83A, 83B.................................	ad No 82, 2010
s 84............................................	am No 61, 1998; No 44, 1999
rs No 154, 2007
am No 25, 2008; No 82, 2010
s 85............................................	am No 54, 1998; No 44, 1999; No 55, 2001
rs No 154, 2007
am No 25, 2008; No 82, 2010; No 68, 2023
s 86............................................	am No 54, 1998; No 55, 2001
rs No 154, 2007
rep No 25, 2008
ad No 82, 2010
s 87............................................	am No 54, 1998; No 154, 2007; No 82, 2010
rs No 75, 2009
s 88............................................	am No 54, 1998; No 121, 2001; No 154, 2007; No 75, 2009; No 82, 2010; No 68, 2023
s 88A.........................................	ad No 154, 2007
am No 75, 2009; No 10, 2018; No 68, 2023
s 88B.........................................	ad No 82, 2010
am No 68, 2023
s 89............................................	am No 55, 2001; No 121, 2001; No 75, 2009; No 82, 2010; No 68, 2023
s 90............................................	rep No 154, 2007
ad No 82, 2010
s 91............................................	am No 54, 1998
rep No 154, 2007
ad No 82, 2010
s 92............................................	am No 121, 2001; No 120, 2004
rep No 154, 2007
Division 3
s 93............................................	am No 54, 1998; No 154, 2007; No 25, 2008
s 94............................................	am No 54, 1998
rs No 154, 2007
am No 25, 2008; No 68, 2023
s 94A.........................................	ad No 154, 2007
rep No 25, 2008
s 95............................................	am No 54, 1998; No 154, 2007
s 96............................................	am No 154, 2007
s 97............................................	rs No 154, 2007
s 98............................................	am No 54, 1998; No 121, 2001; No 154, 2007; No 68, 2023
s 98A.........................................	ad No 154, 2007
am No 10, 2018; No 68, 2023
s 98B.........................................	ad No 82, 2010
am No 68, 2023
s 99............................................	am No 68, 2023
Division 4..................................	rep No 154, 2007
s 100–111...................................	rep No 154, 2007
s 112..........................................	am No 54, 1998
rep No 154, 2007
Division 5..................................	rep No 154, 2007
s 113..........................................	am No 120, 2004
rep No 154, 2007
Division 6..................................	rep No 154, 2007
Division 7..................................	rep No 154, 2007
Division 8
Division 8..................................	ad No 44, 1999
rs No 154, 2007
s 114..........................................	rs No 154, 2007
s 115..........................................	am No 54, 1998
rep No 154, 2007
s 116..........................................	rep No 154, 2007
s 117, 118...................................	am No 54, 1998
rep No 121, 2001
s 119, 120...................................	am No 54, 1998
rep No 154, 2007
s 121..........................................	am No 54, 1998
rep No 121, 2001
s 122..........................................	am No 54, 1998; No 121, 2001
rep No 154, 2007
s 123..........................................	am No 54, 1998
rep No 154, 2007
s 124..........................................	am No 54, 1998; No 121, 2001
rs No 154, 2007
am No 82, 2010
s 125..........................................	am No 54, 1998
rs No 154, 2007
am No 82, 2010; No 11, 2016
s 125A.......................................	ad No 44, 1999
am No 121, 2001
rep No 154, 2007
ad No 25, 2008
am No 75, 2009; No 82, 2010; No 68, 2023
s 125B.......................................	ad No 44, 1999
am No 121, 2001
rep No 154, 2007
Part 7
Part 7 heading.............................	rs No 75, 2009
Division 1
s 126..........................................	am No 123, 2001; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015
s 127..........................................	am No 54, 1998
s 128..........................................	am No 75, 2009
s 129..........................................	am No 55, 2001; No 75, 2009
Division 2
Division 2 heading......................	rs No 75, 2009
s 130..........................................	am No 54, 1998; No 75, 2009
s 131, 132...................................	am No 54, 1998; No 75, 2009
s 132A.......................................	ad No 154, 2007
am No 75, 2009; No 82, 2010
s 133..........................................	am No 54, 1998; No 75, 2009
s 133A.......................................	ad No 154, 2007
Division 3
Division 3 heading......................	rs No 154, 2007
s 134..........................................	am No 107, 1997; No 54, 1998
rep No 25, 2008
s 135..........................................	am No 54, 1998; No 75, 2009
s 136..........................................	am No 54, 1998; No 121, 2001; No 154, 2007; No 75, 2009
s 137..........................................	am No 54, 1998; No 75, 2009; No 82, 2010; No 11, 2016
s 138–141...................................	am No 54, 1998; No 75, 2009
s 142..........................................	am No 54, 1998; No 75, 2009
s 143..........................................	am No 54, 1998; No 75, 2009
s 144..........................................	am No 54, 1998
s 147..........................................	am No 107, 1997; No 54, 1998; No 31, 2001 (as rep by No 117, 2001); No 75, 2009; No 4, 2016
s 148..........................................	am No 54, 1998
rep No 154, 2007
s 149..........................................	am No 54, 1998; No 75, 2009
s 150..........................................	am No 107, 1997; No 54, 1998; No 31, 2001 (as rep by No 117, 2001); No 121, 2001
rep No 25, 2008
s 151..........................................	am No 54, 1998; No 31, 2001; No 8, 2007
Division 3A................................	ad No 144, 1995
rep No 13, 2018
s 151A.......................................	ad No 144, 1995
am No 62, 1997
rep No 13, 2018
Division 4
s 152–156...................................	am No 75, 2009
Division 5
Division 5..................................	am No 10, 2019
Subdivision A.............................	rep No 10, 2019
s 156A.......................................	ad No 154, 2007
am No 75, 2009; No 82, 2010
rep No 10, 2019
s 156B.......................................	ad No 154, 2007
rep No 10, 2019
s 156C.......................................	ad No 154, 2007
rep No 10, 2019
s 156D.......................................	ad No 154, 2007
rep No 10, 2019
s 156E........................................	ad No 154, 2007
am No 75, 2009; No 82, 2010
rep No 10, 2019
Subdivision B heading.................	rep No 10, 2019
s 156F........................................	ad No 154, 2007
Part 8
Part 8 heading.............................	rs No 105, 2008
Division 1
s 157..........................................	am No 54, 1998
s 158..........................................	am No 10, 2018
s 159..........................................	am No 154, 2007; No 10, 2018
s 160..........................................	am No 105, 2008
s 161..........................................	am No 105, 2008
rs No 10, 2018
s 161A.......................................	ad No 10, 2018
s 161B.......................................	ad No 10, 2018
s 161C.......................................	ad No 10, 2018
s 161D.......................................	ad No 10, 2018
am No 87, 2024
s 161E........................................	ad No 10, 2018
s 162..........................................	rep No 10, 2018
s 163..........................................	am No 105, 2008; No 82, 2010; No 10, 2018
s 165..........................................	am No 120, 2004; No 9, 2006; No 105, 2008; No 82, 2010
rs No 10, 2018
s 165A.......................................	ad No 105, 2008
am No 10, 2018
s 165B.......................................	ad No 105, 2008
am No 43, 2016
rs No 10, 2018
s 166..........................................	am No 121, 2001; No 10, 2018; No 68, 2023
s 167..........................................	am No 54, 1998
s 168A.......................................	ad No 105, 2008
am No 10, 2018
s 168B.......................................	ad No 105, 2008
s 168C.......................................	ad No 105, 2008
am No 43, 2016
rs No 10, 2018
s 169..........................................	am No 54, 1998
s 170..........................................	am No 54, 1998
s 172..........................................	am No 54, 1998; No 10, 2018
s 174..........................................	am No 55, 2001
s 175..........................................	am No 54, 1998; No 105, 2008; No 82, 2010; No 10, 2018
s 176..........................................	am No 54, 1998; No 61, 1998; No 105, 2008; No 10, 2018
s 177..........................................	am No 10, 2018
s 179..........................................	rs No 10, 2018
am No 6, 2020
s 179A.......................................	ad No 105, 2008
am No 103, 2010
Division 1AA
Division 1AA.............................	ad No 10, 2018
Subdivision A
s 179AA.....................................	ad No 10, 2018
s 179AB.....................................	ad No 10, 2018
s 179AC.....................................	ad No 10, 2018
Subdivision B
s 179AD.....................................	ad No 10, 2018
s 179AE.....................................	ad No 10, 2018
s 179AF.....................................	ad No 10, 2018
s 179AG.....................................	ad No 10, 2018
s 179AH.....................................	ad No 10, 2018
ed C53
s 179AI......................................	ad No 10, 2018
s 179AJ......................................	ad No 10, 2018
s 179AK.....................................	ad No 10, 2018
am No 6, 2020
s 179AL.....................................	ad No 10, 2018
am No 6, 2020
s 179AM....................................	ad No 10, 2018
s 179AN.....................................	ad No 10, 2018
s 179AO.....................................	ad No 10, 2018
s 179AP.....................................	ad No 10, 2018
s 179AQ.....................................	ad No 10, 2018
am No 76, 2023
s 179AR.....................................	ad No 10, 2018
s 179AS.....................................	ad No 10, 2018
s 179AT.....................................	ad No 10, 2018
s 179AU.....................................	ad No 10, 2018
s 179AV.....................................	ad No 10, 2018
am No 87, 2024
s 179AW....................................	ad No 10, 2018
s 179AX.....................................	ad No 10, 2018
s 179AY.....................................	ad No 10, 2018
am No 68, 2023
s 179AZ.....................................	ad No 10, 2018
s 179AZA..................................	ad No 10, 2018
am No 76, 2023
s 179AZB...................................	ad No 10, 2018
Division 1A
Division 1A................................	ad No 105, 2008
s 179B.......................................	ad No 105, 2008
s 179C.......................................	ad No 105, 2008
am No 82, 2010
rs No 10, 2018
am No 76, 2023
Division 2
s 180..........................................	am No 44, 1999; Nos. 31 and 55, 2001; No 82, 2010 (as am by No 136, 2012); No 4, 2016
s 181..........................................	am No 54, 1998; No 10, 2018
s 182..........................................	am No 55, 2001
s 183..........................................	am No 54, 1998; No 105, 2008; No 10, 2018
s 183A.......................................	ad No 44, 1999
s 183B.......................................	ad No 11, 2016
am No 10, 2018
s 184..........................................	am No 54, 1998; No 10, 2018
s 185..........................................	am No 54, 1998, No 105, 2008; No 10, 2018
s 186..........................................	am No 44, 1999
s 187..........................................	am No 55, 2001
s 188..........................................	am No 44, 1999
Part 9
s 190..........................................	am No 44, 1999; No 117, 2007; No 75, 2009; No 10, 2018
s 191..........................................	am No 54, 1998; No 69, 2023; No 76, 2023
s 192..........................................	am No 54, 1998
s 193..........................................	am No 54, 1998
s 194..........................................	am No 105, 2008
s 195..........................................	am No 54, 1998; No 61, 1998
s 196..........................................	am No 54, 1998
s 197..........................................	am No 54, 1998; No 76, 2023
Part 10
Division 1
s 198..........................................	am No 54, 1998
s 199..........................................	am No 44, 1999
Division 2
s 200..........................................	am No 107, 1997; No 61, 1998; No 44, 1999; No 141, 2020; No 76, 2023
s 201, 202...................................	am No 107, 1997
s 203..........................................	am No 76, 2023
Division 2A
Division 2A................................	ad No 139, 2002
s 203A.......................................	ad No 139, 2002
s 203B.......................................	ad No 139, 2002
am No 75, 2009
s 203C, 203D..............................	ad No 139, 2002
s 203E (prev s 230E)...................	ad No 139, 2002 renum No 100, 2005
Division 3
s 204..........................................	am No 144, 2008
Division 4
s 206..........................................	am No 44, 1999
s 207..........................................	am No 107, 1997; No 154, 2007
s 208..........................................	am No 54, 1998
s 209..........................................	am No 154, 2007; No 82, 2010
s 210..........................................	am No 44, 1999; No 76, 2023
Division 5
s 211..........................................	am No 44, 1999; No 144, 2008; No 141, 2020
s 212..........................................	am No 44, 1999; No 144, 2008; No 141, 2020
s 213..........................................	am No 141, 2020
s 216..........................................	am No 62, 1997; No 54, 1998; No 44, 1999; No 31, 2001 (as rep by No 117, 2001); No 92, 2008; No 176, 2013; No 70, 2015; No 129, 2015; No 127, 2021; No 76, 2023
s 216AA.....................................	ad No 76, 2023
s 216A.......................................	ad No 129, 2015
am No 76, 2023
Division 6
s 218..........................................	am No 44, 1999
Division 7
s 223..........................................	am No 69, 2023
s 224..........................................	am No 69, 2023
Division 8
s 226..........................................	am No 44, 1999
s 227..........................................	am No 44, 1999
s 230..........................................	am No 44, 1999
Part 10A
Part 10A.....................................	ad No 44, 1999
Division 1
s 230A.......................................	ad No 44, 1999
am No 121, 2001; No 154, 2007; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015; No 126, 2015; No 10, 2018
s 230AAA..................................	ad No 10, 2018
Division 1A
Division 1A................................	ad No 10, 2018
s 230AAB..................................	ad No 10, 2018
am No 76, 2023
s 230AAC..................................	ad No 10, 2018
s 230AAD..................................	ad No 10, 2018
Division 2
Subdivision A
Subdivision A.............................	ad No 82, 2010
s 230AA.....................................	ad No 82, 2010
am No 10, 2018
s 230AB.....................................	ad No 82, 2010
am No 10, 2018
s 230AC.....................................

ad No 82, 2010
am No 10, 2018
s 230AD.....................................	ad No 82, 2010
am No 10, 2018
s 230AE.....................................	ad No 82, 2010
am No 10, 2018
s 230AF.....................................	ad No 82, 2010
s 230AG.....................................	ad No 82, 2010
s 230AH.....................................	ad No 82, 2010
s 230AI......................................	ad No 82, 2010
s 230AJ......................................	ad No 82, 2010
am No 43, 2016
rs No 10, 2018
s 230AK.....................................	ad No 82, 2010
am No 10, 2018
s 230AL.....................................	ad No 82, 2010
s 230AM....................................	ad No 82, 2010
am No 82, 2010
Subdivision B
Subdivision B heading.................	ad No 82, 2010
s 230B.......................................	ad No 44, 1999
am No 121, 2001; No 120, 2004; No 154, 2007; No 25, 2008; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015; No 10, 2018
s 230C.......................................	ad No 44, 1999
am No 105, 2008; No 75, 2009; No 43, 2016; No 10, 2018
s 230D.......................................	ad No 44, 1999
am No 75, 2009; No 10, 2018; No 76, 2023
s 230E........................................	ad No 44, 1999
rep No 10, 2018
s 230F........................................	ad No 44, 1999
am No 31, 2001; No 55, 2001; No 120, 2004; No 75, 2009; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 10, 2018
Subdivision C
Subdivision C.............................	ad No 10, 2018
s 231..........................................	rep No 54, 1998
ad No 10, 2018
s 231A.......................................	ad No 10, 2018
s 231B.......................................	ad No 10, 2018
s 231C.......................................	ad No 10, 2018
s 231D.......................................	ad No 10, 2018
s 231E........................................	ad No 10, 2018
am No 135, 2020
ed C57
am No 64, 2021
s 231F........................................	ad No 10, 2018
s 231G.......................................	ad No 10, 2018
s 231H.......................................	ad No 10, 2018
s 232..........................................	rep No 54, 1998
Part 11
s 233A.......................................	ad No 61, 1998
am No 55, 2001
s 235..........................................	am No 54, 1998; No 120, 2004
rs No 75, 2009
s 236..........................................	am No 107, 1997; No 54, 1998; No 44, 1999; No 121, 2001; No 37, 2002; No 154, 2007; No 25, 2008; No 45, 2008 (as am by No 8, 2010); No 75, 2009; No 82, 2010; No 70, 2015; No 10, 2018; No 76, 2023; No 39, 2024; No 14, 2025
s 237..........................................	am No 38, 2005; No 25, 2008; No 75, 2009; No 39, 2024
s 238..........................................	am No 54, 1998; No 156, 1999; No 55, 2001
rep No 154, 2007
s 239..........................................	am No 54, 1998; No 156, 1999; No 55, 2001
rep No 154, 2007
s 240..........................................	am No 54, 1998; No 75, 2009
s 241..........................................	am No 54, 1998
s 242..........................................	am No 61, 1998; No 120, 2004; No 75, 2009
s 243..........................................	am No 54, 1998
rep No 121, 2001
s 244..........................................	am No 107, 1997; No 54, 1998
rep No 121, 2001
s 245..........................................	am No 107, 1997; No 31, 2001 (as am by No 117, 2001); No 120, 2004; No 25, 2008; No 75, 2009; No 68, 2023
s 245A.......................................	ad No 25, 2008
am No 75, 2009
s 245B.......................................	ad No 25, 2008
s 245C.......................................	ad No 82, 2010
am No 39, 2024
s 246..........................................	am No 54, 1998; No 154, 2007; No 76, 2023
s 246A.......................................	ad No 10, 2018
s 246B.......................................	ad No 10, 2018
s 246C.......................................	ad No 10, 2018
am No 76, 2023
s 248..........................................	am No 121, 2001; No 68, 2023
s 249..........................................	am No 107, 1997
rep No 137, 2000
s 250..........................................	am No 31, 2001; No 5, 2015
s 251..........................................	am No 107, 1997
rep No 54, 1998
ad No 44, 1999
s 251AA.....................................	ad No 10, 2018
s 251A.......................................	ad No 105, 2008
am No 62, 2014; No 126, 2015
s 251B.......................................	ad No 105, 2008
s 252..........................................	am No 54, 1998; No 154, 2007
rep No 154, 2007
s 253..........................................	am No 54, 1998; No 154, 2007
Part 12
s 254..........................................	am No 44, 1999; No 154, 2007; No 75, 2009; No 10, 2018
s 255..........................................	rep No 44, 1999
s 256..........................................	am No 54, 1998
rep No 154, 2007
s 257..........................................	am No 54, 1998
rep No 154, 2007
s 258–263...................................	rep No 154, 2007
s 265..........................................	ad No 76, 2023
Schedule 1
Schedule....................................	am No 107, 1997; No 48, 1998; No 54, 1998; No 61, 1998; No 44, 1999; No 55, 2001; No 121, 2001; No 123, 2001; No 120, 2004; No 32, 2007; No 154, 2007; No 105, 2008; No 144, 2008; No 75, 2009; No 82, 2010; No 62, 2014; No 10, 2018; No 130, 2020; No 127, 2021; No 76, 2023
renum No 76, 2023
Schedule 1 (prev Schedule)
Schedule 2
Schedule 2..................................	ad No 76, 2023
Part 1
c 1.............................................	ad No 76, 2023
Part 2
c 2.............................................	ad No 76, 2023