Life Insurance
Amendment Act 1984
No. 74 of 1984
An Act to amend
the Life Insurance Act 1945 consequent
upon the enactment of the Insurance
Contracts Act 1984
[Assented to 25 June 1984]
BE IT ENACTED by the Queen, and the
Senate and the House of Representatives of the Commonwealth of Australia, as
follows:
Short
title, &c.
1. (1) This Act may be cited as the Life Insurance Amendment Act 1984.
(2) The Life Insurance Act 19451 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come
into operation on the day on which the Insurance
Contracts Act 1984 comes into operation.
Insurable
interest
3. Section 86 of the
Principal Act is amended by omitting from sub-section (2) “This section” and
substituting “Subject to section 86a,
this section”.
4. After section 86 of the
Principal Act the following section is inserted in Division 1 of Part IV:
Application
of sections 83, 84 and 86
“86a.
Sections 83, 84 and 86 do not apply to or in relation to a policy to or in
relation to which the Insurance Contracts
Act 1984 applies.”.
5. Section 96 of the
Principal Act is repealed and the following section is substituted:
Paid-up
policies
“96. Where a policy owner who
desires to discontinue further premium payments on a policy on which not less
than 3 years’ premiums have been paid in cash makes application to the company
for a paid-up policy—
(a)
the company shall vary the policy so as to provide for the payment, in lieu of
the amount originally payable, of an amount not less than the amount determined
in accordance with the rules set out in Part I of the Sixth Schedule; and
(b)
the policy as so varied shall be taken, for the purposes of that Part of that
Schedule, to be a paid-up policy.”.
Savings
as to insurable interest
6. Section 113 of the
Principal Act is amended by omitting “(apart from the provisions of paragraph
86 (1) (a))” and substituting “(otherwise than by reason of his being a parent
or person in loco parentis of the
child)”.
NOTE
1. No. 28, 1945,
as amended. For previous amendments, see Nos. 65 and 80, 1950; No. 94, 1953;
No. 3, 1958; No. 93, 1959; No. 29, 1961; No. 145, 1965; No. 78, 1973; No. 216,
1973 (as amended by No. 20, 1974); No. 32, 1977; No. 177, 1978; Nos. 92 and
176, 1981; and No. 143, 1983.