LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991
(#DATE 14:10:1993)
- Updated as at 14 October 1993 *1* The Life Insurance Policy Holders' Protection Levies Collection Act 1991 as shown in this reprint comprises Act No. 3, 1992 amended as indicated in the Tables below. Table of Acts Act Date Date of Application Number and of assent commencement saving or year transitional provisions Life Insurance Policy Holders' Protection Levies Collection Act 1991 3, 1992 6 Jan 1992 6 Jan 1992 Insolvency (Tax Priorities) Legislation Amendment Act 1993 32, 1993 16 June 1993 Ss. 6, 7, 9, 11, 13, 15 and Part 5 (ss. 29, 30): 1 June 1993 Part 4 (ss. 20-28): 1 July 1993 Remainder: Royal Assent - Table of Amendments ad=added or inserted am=amended rep=repealed rs=repealed and substituted Provision affected How affected S. 32 am. No. 32, 1993 LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - TABLE
OF PROVISIONS
TABLE
TABLE OF PROVISIONS
Section
PART 1 - PRELIMINARY
1. Short title
2. Commencement
3. Object of Act
4. Application of Life Insurance Act
5. Interpretation
6. Company's statutory accounts to be prima facie evidence of
value of its assets
7. Commissioner to notify Australian proportion of value of
assets in statutory funds
8. Non-leviable funds - eligible companies
PART 2 - COLLECTION OF LIFE INSURANCE POLICY HOLDERS'
PROTECTION
LEVIES
9. By whom levy payable
10. When levy due for payment
11. Penalty for non-payment of levy
12. Recovery of levy and late payment penalty
13. Levy may be paid out of statutory funds
14. Manner of payment of levy etc.
PART 3 - LIFE INSURANCE POLICY HOLDERS' PROTECTION FUND
15. Life Insurance Policy Holders' Protection Fund
16. Payments into Fund
17. Purposes of Fund
18. Separate notional accounts to be kept within Fund
19. Transfer of equity in Fund
20. Winding-up advances
21. Winding up of Fund
PART 4 - GRANTS OF FINANCIAL ASSISTANCE FROM THE FUND
22. Judicial manager or liquidator of eligible company may apply
for grant of financial assistance from the Fund
23. Grants of financial assistance from the Fund
24. Conditions to which grant of financial assistance is subject
PART 5 - REPAYMENT OF GRANTS OF FINANCIAL ASSISTANCE
25. Repayment of overpayments of grants
26. Repayment of grant if conditions are contravened
27. Repayment of grant if a specified contingency happens
28. Remission of grant repayments
29. Recovery of grant repayments
30. Grant repayments may be paid out of statutory funds
31. Manner in which grant repayments are to be made
32. Priority of grant repayments
PART 6 - PROVISIONS RELATING TO THE JUDICIAL MANAGER OR
LIQUIDATOR OF AN ELIGIBLE COMPANY
33. Grants to be under the control of the judicial manager or
liquidator
34. Judicial manager or liquidator under the control of the
Court
35. Application of Division 8 of Part III of the Life Insurance
Act
PART 7 - DECISION-MAKING PRINCIPLES
36. Decision-making principles
PART 8 - REVIEW OF DECISIONS
37. Review of decisions
38. Only judicial manager/liquidator of an eligible company has
standing to seek review of decisions affecting the eligible
company
PART 9 - MISCELLANEOUS
39. Delegation
40. Annual report
41. Regulations
PART 10 - CONSEQUENTIAL AMENDMENTS
42. Consequential amendments
SCHEDULE
CONSEQUENTIAL AMENDMENTS
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - LONG
TITLE
SECT
An Act to provide for the collection and application of the
levies imposed by regulations under the Life Insurance Policy
Holders' Protection Levies Act 1991, and for other purposes
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART
PART 1 - PRELIMINARY
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 1
Short title
SECT
1. This Act may be cited as the Life Insurance Policy Holders' Protection
Levies Collection Act 1991.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 2
Commencement
SECT
2. This Act commences on the day on which it receives the Royal Assent.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 3
Object of Act
SECT
3. The object of this Act is to provide a measure of financial protection
for the policy holders of:
(a) Occidental Life Insurance Company of Australia Limited; and
(b) Regal Life Insurance Limited.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 4
Application of Life Insurance Act
SECT
4. Part I of the Life Insurance Act 1945 applies in relation to this Act in
a corresponding way to the way in which it applies in relation to that Act.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 5
Interpretation
SECT
5. In this Act, unless the contrary intention appears:
"Associate" has the same meaning in relation to a person as that expression
has in relation to a person in section 26AAB of the Income Tax Assessment Act
1936;
"Australian policy" means a life policy that is registered in a register
kept at a registry in a State of or Territory;
"Australian proportion, in relation to the value of the assets in a leviable
fund of a company as at a particular time, means the amount equal to:
(a) if the company gives to the Commissioner, within the period and in the
manner and form specified in the regulations, a certificate by the appointed
actuary - so much of the value of the assets as at that time as is
attributable to Australian policies; or
(b) in any other case - the value of the assets as at that time;
"bank" has the same meaning as in the Banking Act 1959;
"company" includes a body corporate that has ceased to carry on life
insurance business in Australia;
"eligible company" means;
(a) Occidental Life Insurance Company of Australia Limited; or
(b) Regal Life Insurance Limited;
"final winding-up payment" means a payment under section 21;
"Fund" means the Life Insurance Policy Holders' Protection Fund established
by section 15;
"grant" means a payment under section 23 by way of a grant of financial
assistance from the Fund;
"grant determination" means a determination under section 23;
"grant repayment" means a repayment under Part 5;
"late payment penalty" means penalty payable under section 11;
"leviable fund, in relation to a company, means a statutory fund maintained
by the company other than;
(a) in all cases - a fund where no part of the value of the assets in the
fund is attributable to Australian policies; or
(b) in the case of an eligible company - a fund in respect of which a
declaration under section 8 is in force;
"levy" means protection levy;
"person" includes:
(a) a body politic; or
(b) a body corporate; or
(c) a partnership; or
(d) any other unincorporated association or body of persons; or
(e) a person in a particular capacity of trustee;
"protection levy" means a levy imposed by regulations under the Life
Insurance Policy Holders' Protection Levies Act 1991;
"separate notional account" means a separate notional account kept in
accordance with section 18;
"value", in relation to an asset of a company, in relation to a particular
time, means the amount that, if:
(a) a financial year of the company had ended at that time; and
(b) the company had lodged accounts for that financial year with the
Commissioner under section 52 of the Life Insurance Act 1945; and
(c) those accounts had been prepared in accordance with the applicable
accounting principles;
would have been shown in those accounts as the value of the asset as at that
time;
"winding-up advance" means a payment under section 20;
"winding-up advance payment day" has the meaning given by section 20;
"winding-up day", in relation to the Fund, means the day on which a
declaration that the Fund is to be wound up is made under section 21.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 6
Company's statutory accounts to be prima facie evidence of value of its
assets
SECT
6. (1) This section applies if:
(a) a company has prepared accounts for a financial year in accordance with
section 44 of the Life Insurance Act 1945; and
(b) the company has lodged those accounts with the Commissioner under
section 52 of that Act; and
(c) an amount is shown in those accounts as the value of an asset of the
company as at the end of the financial year.
(2) For the purposes of this Act, the accounts are prima facie evidence of
the value of the asset as at the end of that financial year of the company.
(3) The Commissioner may certify that a document is a copy of the accounts.
(4) This section applies to the certified copy as if it were the original.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 7
Commissioner to notify Australian proportion of value of assets in statutory
funds
SECT
7. (1) As soon as practicable after the Commissioner receives a certificate
under this Part by the appointed actuary of a company with respect to the
Australian proportion of the value of the assets in a statutory fund of a
company as at a particular time, the Commissioner must cause to be given to
the company a notice setting out the amount that, in the Commissioner's
opinion, is the Australian proportion of that value.
(2) For the purposes of this Act, a notice under subsection (1) is prima
facie evidence that the amount specified in the notice is correct.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 8
Non-leviable funds - eligible companies
SECT
8. (1) The Commissioner must declare a statutory fund maintained by an
eligible company to be a non-leviable fund for the purposes of this Part if
the Commissioner is satisfied that the statutory fund is in deficit.
(2) The Commissioner, in making a decision under subsection (1), must have
regard to:
(a) any advice received from the judicial manager or liquidator of the
company concerned; and
(b) other relevant matters.
(3) A declaration under subsection (1) is to be in writing and the
Commissioner must cause a copy of the declaration to be served on the judicial
manager or liquidator of the eligible company concerned.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 2
PART 2 - COLLECTION OF LIFE INSURANCE POLICY HOLDERS' PROTECTION
LEVIES
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT 9
By whom levy payable
SECT
9. A levy imposed on the assets of a company is payable by the company.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
10
When levy due for payment
SECT
10. A levy payable by a company is due and payable on the 28th day after the
day on which the regulation imposing the levy took effect.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
11
Penalty for non-payment of levy
SECT
11. (1) If any levy payable by a company remains unpaid after the time when
it became due for payment, the company is liable to pay to the Commonwealth,
by way of penalty, an amount calculated at the rate of 20% per year on the
amount unpaid, computed from that time.
(2) The Commissioner may remit the whole or a part of an amount payable
under this section.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
12
Recovery of levy and late payment penalty
SECT
12. The following amounts may be recovered by the Commonwealth as debts due
to the Commonwealth:
(a) levy that is due and payable;
(b) late payment penalty that is due and payable.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
13
Levy may be paid out of statutory funds
SECT
13. In spite of anything in the Life Insurance Act 1945, the assets in a
statutory fund may be applied in making a payment of levy.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
14
Manner of payment of levy etc.
SECT
14. The regulations may make provision for and in relation to:
(a) exemptions from levy and remissions of levy; and
(b) the manner of payment for levy and late payment penalty; and
(c) the refund (or other application) of overpayments.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 3
PART 3 - LIFE INSURANCE POLICY HOLDERS' PROTECTION FUND
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
15
Life Insurance Policy Holders' Protection Fund
SECT
15. (1) An account called the Life Insurance Policy Holders' Protection Fund
is established by this subsection.
(2) The Fund is a trust account for the purposes of section 62A of the Audit
Act 1901.
(3) So far as practicable, money in the Fund that is not required for the
purpose of making payments out of the Fund must be invested in accordance with
section 62B of the Audit Act 1901.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
16
Payments into Fund
SECT
16. There are to be paid into the Fund:
(a) amounts of levy; and
(b) income from the investment of money in the Fund; and
(c) grant repayments.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
17
Purposes of Fund
SECT
17. The purposes of the Fund are as follows:
(a) making grants; and
(b) making winding-up advances; and
(c) making final winding-up payments.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
18
Separate notional accounts to be kept within Fund
SECT
18. (1) A separate notional account must be kept within the Fund for each
company.
(2) The following amounts are credits to a company's separate notional
account:
(a) levy paid by the company;
(b) amounts calculated using the formula:
Non-levy amount x Individual balance
Total balance
where:
"Non-levy amount" means:
(i) income from the investment of money in the Fund; or
(ii) a grant repayment;
"Individual balance" means the number of dollars in the last credit balance
of the company's separate notional account before the income was derived or
the repayment was made, as the case may be;
"Total balance" means the total number of dollars in the amount last
standing to the credit of the Fund before the income was derived or the
repayment was made, as the case may be.
(3) The following amounts are debits to a company's separate notional
account:
(a) amounts calculated using the formula:
Grant x Individual balance
Total balance
where:
"Grant" means the amount of a grant;
"Individual balance" means the number of dollars in the last credit balance
of the company's separate notional account before the grant was paid;
"Total balance" means the total number of dollars in the amount last
standing to the credit of the Fund before the grant was paid;
(b) winding-up advances paid to the company;
(c) final winding-up payments paid to the company.
(4) This section has effect subject to a scheme covered by section 19.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
19
Transfer of equity in Fund
SECT
19. A scheme confirmed by the Court under Division 9 of Part III of the Life
Insurance Act 1945 may make provision for and in relation to the transfer of
the whole or a part of:
(a) the separate notional account of a company; and
(b) the entitlements of a company under section 20 or 21.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
20
Winding-up advances
SECT
20. (1) If the Commissioner is satisfied that further grants are unlikely to
be paid for a considerable period, the Commissioner may, by notice published
in the Gazette, determine that a specified day is a winding-up advance payment
day.
(2) On a winding-up advance payment day, there is payable by the
Commonwealth to each company whose separate notional account has a credit
balance so much of the money in the Fund as represents that balance.
(3) Subsection (2) has effect subject to a scheme covered by section 19.
(4) A winding-up advance payment day must not be a day on which a regulation
imposing a levy takes effect.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
21
Winding-up of Fund
SECT
21. (1) If the Commissioner is satisfied that there are unlikely to be
further payments to or from the Fund (other than income from the investment of
money in the Fund), the Commissioner may, by notice published in the Gazette,
declare that the Fund is to be wound up.
(2) On the winding-up day, there is payable by the Commonwealth to each
company whose separate notional account has a credit balance so much of the
money in the Fund as represents that balance.
(3) If, on a particular day after the winding-up day, an amount is paid into
the Fund, there is payable by the Commonwealth to each company whose separate
notional account has a credit balance so much of the money in the Fund as
represents that balance.
(4) Subsections (2) and (3) have effect subject to a scheme covered by
section 19.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 4
PART 4 - GRANTS OF FINANCIAL ASSISTANCE FROM THE FUND
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
22
Judicial manager or liquidator of eligible company may apply for grant
of financial assistance from the Fund
SECT
22. (1) The judicial manager or liquidator of an eligible company may apply
to the Commissioner for a grant of financial assistance from the Fund.
(2) An application must:
(a) be in writing; and
(b) be accompanied by such information as the Commissioner requires.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
23
Grants of financial assistance from the Fund
SECT
23. (1) After considering the application, the Commissioner may determine
that the eligible company is entitled to be paid a specified amount by the
Commonwealth by way of a grant of financial assistance from the Fund.
(2) The Commissioner must not make a grant determination unless the
Commissioner is satisfied:
(a) that the assets of the eligible company are insufficient to meet the
liabilities of the eligible company covered by sub-subparagraphs 24 (1) (a)
(i) (A), (B) and (C); or
(b) that it would be imprudent to realise the assets of the eligible company
in order to meet the liabilities of the eligible company covered by
sub-subparagraphs 24 (1) (a) (i) (A), (B) and (C).
(3) The Commissioner must cause a copy of a grant determination to be served
on the judicial manager or liquidator of the eligible company concerned.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
24
Conditions to which grant of financial assistance is subject
SECT
24. (1) A grant made to an eligible company is subject to the following
conditions:
(a) a condition that the grant will be applied only:
(i) in any case - to meet the following liabilities of the
eligible company:
(A) not more than 90% of so much of an amount due and payable by
the eligible company under a life policy as is not excessive;
(B) not more than 90% of so much of an amount due and payable by
the eligible company in respect of the surrender of a life policy as is not
excessive;
(C) liabilities in respect of administrative expenses reasonably
incurred by the eligible company in meeting liabilities covered by
sub-subparagraph (A) or (B);
(D) such other liabilities (if any) as are specified by the
Commissioner in the grant determination; or
(ii) if a scheme for the transfer or amalgamation of the whole or
a part of the life insurance business of the eligible company is confirmed by
the Court under Division 9 of Part III of the Life Insurance Act 1945 - in
payment to another company, in accordance with the scheme, of the whole or a
part of such of the liabilities of the eligible company as are covered by
subparagraph (i);
(b) a condition that the grant will be applied within such period as is
specified in the grant determination;
(c) a condition that a grant will not be invested except with a bank;
(d) such other conditions (if any) as are specified by the Commissioner in
the grant determination.
(2) Without limiting the generality of the conditions that may be specified
under paragraph (1) (d), the conditions may:
(a) require the judicial manager or liquidator to prepare and give reports
to the Commissioner; and
(b) provide that, except with the written consent of the Commissioner, no
part of the grant will be applied in a manner which benefits, or is capable of
benefiting, whether directly or indirectly, through one or more interposed
companies, partnerships or trusts, any person:
(i) who had authority to direct, or had control over, any part of
the financial affairs of the eligible company at any time during a financial
year of the eligible company during which acts or things which contributed to
the eligible company's financial difficulties were done or omitted to be done;
or
(ii) who may have contributed to the eligible company's financial
difficulties; or
(iii) who had any responsibility, whether under contract or
otherwise, for managing or investing assets in a statutory fund of the
eligible company at any time during a financial year of the eligible company
during which acts or things which contributed to the eligible company's
financial difficulties were done or omitted to be done; or
(iv) who may have profited, or stood to profit, either directly or
indirectly, through one or more interposed companies, partnerships or trusts,
from the eligible company's financial difficulties; or
(v) who is an associate of a person covered by subparagraph (i),
(ii), (iii) or (iv); and
(c) provide that, except with the written consent of the Commissioner, the
grant will be applied only in relation to such of the liabilities of the
eligible company covered by subparagraph (1) (a) (i) as relate to a specified
statutory fund of the eligible company.
(3) For the purposes of this section, if the surrender value of a life
policy cannot be readily ascertained from the policy, the amount due and
payable by the company concerned in respect of the surrender of the policy is
taken to be:
(a) if the surrender value of the policy can be readily ascertained in
accordance with the rules set out in Part II of the Sixth Schedule to the Life
Insurance Act 1945 - the amount calculated in accordance with those rules; or
(b) in any other case - such amount as is ascertained in accordance with a
written notice given to the company by the Commissioner.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 5
PART 5 - REPAYMENT OF GRANTS OF FINANCIAL ASSISTANCE
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
25
Repayment of overpayments of grants
SECT
25. If the amount of a grant paid to an eligible company at a particular
time exceeds the total amount for which the grant may be applied at that time,
the company is liable to repay to the Commonwealth the amount of the excess.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
26
Repayment of grant if conditions are contravened
SECT
26. If a condition applicable to a grant paid to an eligible company is
contravened, the company is liable to repay to the Commonwealth the amount of
the payment.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
27
Repayment of grant if a specified contingency happens
SECT
27. (1) If:
(a) a grant has been paid to an eligible company; and
(b) a contingency or event is specified in the grant determination for the
purposes of this section; and
(c) that contingency or event occurs;
then, on the occurrence of that contingency or event, the company is liable to
repay to the Commonwealth the amount of the payment.
(2) The contingencies or events that may be specified in the grant
determination include, but are not limited to, the satisfaction (in whole or
in part) of a debt, a chose in action or any other right.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
28
Remission of grant repayments
SECT
28. The Commissioner may remit the whole or a part of a grant repayment
payable under section 26 or 27.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
29
Recovery of grant repayments
SECT
29. A grant repayment may be recovered by the Commonwealth as a debt due to
the Commonwealth.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
30
Grant repayments may be paid out of statutory funds
SECT
30. In spite of anything in the Life Insurance Act 1945, the assets in a
statutory fund of an eligible company may be applied in making a grant
repayment.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
31
Manner in which grant repayments are to be made
SECT
31. The regulations may make provision for and in relation to the manner in
which grant repayments are to be made.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
32
Priority of grant repayments
SECT
32. (1) In spite of anything contained in any other law of the Commonwealth
or in any law of a State or a Territory:
(a) a grant repayment has priority over all other debts (other than amounts
payable under section 221P or subsection 221YHJ (3) or 221YHZD (3) of the
Income Tax Assessment Act 1936), whether preferential, secured or unsecured;
and
(b) if an amount is payable by a company under a provision of the Income Tax
Assessment Act 1936 mentioned in paragraph (a) - a grant repayment payable by
the company ranks equally with the amount payable under that provision of the
Income Tax Assessment Act 1936 in priority to all other debts, whether
preferential, secured or unsecured.
Note:The subsections of the Income Tax Assessment Act 1936 referred to in
paragraphs (a) and (b) do not apply to liabilities arising after 30 June
1993.
(2) Subsection (1) does not operate so as to make a grant repayment payable
in priority to any costs, charges or expenses of the judicial management or
winding-up of an eligible company that are lawfully payable out of the assets
of the company unless the Crown in right of a State or Territory or any other
creditor:
(a) is entitled to payment of a debt in priority to any or all of those
costs, charges and expenses; and
(b) has not waived that priority.
(3) A reference in subsection (2) to the costs, charges or expenses of the
judicial management or winding-up of a company includes a reference to the
remuneration of the judicial manager or liquidator.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 6
PART 6 - PROVISIONS RELATING TO THE JUDICIAL MANAGER OR
LIQUIDATOR OF AN ELIGIBLE COMPANY
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
33
Grants to be under the control of the judicial manager or liquidator
SECT
33. (1) Grants paid to an eligible company are under the control of the
judicial manager or liquidator of the company.
(2) The judicial manager or liquidator of an eligible company is responsible
for ensuring that the company complies with this Act.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
34
Judicial manager or liquidator under the control of the Court
SECT
34. (1) The judicial manager or liquidator of an eligible company must act
under the control of the Court and may apply to the Court at any time for
instructions in relation to any matter arising under this Act.
(2) The judicial manager or liquidator of an eligible company must give
particulars of the application to the Commissioner.
(3) The Commissioner is entitled to be heard on the application.
(4) The Court may give such directions to the judicial manager or liquidator
of an eligible company as appear to the Court to be necessary or desirable
with respect to the operation of this Act.
(5) Directions may be given:
(a) on the Court's own initiative; or
(b) on the application of the Commissioner; or
(c) on the application of the judicial manager or liquidator concerned.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
35
Application of Division 8 of Part III of the Life Insurance Act
SECT
35. Division 8 of Part III of the Life Insurance Act 1945 has effect as if
the provisions of this Act were provisions of that Division.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 7
PART 7 - DECISION-MAKING PRINCIPLES
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
36
Decision-making principles
SECT
36. (1) The Commissioner may, by signed instrument, formulate principles (in
this section called "decision-making principles" to be complied with by him or
her in making decisions under section 11, 23 or 28.
(2) In making a decision under section 11, 23 or 28, the Commissioner must
comply with any relevant decision-making principles.
(3) Decision-making principles are disallowable instruments for the purposes
of section 46A of theActs Interpretation Act 1901.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 8
PART 8 - REVIEW OF DECISIONS
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
37
Review of decisions
SECT
37. Sections 138 and 138A of the Life Insurance Act 1945 have effect,
subject to any necessary modifications, as if a decision of the Commissioner
under section 8, 11, 23 or 28 of this Act were a reviewable decision.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
38
Only judicial manager/liquidator of an eligible company has standing
to seek review of decisions affecting the eligible company
SECT
38. The only person who can:
(a) make a request under subsection 138 (2) of the Life Insurance Act 1945
in respect of a decision made under section 8, 11, 23 or 28 of this Act in
relation to an eligible company; or
(b) make an application to the Administrative Appeals Tribunal for review of
a decision:
(i) made under section 8, 11, 23 or 28 of this Act in relation to
an eligible company; and
(ii) that has been confirmed or varied under subsection 138 (4) of
the Life Insurance Act 1945;
is:
(c) the judicial manager or liquidator of the eligible company; or
(d) if there is no judicial manager or liquidator of the eligible company -
the eligible company.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART 9
PART 9 - MISCELLANEOUS
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
39
Delegation
SECT
39. The Commissioner may, by signed instrument, delegate any or all of the
Commissioner's powers under this Act (other than Part 7) to a member of the
staff assisting the Commissioner.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
40
Annual report
SECT
40. (1) The Commissioner must, within 3 months after each year ending on 30
June, prepare and give to the Minister a report on the working of this Act
during that year.
(2) The Minister must cause a copy of the report of the Commissioner under
this section to be laid before each House of the Parliament within 15 sitting
days of that House after the receipt of the report by the Minister.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
41
Regulations
SECT
41. The Governor-General may make regulations, not inconsistent with this
Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - PART
10
PART 10 - CONSEQUENTIAL AMENDMENTS
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 - SECT
42
Consequential amendments
SECT
42. The Acts specified in the Schedule are amended as set out in the
Schedule.
LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 -
SCHEDULE
SCH
SCHEDULE Section 42
CONSEQUENTIAL AMENDMENTS
Crown Debts (Priority) Act 1981*2*
* * * * *
Income Tax Assessment Act 1936*3*
* * * * *
*2* Section 42 - The amendments made by section 42 have been incorporated in
the reprint of the Crown Debts (Priority) Act 1981, which is published
separately.
*3* Section 42 - The amendments made by section 42 have been incorporated in
the reprint of the Income Tax Assessment Act 1936, which is published
separately.
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