Life Insurance Regulations (Amendment) (Cth)
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I, WILLIAM PATRICK DEANE, Governor-General
of the Commonwealth of Australia, acting with the advice of the Federal
Executive Council, make the following regulations under the
Dated 30 June 1998.
WILLIAM DEANE
Governor-General
By His Excellency’s Command,
ian campbell
Parliamentary Secretary to the Treasurer
for the
Treasurer
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1.1 Subject to subregulations 1.2 and 1.3, these regulations commence on 1 July 1998.
1.2 Regulations 9 and 20 commence on 30 June 1998.
2.1 The Life Insurance Regulations are amended as set out in these regulations.
3.1 Omit “the Commissioner”, substitute “APRA”.
4.1 After regulation 4.00, insert:
“
(a) the charge is given in relation to a derivatives contract entered into:
(i) by, or on behalf of, the life company; or
(ii) by a broker on the instructions, or on account, of the company; or
(iii) by a broker for the benefit of the company; and
(b) the charge is given in order to comply with the rules of an approved body (as defined in subregulation (2)) that requires the performance of obligations in relation to the derivatives contract to be secured; and
(c) the life company has in place a risk management statement that sets out:
(i) policies for the use of derivatives that include an analysis of the risks associated with the use of derivatives within the investment strategy of the company; and
(ii) controls on the use of derivatives that take into consideration the expertise of staff; and
(iii) compliance processes to ensure that the controls are effective (for example, reporting procedures, internal and external audits and staff management procedures); and
(d) the investment to which the charge relates is made in accordance with the risk management statement.
“
(a) Australian Stock Exchange Ltd;
(b) Options Clearing House Pty Ltd;
(c) Sydney Futures Exchange Ltd;
(d) Sydney Futures Exchange Clearing House Pty Ltd;
(e) a body that is an approved foreign exchange within the meaning of regulation 1.2A.02 of the Corporations Regulations;
(f) a body specified in Schedule 11 to those Regulations;
(g) a body that performs clearing house functions in relation to a body mentioned in paragraph (e) or (f) (the
second body ) in accordance with the rules of the second body or a law of the country where the second body is incorporated.
(a) an option contract as defined in section 9 of the Corporations Law; and
(b) a futures contract within the meaning of section 72 of that Law; and
(c) an agreement to which section 72A or 92A of the Law applies.”.
5.1 Omit “Commissioner’s rules”, substitute “Prudential Rules”.
6.1 Omit “the Commissioner”, substitute “APRA”.
7.1 Subregulation 9.02 (1):
Omit “the Commissioner” (wherever occurring), substitute “APRA”.
7.2 Paragraph 9.02 (4) (b):
Omit “the Commissioner”, substitute “APRA”.
8.1 Subregulations 9.04 (1) and (3):
Omit “the Commissioner”, substitute “APRA”.
8.2 Subregulation 9.04 (4):
Omit “the Commissioner” (wherever occurring), substitute “APRA”.
9.1 Omit the regulation.
10.1 Subregulations 10.05A (3) and (5):
Omit “the Commissioner”, substitute “ASIC”.
11.1 Omit “The Commissioner”, substitute “ASIC”.
11.2 Omit “the Commissioner”, substitute “ASIC”.
12.1 Paragraph 11.00 (b):
Omit the paragraph, substitute:
“(b) the State or Territory where the company is incorporated and each State or Territory where the company intends to carry on business; and”.
13.1 Subregulation 11.01 (1):
Omit “the Commissioner”, substitute “APRA”.
14.1 Omit the regulation.
15.1 Omit the regulation.
16.1 Omit the regulation.
17.1 Subparagraph 13.01 (2) (b) (i):
Omit “a bank”, substitute “an ADI”.
18.1 Omit “classes”, substitute “kinds”.
19.1 Part A, paragraph (1) (b):
Omit the paragraph, substitute:
“(b) the State or Territory where the company is incorporated and each State or Territory where the company intends to carry on business;”.
20.1 Definition of
Add at the end:
“; and (c) in force on 29 June 1998.”.
21.1 Clause 3 (substituted subsection 58 (2),
definitions of
Omit “Commissioner’s rules”, substitute “Prudential Rules”.
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1. Notified in the
Commonwealth of Australia Gazette on 30 June 1998.2. Statutory Rules 1995 No. 141 as amended by 1995 Nos. 317 and 431; 1996 Nos. 89 and 305; 1997 Nos. 100, 119 and 239.
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