Life Insurance Regulations (Amendment) (Cth)

Statutory Rules 1996

No. 89 1

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Life Insurance Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Life Insurance Act 1995.

Dated 29 May 1996.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

JIM SHORT

Assistant Treasurer

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1.   Amendment

1.1   The Life Insurance Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Schedule 2 (Modification of Division 4 of Part 10 of the Act (Surrender values, paid-up policies and non-forfeiture of policies))

2.1   Add at the end:

“8 Industrial A policy that, immediately before the commencement of the Act, was an industrial policy within the meaning of subsection 4 (1) of the Life Insurance Act 1945 and that is treated as ordinary business under the Act. 8.1 In spite of section 210 of the Act, section 101 of the Life Insurance Act 1945, as in force immediately before the commencement of the Act, continues to apply to policies to which that section applied at that time.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 5 June 1996.

2. Statutory Rules 1995 No. 141 as amended by 1995 Nos. 317 and 431.