Life Insurance Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 431 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 20 December 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

PAUL ELLIOTT

Parliamentary Secretary to the Treasurer

for the

Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 January 1996.

2.   Amendment

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

3.   New regulation 4.01A

3.1   After regulation 4.01, insert:

Prohibited investments

 “4.01A. For the purposes of paragraph 43 (3) (d) of the Act, an investment of assets of a statutory fund of a life company in a subsidiary of that life company is prohibited if:

• (a)

  the assets of the company (other than assets that are the assets of a statutory fund) that are invested in that subsidiary exceed the total of:

  • (i)

    the assets of the statutory fund that are invested in that subsidiary; and

  • (ii)

    the assets of any other statutory funds of the company that are invested in that subsidiary; or

• (b)

  the assets of the statutory fund that are invested in that subsidiary are re-invested, whether directly or indirectly, through 1 or more interposed bodies corporate, trusts or partnerships, with a company that is related to the company (other than as a subsidiary).”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 22 December 1995.

2. Statutory Rules 1995 No. 141 as amended by 1995 No. 317.