Statutory Rules 1995 | No. | 317 |
Life Insurance Regulations2 (Amendment)
I, THE ADMINISTRATOR of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Life Insurance Act 1995.
P R Sinclair
Administrator
By His Excellency's Command,
Paul Elliott
Parliamentary Secretary to the Treasurer
for the
Treasurer
1. Amendment
1.1 | The Life Insurance Regulations are amended as set out in these |
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Regulations.
[NOTE: These Regulations commence on gazettal: see Acts Interpretation | Act |
1901, s. 48.] |
Life Insurance | 1995 No. 317 |
2.1 New regulation 4.00
2.1 Before regulation 4.01, insert:
Notice of establishment of statutory fund
"4.00. (1) | A notice under paragraph 33 (1) (d) of the Act of |
the establishment of a statutory fund must contain particulars of:
(a) | the classes of life insurance business to be carried on by the company within the fund; and |
(b) | the categories of life insurance business to be carried on by the company within each of those classes; and |
(c) | the kinds of policies to be written by the company within those categories; and |
(d) | proposed financing arrangements for the writing of new life insurance business to which the fund relates; and |
(e) | projections of the life insurance business to which the fund relates for whichever is greater of the following periods: |
(i) the period of the financing arrangements for that business; or
(ii) 10 years; and
(f) | a statement of the accuracy of the particulars referred to in paragraph (e) by the appointed actuary of the company. |
"(2) For the purposes of subsection 33 (2) of the Act, the notice must be given in writing within 14 days after establishment of the fund".
3. New regulation 4.02
3.1 | After regulation 4.01, insert: |
Notice of division of statutory fund
"4.02. (1) | A notice under paragraph 52 (9) (a) of the Act of |
the establishment of a new statutory fund must set out:
(a) | the nature and terms of the establishment of the new fund;and |
(b) | the nature and value of the assets transferred from the old fund to the new fund; and |
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(c) | the kinds of policies that are referable to the new fund. |
"(2) | For the purposes of paragraph 52 (9) (b) of the Act the |
notice must be accompanied by statements, certifying that the new fund has been established in accordance with section 52 of the Act, by:
(a) the principal executive officer; and
(b) the appointed actuary; and
(c) the auditor.
[NOTE: The terms 'old fund' and 'new fund' are described in subsection
52 (1) of the Act ]".
4. New regulation 10.05A
4.1 After regulation 10,05, insert:
Unclaimed money—statement
"1O.05A. (1) | For the purposes of this regulation: |
(a) | a statement that contains 50 or more items must be recorded on computer disk; and |
(b) | a statement that contains less than 50 items must be recorded either in writing or on computer disk. |
"(2) A statement under subsection 216(1) of the Act of unclaimed money as at the end of a calendar year:
(a) | if it is in writing—must be in accordance with Form 3 in Schedule 4; or |
(b) | if it is recorded on computer disk—must contain particulars of the number and total value of unclaimed policies and particulars, for each policy for which money is unclaimed, of: |
(i) the policy number; and
(ii) the full name of the life or lives insured; and
(iii) the last known address of the life or lives insured; and
(iv) | the full name of the policy owner; and |
(v) | the last known address of the policy owner; and |
(vi) | the amount due to the policy owner; and |
(vii) the date the amount became due; and
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(viii) the State or Territory for which the policy is registered.
"(3) A statement under subsection 216(4) of the Act of money paid between the end of the calendar year and the date on which the statement is given to the Commissioner:
(a) | if it is in writing—must be in accordance with Form 4 in Schedule 4; or |
(b) | if it is recorded on computer disk—must contain particulars of the number and total value of policies claimed and particulars, for each policy for which money has been paid, of: |
(i) the policy number; and
(ii) the full name of the claimant; and
(iii) the date of the claim; and
(iv) the date the claim was paid; and
(v) the amount paid.
"(4) A statement recorded on computer disk must be accompanied by a lodgment form in accordance with Form 5 in Schedule 4.
"(5) | A life company must notify the Commissioner in writing |
if there is no unclaimed money.".
5. New regulation 11.00
5.1 Before regulation 11.01, insert:
Form and content of Register of Life Companies
"11.00. The Register of Life Companies kept under subsection 240 (3) of the Act must contain, in relation to each company, the following information:
(a) the location of the head office; and
(b) | the State or Territory in which it is registered under the Corporations Law; and |
(c) | each name under which it carries on life business in a State or Territory under the Corporations Law; and |
(d) | any other registered name used by it in a State or Territory; and |
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(e) the name and address of:
(i) the principal executive officer; and
(ii) each director; and
(iii) the secretary; and
(iv) the auditor; and
(v) the appointed actuary; and
(f) | the countries, other than Australia, in which it carries on life insurance business; and |
(g) its financial year; and
(h) | the date it was registered under the Act". |
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6. Schedule 4 (Forms)
"FORM 3 | Paragraph 10.05A (2) (a) |
Life Insurance Act 1995
STATEMENT OF UNCLAIMED MONEY
Year ended:
Company:
Contact officer:
Telephone:
Policy | Life insured: | Policy owner: | Amount | Date | State |
number | surname, | surname, | due | amount | where |
given names, | given names, | became | policy |
address | address | due | registered |
(Principal Executive Officer of the life company or a person authorised by the
Principal Executive Officer)
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FORM 4 | Paragraph 10.05A (3) (a) |
Life Insurance Act 1995
STATEMENT OF MONEY PAID AFTER THE END OF
THE CALENDAR YEAR
Year ended:
Company:
Contact officer:
Telephone:
Policy number Claimant: surname, | Date | Date paid | Amount paid |
(Principal Executive Officer of the life company or a person authorised by the
Principal Executive Officer)
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FORM 5 | Subregulation 10.05A (4) |
Life Insurance Act 1995
UNCLAIMED MONEY DISK LODGMENT FORM
Unclaimed money for year ended:
Company:
Return address:
Contact officer:
Telephone:
Number of disks:
Creation date:
Original or replacement:
Unclaimed policies at the end of the year:
Policies claimed since the end of the year: is that required by section 216 of the Life Insurance Act 1995 as the statement of unclaimed money, and money paid after the end of the calendar year.
(Principal Executive Officer of the life company or a person authorised by the
Principal Executive Officer)".
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N O T E S
1. | Notified in the Commonwealth of Australia Gazette on | 1995. 26 October |
2. | Statutory Rules 1995 No. 141. |
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