Life Insurance Regulations (Amendment) (Cth)

Statutory Rules 1989 No. 2821

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Life Insurance Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Life Insurance Act 1945.

Dated 25 October 1989.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PETER MORRIS

Minister of State for Industrial Relations for and on behalf of the Treasurer

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Principal Regulations

1. In these Regulations, “Principal Regulations” means the Life Insurance Regulations.

2. After regulation 22 of the Principal Regulations the following regulation is inserted:

Prescribed form—subsection 39 (7) of the Act

“22a. For the purposes of subsection 39 (7) of the Act, Form 7a is prescribed.”.

3. After regulation 23 of the Principal Regulations the following regulation is inserted:

Prescribed form—subsection 52 (2b) of the Act

“23a. For the purposes of subsection 52 (2b) of the Act, Form 7b is prescribed.”.

 

Schedule 1

4. Schedule 1 to the Principal Regulations is amended by inserting after Form 7 the following forms:

“FORM 7a Regulation 22a

Life Insurance Act 1945

INVESTMENTS OF THE ASSETS OF A STATUTORY FUND MADE BY A COMPANY IN RELATED COMPANIES AND UNDER TRUST SCHEMES

Name of company.......................................................................................

Name of statutory fund ...............................................................................

Particulars of investments made by the company for the period of 6 months ending on *31 December 19 /*30 June 19 .

INVESTMENTS IN RELATED COMPANIES AND UNDER TRUST SCHEMES

Column 1	Column 2	Column 3	Column 4	Column 5
Particulars of investments	Trust schemes (listed)	Trust schemes (unlisted)	Related companies (other than subsidiary companies)	Subsidiary companies
$	$	$	$

Book value at beginning of period................. ____________________________________________

New investments during period................. ____________________________________________

Appreciation/depreciation during period................. ____________________________________________

Disposals during period(1)................................... ____________________________________________

Book value at end of period 

 

DISTRIBUTION OF INVESTMENTS

Column 1	Column 2	Column 3	Column 4
Name of each trust scheme under which and each related company in which funds are invested(2)	Type of trust(3)	Type of security(4)	Book value(5)
$

   

ASSETS OF THE STATUTORY FUND

(a) Assets of the fund of the kind to be included in Form 6 in Schedule 1 to the Life Insurance Regulations(6)............................................................................................. [$ ]

(b) Other assets(7)................................................  [$ ]

(c) Total value of assets.......................................  [$ ]

Dated 19 .

Signature of principal officer(8)............................................................................................................................

* Omit if not applicable.

(1) The value of disposals is to be the book value at the time of disposal.

(2) Full names of trust schemes and related companies are to be entered in Column 1 under the following subheadings:

Trust schemes (listed):

Trust schemes (unlisted):

Related companies (other than subsidiaries):

Subsidiary companies:

(3) To indicate the type of trust, the following symbols may be entered in Column 2, as appropriate:

C-Cash Management

E-Equity

M-Mortgage

P-Property.

Other types of trust scheme (if any) are to be set out in Column 2 or in an annexure.

(4) To indicate a type of security, the following symbols may be entered in Column 3, as appropriate:

C-Cash on deposit

D-Debentures

L-Loans (secured)

N-Notes, convertible notes and unsecured loans

P-Preference shares

S-Ordinary shares

U-Units.

Other types of security (if any) are to be set out in Column 3 or in an annexure.

(5) In addition to the book values entered in respect of the investments under each trust scheme and in each related company, state the total book values in respect of each subheading in Column 1.

(6) The value of such assets is to be the book value determined on the same basis as that used in completing Form 6.

(7) All assets of a kind not required to be included in Form 6 (eg: assets held outside Australia, sundry debtors and accrued interest) are to be included here. The value of such assets is to be the book value determined (or, if a determined value is not yet available, estimated) on the same basis as that used in completing Form 6.

(8) The statement may be signed by an officer of the company who has been authorised for that purpose by the principal officer in accordance with section 147 of the Act.

“FORM 7b Regulation 23a

Life Insurance Act 1945

STATEMENT OF PECUNIARY INTERESTS OF APPOINTED ACTUARY

(Full name)of (address), the

appointed actuary of (name of life insurance company)appointed under section 47a of the Life Insurance Act 1945, has, in respect of that company:

*no pecuniary interest.

*the pecuniary interest*s set out in the Schedule.

SCHEDULE

ALL PECUNIARY INTERESTS, DIRECT AND INDIRECT, OF APPOINTED ACTUARY(1)

Dated 19 .

Signature of appointed actuary ...................................................................

* Omit if not applicable.

(1) Interests required to be set out include securities, contracts and any type of remuneration and include interests held by persons such as a spouse, dependent child, business partner or employer (other than the life insurance company) of the actuary or by a company of which the actuary is a director.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 31 October 1989.

2. Statutory Rules 1946 No. 136; 1959 No. 98; 1962 Nos. 3 and 12 (a); 1966 No. 36; 1969 No. 51; 1971 No. 100; 1974 Nos. 68 and 224; 1978 No. 31; 1980 No. 54; 1981 No. 262; 1983 No. 240; 1984 No. 248; 1985 No. 44; 1988 No. 180.