Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1998No. 108 1

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Superannuation Industry (Supervision) Regulations2 (Amendment)

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 Superannuation Industry (Supervision) Act 1993.

Dated 20 May 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.   Commencement

1.1   These Regulations commence on gazettal.

2.   Amendment

2.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.

3.   Regulation 2.31 (Exception—benefits determined by life policies)

3.1   Omit the regulation, substitute:

Exception—benefits determined by life policies

 “2.31. Paragraphs 2.29 (1) (e), (f) and (g) do not apply to funds from which the benefits paid to each individual member:

• (a)

  are wholly determined by reference to policies of life assurance; or

• (b)

  if paragraph (a) does not apply only because shares in the life insurance company issuing the policies were acquired because the company was demutualised:

  • (i)

    would otherwise be wholly determined by reference to policies of life assurance; and

  • (ii)

    the shares have been held for no longer than 18 months from the date of acquisition.”.

4.   Regulation 8.01 (Accounts—statement of financial position and financial statement)

4.1   Subregulation 8.01 (3):

Omit “member of the fund are wholly determined by reference to policies of life assurance”, substitute “member of the fund:

• (a)

  are wholly determined by reference to policies of life assurance; or

• (b)

  if paragraph (a) does not apply only because shares in the life insurance company issuing the policies were acquired because the company was demutualised:

  • (i)

    would otherwise be wholly determined by reference to policies of life assurance; and

  • (ii)

    the shares have been held for no longer than 18 months from the date of acquisition.”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 27 May 1998.

2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76 and 83.