EXPLANATORY STATEMENT
STATUTORY RULES NO 282 1989
ISSUED BY AUTHORITY OF THE MINISTER ASSISTING THE TREASURER
LIFE INSURANCE ACT 1945
LIFE INSURANCE REGULATIONS (AMENDMENT)
LEGISLATIVE BASIS FOR THE REGULATIONS
The Life Insurance Act 1945 (the Act) establishes an administrative system for the supervision of the conduct of life insurance business in Australia by registered life insurance companies.
The Act, as amended recently by the Insurance Legislation Amendment Act 1989, provides for the following statements to be submitted by life insurance companies to the Insurance and Superannuation Commissioner in prescribed forms:
• a periodic statement under subsection 39(7) of the Act of the investments of their statutory funds in related companies and trust schemes; and
• a statement under subsection 52(2B) of the Act of the pecuniary interests of their appointed actuaries.
The object of the regulations is to prescribe forms for the purposes of these statements.
The form for the purposes of the statement under subsection 39(7) is similar to a form which has been in use for some years through arrangements applying before that subsection was amended to provide for the form to be prescribed. The form proposed for the purposes of the statement under subsection 52(2B) is an integral part of the appointed actuary provisions introduced into the Life Insurance Act by the Insurance Legislation Amendment Act in order to improve the accountability of life insurance companies.
Details of the regulations are set out below:
The regulations amend the Life Insurance Regulations by inserting into them two new regulations, namely, regulations 22A and 23A which prescribe Forms 7A and 7B for the purposes of subsections 39(7) and 52(2B) respectively of the Act. They also amend the First Schedule to the Regulations by inserting after Form 7 therein Forms 7A and 7B.
DATE OF OPERATION
The regulations are effective from the date of Gazettal.