ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437 (Cth)

ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437 I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 6 June 2023

Rhys Bollen

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Declaration 5 Confirmation of transactions to a third person in circumstances where the holder of the financial product is deceased Part 3—Repeal 6 Repeal

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Confirming Transactions—Deceased Life Insurance Policyholder) Instrument 2023/437.

2 Commencement This instrument commences on the day after it is registered on the Federal Register of Legislation. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001. holder has the same meaning as in paragraph 1017F(1)(a) of the Act. life company has the meaning given by section 8 of the Life Insurance Act 1995. relevant life policy means a life policy in relation to which all of the following are satisfied: (a) the person to whom the policy was issued (initial owner of the policy) is the same person as the life insured under the policy; (b) the initial owner of the policy has deceased; (c) when the initial owner deceased, they did not hold the policy jointly with any other person; (d) the rights of the initial owner have not been assigned under the Life Insurance Act 1995 or transferred by the operation of the policy; (e) on the death of the initial owner, the issuer of the policy has the obligation to pay a sum of money under the policy to a person (third party payee) other than the initial owner or their estate. Note: The third party payee could include a third party beneficiary for the purposes of subsection 48A(1) of the Insurance Contracts Act 1984, or a person to whom the sum of money is required to be paid in accordance with section 211 or section 212 of the Life Insurance Act 1995.