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. Part 2—Declaration 5 Confirmation of transactions to a third person in circumstances where the holder of the financial product is deceased (1) Part 7.9 of the Act applies in relation to a financial product that is a relevant life policy as if section 1017F were modified or varied as follows: (a) in subparagraph (1)(b)(ii): (i) after "transaction" (first occurring), insert "(other than a transaction referred to in subparagraph (iia))"; and (ii) omit "; and", substitute "; or"; (b) after subparagraph (1)(b)(ii), insert: "(iia) for a product that is a life policy—a transaction by which the issuer of the product pays a sum of money under the product to a person (third party payee) who is not the holder of the product; and Note: Subparagraphs (b)(i) and (ii) may also apply in relation to a product that is a life policy."; (c) in subsection (1)(d), before "the holder", insert "in the case of a transaction referred to in subparagraph (b)(i) or (ii)—"; (d) after subsection (1)(d), insert: "(da) in the case of a transaction referred to in subparagraph (b)(iia)—the third party payee has not waived their right to be provided with confirmation of the transaction"; (e) in subsection (2), after "the holder", insert "(or, in the case of a transaction specified in column 2 of item 4A, the third party payee)"; (f) after item 4 of the table in subsection (2), insert: "4A transaction by which the issuer pays a sum of money under the product to a third party payee the issuer of the product"; (g) in subsections (5), (5A) and (7), after "holder" (wherever occurring), insert "or third party payee"; (h) after paragraph (8)(a), insert: "(aa) in the case of a transaction referred to in subparagraph (b)(iia), identify the third party payee;"; (i) in subparagraph (8)(c)(iii), after "holder", insert "or the third party payee". (2) Part 7.9 of the Act applies in relation to a financial product that is a relevant life policy as if subregulation 7.9.63G(2) of the Corporations Regulations 2001 were modified or varied by, after "holder", inserting "or third party payee". Part 3—Repeal 6 Repeal This instrument is repealed at the start of 1 July 2028.