Federal Register of Legislation
Life Insurance Regulations 2024
I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.
Dated 19 February 2024
David Hurley Governor‑General
By His Excellency's Command
Stephen Jones Assistant Treasurer Minister for Financial Services
Contents Part 1—Preliminary 1 Name 2 Commencement 3 Authority 4 Definitions Part 2—Explanation of key concepts 5 Life policy—minimum terms of annuities Part 2B—Special provisions relating to Australian branches of foreign life insurance companies 6 Eligible foreign life insurance company Part 9—Transfers and amalgamations of life insurance business 7 Application for confirmation of scheme 8 Documents to be given to APRA Part 10—Provisions relating to policies 9 Interest on overdue premiums—prescribed terms 10 Unclaimed money—interest payable 11 Calculation of net claim value of policy Part 12—Application, transitional and saving provisions Division 1—Provisions relating to this instrument as originally made 12 Application of section 7 13 Application of section 8 Part 13—Dictionary 14 Definition of approved body 15 Definition of derivative 16 Definition of superannuation policy Schedule 1—Approved bodies 1 Approved bodies
Part 1—Preliminary
1 Name This instrument is the Life Insurance Regulations 2024.
2 Commencement (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this instrument 1 March 2024. 1 March 2024
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