Life Insurance Amendment Regulation 2012 (No. 1)1

Select Legislative Instrument 2012 No. 311

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Life Insurance Act 1995.

Dated 6 December 2012

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

DAVID BRADBURY

Assistant Treasurer

1 Name of regulation

  This regulation is the Life Insurance Amendment Regulation 2012 (No. 1).

2 Commencement

 (1) This regulation commences on the day notified by the Minister in an instrument.

 (2) An instrument made under subsection (1) is a legislative instrument, but neither section 42 (disallowance) nor Part 6 (sunsetting) of the Legislative Instruments Act 2003 applies to the instrument.

3 Amendment of Life Insurance Regulations 1995

  Schedule 1 amends the Life Insurance Regulations 1995.

Schedule 1 Amendment

(section 3)

[1] Regulation 2B.01

substitute

2B.01 Eligible foreign life insurance company

  For paragraph 16ZD (1) (e) of the Act, the condition is that:

 (a) the body corporate:

 (i) is authorised to carry on life insurance business in the United States of America; and

 (ii) is incorporated in the United States of America; or

 (b) the body corporate:

 (i) is authorised to carry on life insurance business in New Zealand; and

 (ii) is incorporated in New Zealand.

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.