{"id":"F2012L02401","name":"Life Insurance Amendment Regulation 2012 (No. 1)","slug":"life-insurance-amendment-regulation-2012-no-1","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"311 of 2012","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":90381,"registerId":"commonwealth-F2012L02401-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Life Insurance Amendment Regulation 2012 (No. 1)","content":"![Commonwealth Coat of Arms](image.001.png)\n\nLife Insurance Amendment Regulation 2012 (No. 1)1\n\nSelect Legislative Instrument 2012 No. 311\n\nI, 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.\n\nDated 6 December 2012\n\nQUENTIN BRYCE\n\nGovernor-General\n\nBy Her Excellency’s Command\n\nDAVID BRADBURY\n\nAssistant Treasurer\n\n1 Name of regulation\n\nThis regulation is the Life Insurance Amendment Regulation 2012 (No. 1).\n\n2 Commencement\n\n(1) This regulation commences on the day notified by the Minister in an instrument.\n\n(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.\n\n3 Amendment of Life Insurance Regulations 1995\n\nSchedule 1 amends the Life Insurance Regulations 1995.\n\nSchedule 1 Amendment\n\n(section 3)\n\n\\[1\\] Regulation 2B.01\n\nsubstitute\n\n2B.01 Eligible foreign life insurance company\n\nFor paragraph 16ZD (1) (e) of the Act, the condition is that:\n\n(a) the body corporate:\n\n(i) is authorised to carry on life insurance business in the United States of America; and\n\n(ii) is incorporated in the United States of America; or\n\n(b) the body corporate:\n\n(i) is authorised to carry on life insurance business in New Zealand; and\n\n(ii) is incorporated in New Zealand.\n\n> Note\n\n> 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](http://www.comlaw.gov.au/).","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2092},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This regulation remains tightly focused on its original purpose of specifying eligibility criteria for foreign life insurance companies under section 16ZD of the Life Insurance Act 1995. It does not expand beyond this technical definitional role."},"complexity_factors":["Single amendment substituting only one regulation","Simple alternative test with two clear conditions (USA or New Zealand)","No defined terms or interpretation provisions within the instrument","No nested exceptions or conditional logic","Minimal cross-referencing (only to section 16ZD of the Act)"],"plain_english_summary":"This regulation specifies which foreign life insurance companies can operate in Australia under special streamlined rules. It updates the **Life Insurance Regulations 1995** to state that a company qualifies as an \"eligible foreign life insurance company\" only if it is:\n\n*   **From the United States:** Incorporated in the USA and authorised to conduct life insurance business there; **or**\n*   **From New Zealand:** Incorporated in New Zealand and authorised to conduct life insurance business there.\n\nThis affects overseas insurers wanting to sell life insurance in Australia without setting up a full local subsidiary. By specifically naming the USA and New Zealand, the regulation recognises these countries as having equivalent regulatory standards to Australia."}},"importantCases":[],"_links":{"self":"/api/acts/life-insurance-amendment-regulation-2012-no-1","history":"/api/acts/life-insurance-amendment-regulation-2012-no-1/history","analysis":"/api/acts/life-insurance-amendment-regulation-2012-no-1/analysis","conflicts":"/api/acts/life-insurance-amendment-regulation-2012-no-1/conflicts","importantCases":"/api/acts/life-insurance-amendment-regulation-2012-no-1/important-cases","documents":"/api/acts/life-insurance-amendment-regulation-2012-no-1/documents"}}