1ASIC Corporations (Design and Distribution Obligations—Reissued Life Policies Class Exemption) Instrument 2023/183

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ASIC Corporations (Design and Distribution Obligations—Reissued Life Policies Class Exemption) Instrument 2023/183

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 14 March 2023

 

 

Rhys Bollen

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemption

5 Exemption for the reissue of life policies originally issued before 5 October 2021

6 Exemption for the reissue of life policies originally issued on or after 5 October 2021

Part 3—Repeal

7 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Design and Distribution Obligations—Reissued Life Policies Class Exemption) Instrument 2023/183.

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 994L(2)(b) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

owner, in relation to a life policy, has the same meaning as in subsection 10(2) of the Life Insurance Act 1995.

Part 2—Exemption

5 Exemption for the reissue of life policies originally issued before 5 October 2021

(1) Part 7.8A of the Act does not apply in relation to a contract (the reissued policy) that constitutes a life policy in relation to which all of the following apply: