Div 4Additional requirements for transfer of policies between statutory funds by endorsement

Division 4—Additional requirements for transfer of policies between statutory funds by endorsement

24 Paragraph 55(2)(b)

Before “either”, insert “because of an endorsement as mentioned in subsection 35(4),”.

Note: The heading to section 55 is replaced by the heading “Additional requirements for transfer of policies between statutory funds by endorsement”.

25 Subsection 55(3)

After “If”, insert “, because of an endorsement as mentioned in subsection 35(4)”.

26 Part 5 (heading)

Part 5—Solvency and capital standards

27 After subsection 70(1)

(1A) The capital adequacy standard may be so expressed as to set different standards of capital adequacy:

(a) for statutory funds of different companies; or

(b) for different classes of statutory funds; or

(c) to have effect in relation to a statutory fund in circumstances specified in the capital adequacy standard.

(1B) Without limiting subsections (1) and (1A), the capital adequacy standard may provide that, in specified circumstances, a life company is taken to comply with the capital adequacy standard in respect of a statutory fund if it complies with the solvency standard under Division 1 in respect of the statutory fund.

28 Subsection 73(1)

After “owners”, insert “and prospective owners”.

29 At the end of Part 5

Add:

Division 3—Management capital standard