4Insurance and Superannuation Commissioner

##### 4 Insurance and Superannuation Commissioner (1) There shall be an Insurance and Superannuation Commissioner who shall be appointed by the Governor-General. (2) A person who has attained the age of 65 years shall not be appointed as Commissioner, and a person shall not be appointed as Commissioner for a period that extends beyond the day on which the person will attain the age of 65 years. (3) A person who is: (a) a director or employee of a body corporate that carries on insurance business or life insurance business in Australia, or of a body corporate that is related to such a body corporate; (b) a trustee of a superannuation fund, a pooled superannuation trust or an approved deposit fund; or (c) a director or employee: (i) of a body corporate that is a trustee of a superannuation fund, a pooled superannuation trust or an approved deposit fund; or (ii) of a body corporate that is related to a body corporate that is such a trustee; or (d) a director or employee of an RSA provider, or of a body corporate that is related to an RSA provider; shall not be appointed as Commissioner. (4) For the purposes of subsection (3), the question whether bodies corporate are related to each other shall be determined in the same manner as the question whether corporations, within the meaning of the Companies Act 1981, are related to each other would be determined under that Act if, in section 7 of that Act: (a) the reference to a corporation that is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of another corporation were a reference to a corporation that is in a position to cast, or control the casting of, more than one-quarter of that number of votes; and (b) the reference to a corporation holding more than one-half of the issued share capital of another corporation were a reference to a corporation holding more than one-quarter of the issued share capital of another corporation.