11Life insurance business

11 Life insurance business

(1) A reference in this Act to life insurance business is a reference to: (a) business that consists of any or all of the following: (i) the issuing of life policies; (ii) the issuing of sinking fund policies; (iii) the undertaking of liability under life policies; (iv) the undertaking of liability under sinking fund policies; and (b) any business that relates to business referred to in paragraph (a).

Note: Declarations under sections 12A and 12B have the effect of extending the kinds of business that are life insurance business for the purposes of this Act.

(2) In order to avoid doubt and without limiting paragraph (1)(b), it is declared that the reference in that paragraph to business that relates to business referred to in paragraph (1)(a) includes business relating to the investment, administration and management of the assets of a statutory fund. (3) For the purposes of this Act, the following do not constitute life insurance business: (a) business in relation to benefits provided by a trade union for its members or their dependants; (b) business in relation to the benefits provided for its members or their dependants by an association of employees that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009; (c) business in relation to any scheme or arrangement under which superannuation benefits, pensions or payments to employees or their dependants (and not to any other persons) on retirement, disability or death are provided by an employer or by employees, or by both, wholly through an organisation established by the employer or employees or by both; (d) in the case of a person who issues policies to his or her employees, and not to any other persons, in Australia, the business that consists of the issue of those policies or the undertaking of liability under those policies; (e) business in relation to a scheme or arrangement for the provision, by a person other than a life company, of benefits consisting of: (i) the provision of funeral, burial or cremation services, with or without the supply of goods connected with such services; or (ii) the payment of money, on the death of a person, for the purpose of meeting the whole or a part of the expenses of and incidental to the funeral, burial or cremation of the person; and no other benefits, except benefits incidental to the scheme or arrangement.

Note: This subsection has effect subject to sections 12A and 12B (under which certain business may be declared to be life insurance business for the purposes of this Act).