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Life Insurance Act 1995
208Relaxation of company’s obligations to surrender
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208 Relaxation of company’s obligations to surrender
(1) A life company may apply to APRA for the suspension or variation of its obligation to make payments under section 207. (2) If APRA thinks that such payments would prejudice: (a) the financial stability of the company; or (b) the interests of the policy owners of the company; APRA may, in writing, suspend or vary the company’s obligation to pay the surrender values for such period as APRA thinks fit. (3) A suspension or variation may be subject to such conditions as APRA thinks fit.