216Unclaimed money

#### 216 Unclaimed money (1) Within 3 months after the end of each calendar year, a life company must give to ASIC a statement in accordance with subsection (6A) of all unclaimed money, other than unclaimed money held in RSAs (within the meaning of the Retirement Savings Accounts Act 1997), as at the end of that year. (2) A life company must not intentionally or recklessly fail to comply with subsection (1). Penalty: 50 penalty units. > Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (3) When the company gives the statement to ASIC, it must at the same time pay to the Commonwealth an amount equal to the amount of unclaimed money worked out under subsection (6). (4) If, between the end of the calendar year and the date on which the statement is given to ASIC, the company has paid any money to persons to whom the amounts were due by the company, the company must give ASIC, with the statement under subsection (1), a statement in accordance with subsection (6A) relating to the amounts so paid. (5) A life company must not intentionally or recklessly fail to comply with subsection (3) or (4). Penalty: 50 penalty units. > Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (6) For the purposes of subsection (3), the amount to be paid to the Commonwealth is an amount worked out in accordance with the formula:  where: > Statement amount means the total of unclaimed money shown in the statement referred to in subsection (1). > Money paid means the total of any amounts paid to persons to whom the amounts were due by the company between the end of the calendar year and the date on which the statement referred to in subsection (1) is given to ASIC. (6A) A statement referred to in subsection (1) or (4) is given in accordance with this subsection if the statement: (a) is given in writing; and (b) if ASIC has approved a form for giving the statement under subsection (6B): (i) is given in the approved form; and (ii) includes the information required by the form; and (ii) is accompanied by the documents (if any) required by the form; and (c) includes the information (if any) prescribed by regulations made for the purposes of this paragraph in relation to the statement; and (d) is accompanied by the documents (if any) prescribed by regulations made for the purposes of this paragraph in relation to the statement. (6B) For the purposes of paragraph (6A)(b), ASIC may, in writing, approve a form for giving a statement referred to in subsection (1) or (4). (6C) Without limiting subsection (6B), a form approved under that subsection may be: (a) the form of a statutory declaration; or (b) a form that requires a matter to be verified by a statutory declaration. (7) If: (a) unclaimed money has been paid by a company to the Commonwealth under this section; and (b) ASIC or an authorised officer certifies in writing that, apart from this section, the company or a successor company would have paid that money to a person; the Minister must: (c) cause the unclaimed money to be paid to that company; and (d) direct the company to pay the money to the person specified in the direction. (7A) If an amount is paid to a company under subsection (7) on or after 1 July 2013, the Minister must also: (a) cause to be paid to the company the amount of interest (if any) worked out in accordance with the regulations; and (b) direct the company to pay the amount to the person specified in the direction. (7B) Regulations made for the purposes of paragraph (7A)(a) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (7C) Interest under paragraph (7A)(a) does not accrue in relation to a period before 1 July 2013. (8) A direction must be in writing. (9) The company must not intentionally or recklessly fail to comply with a direction under paragraph (7)(d) or (7A)(b). Penalty: 50 penalty units. > Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (10) If a company satisfies ASIC or an authorised officer that an amount paid to the Commonwealth under this section is more than the amount that would have been payable under the policy to the policy owner, an amount equal to the excess is to be refunded to the company. (11) Subject to subsection (7), if a company pays an amount to the Commonwealth under this section, the company is, upon that payment, discharged from further liability in respect of that amount. (12) The Consolidated Revenue Fund is appropriated to the extent necessary for the purposes of this section. (13) ASIC must keep a register that contains: (a) particulars of each amount of unclaimed money specified in a statement given to ASIC for the purposes of subsection (1); and (b) particulars of the persons to whom, if this section had not been enacted, the money would have been payable. (14) The particulars referred to in paragraph (13)(b) may include a person’s tax file number. (14A) It is the intention of the Parliament that a law of a State or Territory has no effect to the extent to which it requires a life company to: (a) pay unclaimed money to, or to an authority of, a State or Territory; or (b) lodge a return relating to unclaimed money with, or with an authority of, a State or Territory. (14B) The Minister may, in writing, delegate any of the Minister’s functions or powers under this section to: (a) a non‑corporate Commonwealth entity for which the Minister is the responsible Minister; or (b) a member, or staff member, of such an entity. (15) In this section: > authorised officer means a member of staff authorised by ASIC for the purposes of this section. > non‑corporate Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013. > responsible Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013. > successor company, in relation to another company (the first company), means the company to which the life insurance business of the first company has been transferred. > unclaimed money means: (a) all sums of money that have become legally payable by a company in respect of policies; but (b) in respect of which the time within which proceedings may be taken for their recovery has expired; and includes: (c) sums of money payable on the maturity of a policy which are not claimed within: (i) 7 years; or (ii) if a greater number of years is specified in the regulations—that greater number of years; after the maturity date of the policy; and (d) any money that the company considers should be treated as unclaimed money.