77Financial year of a life company

#### 77 Financial year of a life company (1) Subject to subsection (6), the financial year of an existing life company is the period that, immediately before the commencement of this Act, was the financial year of the company under the Life Insurance Act 1945. (2) Subject to subsection (6), the financial year of any other life company is the period nominated by the company for the purposes of section 20. (3) A life company may give APRA written notice that it wishes to change its financial year. (4) A notice must specify: (a) the period that is to be treated as the first financial year of the company commencing after the giving of the notice; and (b) the period that is to constitute the second and subsequent financial years of the company after the giving of the notice. (5) The period specified for the purpose of paragraph (4)(a) may exceed 12 months but must not exceed 15 months. (6) If APRA approves the change proposed in a notice, the periods specified in the notice become financial years of the company. (7) If a period specified in a notice for the purpose of paragraph (4)(a) commences after the first day of a period (the existing financial year) that would, if the notice had not been given, have constituted a financial year of the company, the portion of the existing financial year before that commencement constitutes a financial year of the company.