Commonwealth legislation

Life Insurance Amendment Regulation 2012 (No. 1)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

311 of 2012

Collection

legislative instrument

Plain English Summary

1/10 complexity

This regulation specifies which foreign life insurance companies can operate in Australia under special streamlined rules. It updates the Life Insurance Regulations 1995 to state that a company qualifies as an "eligible foreign life insurance company" only if it is:

From the United States: Incorporated in the USA and authorised to conduct life insurance business there; or
From New Zealand: Incorporated in New Zealand and authorised to conduct life insurance business there.

This affects overseas insurers wanting to sell life insurance in Australia without setting up a full local subsidiary. By specifically naming the USA and New Zealand, the regulation recognises these countries as having equivalent regulatory standards to Australia.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Life Insurance Amendment Regulation 2012 (No. 1).

Life Insurance Amendment Regulation 2012 (No. 1)

Commonwealth Coat of Arms

Life Insurance Amendment Regulation 2012 (No. 1)1

Select Legislative Instrument 2012 No. 311

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Life Insurance Act 1995.

Dated 6 December 2012

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

DAVID BRADBURY

Assistant Treasurer

1 Name of regulation

This regulation is the Life Insurance Amendment Regulation 2012 (No. 1).

2 Commencement

(1) This regulation commences on the day notified by the Minister in an instrument.

(2) An instrument made under subsection (1) is a legislative instrument, but neither section 42 (disallowance) nor Part 6 (sunsetting) of the Legislative Instruments Act 2003 applies to the instrument.

3 Amendment of Life Insurance Regulations 1995

Schedule 1 amends the Life Insurance Regulations 1995.

Schedule 1 Amendment

(section 3)

[1] Regulation 2B.01

substitute

2B.01 Eligible foreign life insurance company

For paragraph 16ZD (1) (e) of the Act, the condition is that:

(a) the body corporate:

(i) is authorised to carry on life insurance business in the United States of America; and

(ii) is incorporated in the United States of America; or

(b) the body corporate:

(i) is authorised to carry on life insurance business in New Zealand; and

(ii) is incorporated in New Zealand.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Life Insurance Amendment Regulation 2012 (No. 1)