1Life 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.