Life Insurance Act 1973

No. 78 of 1973

AN ACT

To amend the Life Insurance Act 1945–1965.

[Assented to 19 June 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

1. (1) This Act may be cited as the Life Insurance Act 1973.

(2)  The Life Insurance Act 1945–1965 is in this Act referred to as the Principal Act.

(3)  The Principal Act, as amended by this Act, may be cited as the Life Insurance Act 1945–1973.

Commencement.

2. (1)  Subject to sub-section (2), this Act shall come into operation on the day on which this Act receives the Royal Assent.

(2)  Sub-section 3(1) shall come into operation on a date to be fixed by Proclamation.

Interpretation.

3. (1) Section 4 of the Principal Act is amended by inserting after paragraph (a) of the definition of “life insurance business” in sub-section (1) the following paragraph:—

“(aa) business in relation to the benefits provided for its members or their dependants by an association of employees that is registered as an organization under the Conciliation and Arbitration Act 1904–1972;”.

(2)  Section 4 of the Principal Act is amended by inserting in the definition of “the Commissioner” in sub-section (1), before the word “Insurance” the word “Life”.

Interpretation.

4.  Section 4 of the Principal Act is amended by omitting from the definition of “the Court” in sub-section (1) the words “of Australia”.

Life Insurance Commissioner.

5.  Section 9 of the Principal Act is amended by omitting from sub-section (1) the word “an” and inserting in its stead the words “a Life”.

Holder of office.

6.  The person holding office immediately before the commencement of this section as Insurance Commissioner under the Principal Act holds, by force of this Act, the office of Life Insurance Commissioner under the Principal Act as amended by this Act.