The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Life Insurance Supervisory Levy Determination Validation Bill 1999

No. , 1999

(Treasury)

A Bill for an Act to validate a determination made under the Life Insurance Supervisory Levy Imposition Act 1998

ISBN: 0642 405468

Contents

A Bill for an Act to validate a determination made under the Life Insurance Supervisory Levy Imposition Act 1998

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Life Insurance Supervisory Levy Determination Validation Act 1999.

2 Commencement This Act commences on the commencement of Part 1 of Schedule 12 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 2) 1999.

3 Definition In this Act:

Imposition Act means the Life Insurance Supervisory Levy Imposition Act 1998.

4 Validity of determination (1) This section applies to a determination that was purportedly made under subsection 7(3) of the Imposition Act on 11 August 1998, and was notified in the Gazette on 13 August 1998.

(2) The determination is taken, despite subsection 48(2) of the Acts Interpretation Act 1901:

(a) to have been made under subsection 7(3) of the Imposition Act; and

(b) to have been effective on and at all times after 1 July 1998.

(3) Despite paragraph (2)(b), the determination may be repealed, rescinded, revoked, amended or varied in accordance with subsection 33(3) of the Acts Interpretation Act 1901.