Federal Register of Legislation - Australian Government

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SLI 2011 No. 48 Regulations as made
These Regulations amend the Insurance Regulations 2002, the Life Insurance Regulations 1995 and the Financial Sector (Collection of Data) Regulations 2008 to support changes made to the Act, the LI Act and the FSCODA by the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010.
Administered by: Treasury
Made 07 Apr 2011
Registered 08 Apr 2011
Tabled HR 10 May 2011
Tabled Senate 10 May 2011
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013
Table of contents.

Insurance Legislation Amendment Regulations 2011 (No. 1)1

Select Legislative Instrument 2011 No. 48

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Insurance Act 1973, the Life Insurance Act 1995 and the Financial Sector (Collection of Data) Act 2001.

Dated 7 April 2011

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

BILL SHORTEN


Contents

                        1      Name of Regulations                                                       2

                        2      Commencement                                                              2

                        3      Amendment of Insurance Regulations 2002                       2

                        4      Amendment of Life Insurance Regulations 1995                2

                        5      Amendment of Financial Sector (Collection of Data) Regulations 2008            2

Schedule 1                  Amendments of Insurance Regulations 2002                  3

Schedule 2                  Amendment of Life Insurance Regulations 1995             5

Schedule 3                  Amendment of Financial Sector (Collection of Data) Regulations 2008      6

 

 


1              Name of Regulations

                These Regulations are the Insurance Legislation Amendment Regulations 2011 (No. 1).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Insurance Regulations 2002

                Schedule 1 amends the Insurance Regulations 2002.

4              Amendment of Life Insurance Regulations 1995

                Schedule 2 amends the Life Insurance Regulations 1995.

5              Amendment of Financial Sector (Collection of Data) Regulations 2008

                Schedule 3 amends the Financial Sector (Collection of Data) Regulations 2008.


Schedule 1        Amendments of Insurance Regulations 2002

(regulation 3)

 

[1]           Regulation 7C, heading

substitute

7C           Entitlement to payment of claimant under protected policy — period for making claim

[2]           After regulation 7C

insert

7CA        Entitlement to payment of third party — period for making claim

Start day

         (1)   For subparagraph 62ZZG (1) (aa) (i) of the Act, the day on which the period mentioned in paragraph 62ZZG (1) (aa) of the Act starts in relation to:

                (a)    a person who is entitled to make a claim in relation to a recoverable amount, as described in paragraph 62ZZG (1) (a) of the Act; and

               (b)    the general insurer;

is specified in the following table.

Item

If ...

the day on which the period starts is ...

1

the person did not make a claim in relation to the recoverable amount before the Minister made the declaration, under subsection 62ZZC (1) of the Act, that Division 3 of Part VC of the Act applies in relation to the general insurer

the day on which the Minister made the declaration

2

the person made a claim in relation to the recoverable amount before the Minister made the declaration, under subsection 62ZZC (1) of the Act, that Division 3 of Part VC of the Act applies in relation to the general insurer

the day on which the person made the claim

End day

         (2)   For subparagraph 62ZZG (1) (aa) (ii) of the Act, the day on which the period mentioned in paragraph 62ZZG (1) (aa) of the Act ends is the day that occurs 12 months after the day on which the Minister made the declaration, under subsection 62ZZC (1) of the Act, that Division 3 of Part VC of the Act applies in relation to the general insurer.

Note   APRA may extend the period within which a claim may be made — see subsection 62ZZA (1) of the Act.

Schedule 2        Amendment of Life Insurance Regulations 1995

(regulation 4)

 

[1]           Regulation 4.01

omit

Schedule 3        Amendment of Financial Sector (Collection of Data) Regulations 2008

(regulation 5)

 

[1]           After regulation 4

insert

5              Financial sector agencies

                For paragraph (c) of the definition of financial sector agency in section 31 of the Act, the Australian Bureau of Statistics is prescribed.


Note

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