Life Insurance Regulations 1995

These regulations are the Life Insurance Regulations 1995.

In these regulations:

Act means the Life Insurance Act 1995.

CPI means the Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Bureau of Statistics.

Friendly Societies Code has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

transfer date has the meaning given by section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

World Trade Organization Agreement means the Marrakesh Agreement establishing the World Trade Organization, done at Marrakesh on 15 April 1994.

Note: The Agreement is in Australian Treaty Series 1995 No. 8 ([1995] ATS 8) and could in 2015 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Part 2—Explanation of key concepts

2.01 Contract to pay annuity—term prescribed

For the purposes of paragraph 9(1)(d) of the Act, the term of 10 years is prescribed as the term that the term of an annuity paid under a contract must exceed for the contract to constitute a life policy.

Part 2A—Special provisions relating to life companies that are friendly societies

2A.01 Modifications of the Act in its application to friendly societies

The Act is modified in its application to friendly societies as set out in Schedule 5.

Note: The Act applies to friendly societies subject to the provisions of Part 2A of the Act. See also section 16ZC of the Act.

Part 2B—Special provisions relating to Australian branches of foreign life insurance companies

2B.01 Eligible foreign life insurance company

(1) For paragraph 16ZD(1)(e) of the Act, the conditions are any of the following:

(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;

(b) the body corporate:

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

(ii) is incorporated in New Zealand;

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

(ii) is incorporated in Japan;

(d) the body corporate:

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

(ii) is incorporated in Korea;

(e) the body corporate:

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

(ii) is incorporated in China.

(2) In paragraph (1)(e), a reference to China does not include a reference to the following members of the World Trade Organization established by the World Trade Organization Agreement:

(a) Hong Kong, China;

(b) Macao, China;

Part 4—Statutory funds of life companies

4.00 Notice of establishment of statutory fund

(1) A notice under paragraph 33(1)(d) of the Act of the establishment of a statutory fund must contain particulars of:

(a) the classes of life insurance business to be carried on by the company within the fund; and

(b) the categories of life insurance business to be carried on by the company within each of those classes; and

(d) proposed financing arrangements for the writing of new life insurance business to which the fund relates; and

(e) projections of the life insurance business to which the fund relates for whichever is greater of the following periods:

(i) the period of the financing arrangements for that business; or

(ii) 10 years; and

(f) a statement of the accuracy of the particulars referred to in paragraph (e) by the appointed actuary of the company.

(2) For the purposes of subsection 33(2) of the Act, the notice must be given in writing within 14 days after establishment of the fund.

(3) This regulation does not apply to a life company that is a friendly society.

4.00A Charges over the assets of statutory funds: derivative contracts (Act, s 38(3)(c))

(1) A life company may give a charge over, or in relation to, an asset of a statutory fund if:

(a) the charge is given in relation to a derivative to which either of the following is a party:

(i) the life company;

(ii) another person (the agent) acting on behalf of, on the instructions of, on account of or for the benefit of the life company; and

(b) the charge complies with subregulation (1A), (1B) or (1C); and

(i) policies for the use of derivatives that include an analysis of the risks associated with the use of derivatives within the investment strategy of the company; and

(ii) controls on the use of derivatives that take into consideration the expertise of staff; and

(iii) compliance processes to ensure that the controls are effective (for example, reporting procedures, internal and external audits and staff management procedures); and

(d) the investment to which the charge relates is made in accordance with the risk management statement.

(1A) A charge complies with this subregulation if it is given in order to comply with a requirement, in either of the following, that the performance of obligations in relation to the derivative be secured:

(a) rules governing the operation of an approved body (as defined in subregulation (2));

(b) a law of the Commonwealth, a State, a Territory or a foreign country (including a part of a foreign country) that applies to dealings in the derivative.

(1B) A charge complies with this subregulation if:

(a) it is given in favour of the agent; and

(b) the agent enters into an arrangement that is a derivative on behalf of, on the instructions of, on account of or for the benefit of the life company; and

(c) the agent is obliged under either of the following to keep the property of the life company separate from the property of the agent:

(i) rules governing the operation of an approved body (as defined in subregulation (2));

(ii) a law of the Commonwealth, a State, a Territory or a foreign country (including a part of a foreign country) that applies to dealings in the derivative; and

(d) the agent is under an obligation, or but for a netting‑off would be under an obligation, to transfer property to another entity in relation to the derivative; and

(e) the charge is given over an asset or assets of the statutory fund, to secure the performance of an obligation or obligations in relation to the derivative.

(1C) A charge complies with this subregulation if:

(a) the asset over which the charge is given is financial property; and

(b) the obligations secured by the financial property are any of the following:

(i) an obligation of the life company that relates to the derivative;

(ii) an obligation of the life company to pay interest on an obligation covered by subparagraph (i);

(iii) an obligation of the life company to pay costs and expenses incurred in connection with enforcing a charge given in respect of an obligation covered by subparagraph (i) or (ii); and

(i) the secured person; or

(ii) another person (who is not the life company), on behalf of the secured person, under the terms of an arrangement evidenced in writing.

(1D) For the purposes of paragraph (1C)(c), financial property is taken not to be in the possession or control of a person mentioned in that paragraph if, under the charge, the life company is free to deal with the financial property in the ordinary course of business until the person’s interest in the financial property becomes fixed and enforceable.

(1E) Without limiting paragraph (1C)(c), financial property is taken to be in the possession of a person for the purposes of that paragraph if:

(a) in a case where there is an issuer of the financial property—the person is registered by, or on behalf of, the issuer as the registered owner of the financial property; or

(b) in a case where the financial property is intermediated financial property—the person is the person in whose name the intermediary maintains the account.

(1F) Without limiting paragraph (1C)(c), financial property is taken to be under the control of a person for the purposes of that paragraph if:

(a) the financial property is intermediated financial property; and

(b) the intermediary is not the life company (but may be the secured person or any other person); and

(c) there is an agreement in force between the intermediary and one or more other persons, one of which is the secured person or the life company; and

(d) the agreement has one or more of the following effects:

(i) the person in whose name the intermediary maintains the account is not able to transfer or otherwise deal with the financial property;

(ii) the intermediary must not comply with instructions given by the life company in relation to the financial property without seeking the consent of the secured person (or a person who has agreed to act on the instructions of the secured person);

(iii) the intermediary must comply, or must comply in one or more specified circumstances, with instructions (including instructions to debit the account) given by the secured person in relation to the intermediated financial property without seeking the consent of the life company (or any person who has agreed to act on the instructions of the life company).

(1G) Without limiting paragraph (1C)(c), the fact that the life company retains a right of one or more of the following kinds does not of itself stop that paragraph from being satisfied:

(a) right to receive and withdraw income in relation to the financial property;

(b) right to receive notices in relation to the financial property;

(d) right to substitute other financial property that the parties agree is of equivalent value for the financial property;

(e) right to withdraw excess financial property;

(f) right to determine value of financial property.

(2) In this regulation:

approved body means a body mentioned in Schedule 7.

derivative means any of the following:

(a) a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);

(b) a foreign exchange contract (within the meaning of that Act);

(c) an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities;

but does not include any arrangement that is of a kind mentioned in subregulation 6(2) of the Payment Systems and Netting Regulations 2001.

Note: Subregulation 6(2) of the Payment Systems and Netting Regulations 2001 identifies obligations that are not eligible obligations in relation to a close‑out netting contract. The arrangements mentioned include credit facilities, reciprocal purchase agreements (otherwise known as repurchase agreements), sell‑buyback arrangements, securities loan arrangements, contracts of insurance and managed investment schemes.

financial property has the same meaning as in the Payment Systems and Netting Act 1998.

intermediary has the same meaning as in paragraph (h) of the definition of financial property in section 5 of the Payment Systems and Netting Act 1998.

intermediated financial property has the same meaning as in the Payment Systems and Netting Act 1998.

4.00B Charges over the assets of approved benefit funds (Act s 38(3)(c))

(1) This regulation applies to a friendly society whose approved benefit fund rules provide that the society may apply the assets of an approved benefit fund, or mortgage or charge those assets.

(2) The friendly society may apply the assets of an approved benefit fund, or mortgage or charge those assets, if the application, mortgage or charge is made for the advantage of the approved benefit fund, in accordance with the approved benefit fund rules.

(3) Subregulation (2) does not apply to a charge over, or in relation to, an asset of an approved benefit fund that satisfies the requirements of subregulation 4.00A(1).

4.01A Prohibited investments

For the purposes of paragraph 43(3)(d) of the Act, an investment of assets of a statutory fund of a life company in a subsidiary of that life company is prohibited if:

(a) the assets of the company that are invested in that subsidiary exceed twice the sum of:

(i) if the company is not an eligible foreign life insurance company:

(A) the assets of the statutory fund that are invested in the subsidiary; and

(B) the assets of any other statutory funds of the company that are invested in the subsidiary; or

(ii) if the company is an eligible foreign life insurance company:

(A) the assets of the statutory fund that are invested in the subsidiary; and

(B) the assets of any other fund, approved by APRA, invested in the subsidiary; or

(b) the assets of the statutory fund that are invested in that subsidiary are re‑invested, whether directly or indirectly, through 1 or more interposed bodies corporate, trusts or partnerships, with a company that is related to the company (other than as a subsidiary).

Part 9—Transfers and amalgamations of life insurance business

9.01 Copy of scheme for transfer etc. to be given to APRA

For the purposes of paragraph 191(2)(a) of the Act, a copy of:

(a) the scheme; and

(b) each actuarial report on which the scheme is based;

must be given to APRA before a notice of intention to apply to the Court for confirmation of the scheme is published in accordance with subsection 191(2A) of the Act.

9.02 Notice of intention to apply for confirmation of scheme

(2) For the purposes of paragraph 191(2A)(c) of the Act, a notice of intention to make an application for confirmation of a scheme must:

(a) state that an affected policy owner may get a copy of the scheme from the place, within the times, and for the period, set out in subregulation (4); and

(b) give the address of each place at which a copy of the scheme may be obtained.

(3) The notice must be published by the applicant under paragraph 191(2A)(b) of the Act before the scheme is released for public inspection under subregulation (4).

(4) A copy of the scheme must be open for public inspection from 9.00 a.m. until 5.00 p.m. every day (except weekends and public holidays), for a period of at least 15 days, at:

(a) an office of the applicant; or

(b) another location approved, in writing, by APRA;

in each State and Territory in which there is a register of life policies that includes the relevant policy of an affected policy owner:

Note 1: A life company must have a register of life policies for each State and Territory in which it carries on life insurance business: subsection 226 (1) of the Act.

Note 2: An affected policy owner is the owner of a policy that is referable to a statutory fund affected by a scheme: subsection 191 (1) of the Act.

9.03 Application for confirmation of scheme

(1) For the purposes of subsection 193(2) of the Act, an application to the Court for confirmation of a scheme may be made no earlier than whichever is the later of:

(a) the day after the day on which the period referred to in subregulation 9.02(4) ends; or

(b) unless the Court dispenses with the need for compliance with paragraph 191(2)(c) of the Act—15 days after the approved summary of the scheme has been given to every affected policy owner under that paragraph.

Note: The Court may dispense with the need to comply with paragraph 191(2)(c) of the Act in relation to a particular scheme if it is satisfied that, because of the nature of the scheme or the circumstances attending its preparation, it is not necessary that the paragraph be complied with: subsection 191(5) of the Act.

9.04 Documents to be lodged with APRA

(1) For the purposes of subsection 197(1) of the Act, a company to which life insurance business is transferred, or with whose life insurance business any part of the business of another company is amalgamated must give APRA the following documents:

(a) a statement of the nature and terms of the transfer or amalgamation;

(b) a certified copy of each of the following documents:

(i) the scheme providing for the transfer or amalgamation;

(ii) an actuarial report, or other report, on which the scheme, and the agreement or deed, are founded;

(iii) the agreement or deed under which the transfer or amalgamation is effected;

(iv) the Court order confirming the scheme;

(v) a statement of the assets and liabilities of each company associated with the transfer or amalgamation;

(i) setting out, in relation to the transfer or amalgamation:

(A) each payment made; and

(B) a reasonable estimate of each payment to be made; and

(ii) stating that he or she reasonably believes that no other payment has been made, or will be made, by, or with the knowledge of, a party to the transfer or amalgamation.

(2) For the purposes of subsection 197(2) of the Act, and subject to subregulation (3), the documents must be lodged within 30 days after the transfer or amalgamation is completed.

(3) A company may apply, in writing, to APRA, before the end of the period referred in subregulation (2), for an extension of the time in which to lodge the documents.

(4) If APRA believes that the company cannot reasonably provide the documents within the period referred to in subregulation (2), APRA must, within 14 days of receiving an application:

(a) give an extension, of no longer than 30 days, to the company, to provide the documents; and

(b) so inform the company in writing.

Part 10—Provisions relating to policies

10.01 Assignment of life policy—prescribed form

For the purposes of paragraph 200(2)(a) of the Act, Form 2 in Schedule 4 is prescribed as the form of memorandum of transfer for the purpose of assigning rights under a life policy (other than a policy that is issued by a friendly society).

10.02 Notice of change of trustee of life policy

For the purposes of subsection 203(2) of the Act, a notice that a person is the trustee of a life policy must be in the form of a statutory declaration.

10.04 Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206(3))

Division 4 of Part 10 of the Act (relating to surrender values, paid‑up policies and non‑forfeiture of policies) applies to a class of life policies specified in an item in Schedule 2 subject to the modifications specified in that item.

10.05 Interest on overdue premiums—prescribed terms

For the purposes of subsection 210(3) of the Act, the least favourable terms on which interest may be charged on overdue premiums is the interest rate worked out by the following formula:

where:

XYB is the mean, rounded to the lower 0.25%, of the 10 year Treasury Bond yields (as shown in figures supplied by the Reserve Bank of Australia) at the end of each of the 6 successive half financial years ended before the date of calculation.

10.05A Unclaimed money—statements

(1) For the purposes of this regulation:

(a) a statement that contains 50 or more items must be recorded on computer disk; and

(b) a statement that contains less than 50 items must be recorded either in writing or on computer disk.

(2) A statement under subsection 216(1) of the Act of unclaimed money as at the end of a calendar year:

(a) if it is in writing—must be in accordance with Form 3 in Schedule 4; or

(b) if it is recorded on computer disk—must contain particulars of the number and total value of unclaimed policies and particulars, for each policy for which money is unclaimed, of:

(i) the policy number; and

(ii) the full name of the life or lives insured; and

(iii) the last known address of the life or lives insured; and

(iv) the full name of the policy owner; and

(v) the last known address of the policy owner; and

(vi) the amount due to the policy owner; and

(vii) the date the amount became due; and

(viii) the State or Territory for which the policy is registered.

(3) A statement under subsection 216(4) of the Act of money paid between the end of the calendar year and the date on which the statement is given to ASIC:

(a) if it is in writing—must be in accordance with Form 4 in Schedule 4; or

(b) if it is recorded on computer disk—must contain particulars of the number and total value of policies claimed and particulars, for each policy for which money has been paid, of:

(i) the policy number; and

(ii) the full name of the claimant; and

(iii) the date of the claim; and

(iv) the date the claim was paid; and

(v) the amount paid.

(4) A statement recorded on computer disk must be accompanied by a lodgment form in accordance with Form 5 in Schedule 4.

(5) A life company must notify ASIC in writing if there is no unclaimed money.

10.05AA Unclaimed money—interest payable

(1) This regulation sets out how to work out the interest for paragraph 216(7A)(a) of the Act.

(2) If the unclaimed money is paid to the Commonwealth in more than one payment, the interest is to be worked out separately for each payment.

(3) The interest is to be worked out for the period (the interest period) that:

(a) starts on the later of:

(i) 1 July 2013; and

(ii) the day when the unclaimed money was paid to the Commonwealth; and

(b) ends on the 14th day after the Treasurer last authorised the unclaimed money to be paid under subsection 216(7) of the Act.

(4) The interest is to be worked out by adding together the interest for each financial year during the interest period.

(5) The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:

$Start formula start fraction Amount times Days interest payable times Interest rate over Days in the financial year end fraction end formula$

where:

amount means the amount of unclaimed money plus the interest (if any) worked out for each earlier financial year for which interest is payable.

days interest payable means the number of days in the financial year for which interest is payable.

days in the financial year means the number of days in the financial year.

interest rate, for a financial year, means:

(a) the percentage change in the All Groups CPI between the 2 March quarters most recently published before the first day of the financial year (rounded up to 4 decimal places); or

(b) if that percentage change is less than 0%—0%.

10.05B Public notice of unclaimed moneys

ASIC may publish, in any form, information contained in a statement given to ASIC for the purposes of section 216 of the Act, by including any or all of the particulars given in the statement in relation to the unclaimed moneys.

10.06 Calculation of net claim value of policy

(1) For the purposes of subsection 223(2) of the Act, the net claim value of a policy:

(a) that has matured; or

(b) under which the life insured has died;

is the amount payable in respect of the claim on the happening of the contingency, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.

(2) For the purposes of that subsection, the net claim value of a policy, other than a policy described in subregulation (1), at a particular time, is the amount payable in respect of the claim as if the policy had voluntarily been terminated at that time, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.

Part 11—Miscellaneous

11.01 Fee for inspection or copying of documents

(1) For the purposes of subsection 243(2) of the Act, a fee of $10 is prescribed as the fee to inspect a financial statement or an annual statistical return given to APRA under subsection 118(2) of the Act.

(2) Subject to subregulation (3), for the purposes of that subsection, a fee of $1 a page is prescribed as the fee for copying the whole, or part of, a document referred to in subregulation (1).

(3) In relation to a particular request to copy documents of a company in respect of a financial year, if the fee payable under subregulation (2) would exceed $60, the maximum fee payable for that copying is $60.

Part 13—Dictionary

13.02 Definition of superannuation policy—dictionary

For the purposes of paragraph (b) of the definition of superannuation policy in the Schedule to the Act, a life policy included in any of the following kinds of policies is declared to be a superannuation policy for the purposes of the Act:

(a) a policy of any of the following kinds that is maintained for the purposes of superannuation or retirement:

(i) an immediate annuity policy;

(ii) a deferred annuity policy;

(iii) an allocated annuity policy;

(b) a policy that is owned by the trustee of a scheme, being a scheme that is:

(i) an approved deposit fund; or

(ii) a pooled superannuation trust;

Part 14—Transitional arrangements

Division 14.1—Transitional arrangements arising out of the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016

14.01 Arrangements

The amendments of these Regulations made by items 1 to 5 of Schedule 1 to the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 apply to charges given on and after the commencement of this regulation.

Item	Class of life policy	Description of policy within the class	Modification of application of Division 4 of Part 10 of the Act
1	Increased ordinary	An ordinary policy under which the contract of insurance (the original contract) is varied at the request of the policy owner, by increasing: (a) both the amount of the sum insured and the amount of each premium; or (b) if additional amounts of premium are paid—the amount of the sum insured.	Section 210 of the Act is taken to apply to an increase of the original contract as if the increase were a policy: (a) that was effected on the date of the increase; and (b) under which the sum insured is the amount of the increase; and (c) under which the period for which premiums have been paid started on the date of the increase.
2	Industrial	A policy that, immediately before the commencement of the Act, was an industrial policy within the meaning of subsection 4 (1) of the Life Insurance Act 1945 and that is treated as ordinary business under the Act.	Despite section 210 of the Act, section 101 of the Life Insurance Act 1945, as in force immediately before the commencement of the Act, continues to apply to policies to which that section applied at that time.

Form 5—Unclaimed money disk lodgment form

(subregulation 10.05A(4))

Life Insurance Act 1995

Unclaimed money for year ended:

Company:

Return address:

Contact officer:

Telephone:

Number of disks:

Creation date:

Original or replacement:

Number

Value

Unclaimed policies at the end of the year:

Policies claimed since the end of the year:

Certification: The information contained on the accompanying disks is that required by section 216 of the Life Insurance Act 1995 as the statement of unclaimed money, and money paid after the end of the calendar year.

Signed: Dated:

(Principal Executive Officer of the life company or a person authorised by the Principal Executive Officer)

Schedule 5—Modifications of the Act in relation to friendly societies

(regulation 2A.01)

1 Section 15

omit

2 Paragraph 30(f)

substitute

(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.

3 Subsection 35(1)

omit

4 Subsection 35(2)

omit

A policy document

insert

Approved benefit fund rules

5 Subsections 35(3), (4) and (5)

omit

6 Paragraph 36(b)

omit

7 Paragraph 38(2)(c)

omit

Division 6

insert

Division 5

8 Subsection 38(7)

omit

or 6.

insert

or 5.

9 Subsection 45(1)

omit

or 6.

insert

or 5.

10 Part 4, Divisions 5 and 6

substitute

Division 5 Distribution of surplus in approved benefit fund

56 Distribution of surplus

(1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do 1 or more of the following:

(a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;

(b) transfer all or part of the surplus to another approved benefit fund of the society;

(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45(3).

(3) A distribution under subsection (1) must comply with any applicable prudential standard.

14 Sections 75 and 76

substitute

75 Financial records—friendly societies

A friendly society must keep such records of the income and outgoings of the management fund and each approved benefit fund of the society as will record properly the affairs and transactions of the society in respect of each fund.

15 Section 81

omit

If a life company

insert

(1) If a friendly society

16 Section 81

insert

(2) However, unless Prudential Rules, prudential standards or reporting standards otherwise require, subsection (1) does not apply to the treatment of an asset of the management fund of the friendly society.

17 Paragraph 82(5)(c)

substitute

(i) for financial statements prepared for subsection (1)—within the period required by subsection 118(3); and

(ii) in any other case—within 3 months after the time as at which they are prepared.

22 Subsection 134(4)

substitute

(4) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding‑up of the society; or

(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180(2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

23 Subsection 150(9)

substitute

(9) A direction to a friendly society ceases to have effect if:

(a) an order is made for the winding‑up of the society; or

(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180(2), and APRA:

(i) is notified of the special resolution; and

(ii) gives written permission to the society for the direction to cease to have effect.

24 Subsection 198(1)

omit

or policy document

25 Paragraph 201(1)(b)

omit

or endorsed on the policy

26 Subsection 213(2)

omit everything after paragraph (b), insert

the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1)(a) and that the requirements of the rules are followed.

27 Subsection 213(3)

omit

The company may endorse the policy

insert

However, the company may register the applicant

28 Part 10, Division 7

omit

29 Subsection 226(1)

substitute

(1) A friendly society must keep a register of members for each approved benefit fund of the society.

(1A) The register must include:

(a) the name and address of each member of the approved benefit fund; and

(b) the date of each member’s admission to membership; and

(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.

(1C) A society that, immediately before the transfer date, did not keep its register in parts as described in subsection (1B) must comply with that subsection:

(a) within 18 months starting on the transfer date; or

(b) a longer period that APRA, in writing, allows.

30 Section 227

omit

31 Subsection 229(2)

omit

32 Section 242

omit

34 Schedule—Dictionary, after definition of life policy

insert

management fund, for a friendly society, means the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund of the society.

35 Schedule—Dictionary, after definition of spouse

insert

SSA has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

36 Schedule—Dictionary, after definition of trade union

insert

transfer date has the meaning given by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

Schedule 7—Approved bodies

Note: See the definition of approved body in subregulation 4.00A(2).

1 Approved bodies

Each body in the following table is an approved body for the purposes of regulation 4.00A.

Approved bodies
Item	Body
1A	AB NASDAQ Vilnius (XLIT)
1	ASX24 (formerly known as Sydney Futures Exchange)
2	ASX Clear (Futures) Pty Limited
3	ASX Clear Pty Limited
4	ASX operated by ASX Limited
5	Athens Exchange (ATHEX)
6	Athens Exchange Clearing House (ATHEX Clear)
7	BATS BZX Options Exchange
8	BME Clearing
9	BM&FBOVESPA
10	Bombay Stock Exchange
11	Borsa Istanbul
11A	Borsa Istanbul Futures & Options Market
12	Boston Options Exchange
13	Bourse de Montréal
14	Budapesti Értéktözsde
15	Bursa Malaysia Derivatives (BMD)
16	Cantor Clearinghouse, L.P.
17	Cassa di Compensazione e Garanzia S.p.A (CCG)
18	CBOE Futures Exchange
19	CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (CCP .A)
20	CDSClear operated by LCH.Clearnet SA
21	CEGH Gas Exchange of Vienna Stock Exchange
22	Central Depository (Pte) Limited
23	Chicago Board of Trade (CBOT)
24	Chicago Board Options Exchange (CBOE)
25	Chicago Climate Futures Exchange
26	China Financial Futures Exchange (CFFEX)
27	CME Clearing
28	CME Clearing Europe (CMECE)
28A	CommodityClear operated by LCH.Clearnet Limited
29	Commodity Exchange (COMEX) operated by New York Mercantile Exchange, Inc.
30	Dalian Commodity Exchange
31	Dubai Gold & Commodities Exchange (DGCX)
32	Dubai Mercantile Exchange (DME)
33	Electronic Liquidity Exchange operated by ELX Futures LP
35	EPEX SPOT SE
36	Eurex Clearing AG
37	Eurex Deutschland
37A	EuroGCplus operated by LCH.Clearnet SA
38	Euronext Amsterdam Derivatives Regulated Market operated by Euronext Amsterdam NV
39	Euronext Amsterdam Securities Regulated Market operated by Euronext Amsterdam NV
40	Euronext Brussels Derivatives Regulated Market operated by Euronext Brussels SA/NV
41	Euronext Brussels Securities Regulated Market operated by Euronext Brussels SA/NV
42	Euronext Lisbon Derivatives Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
43	Euronext Lisbon Securities Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
44	Euronext London Securities Regulated Market operated by Euronext London Limited
45	Euronext Paris Derivatives Regulated Market by Euronext Paris S.A.
46	Euronext Paris Securities Regulated Market by Euronext Paris S.A.
47	Euronext Paris MATIF (Marché à Terme International de France) (XMAT)
48	Euronext Paris MONEP (Marché des Options Négociables de Paris) (XMON)
49	European Central Counterparty N.V. (EuroCCP)
50	European Climate Exchange (ECX)
51	European Commodity Clearing AG
52	European Energy Exchange (EEX)
53	ForexClear operated by LCH.Clearnet Limited
54	HKFE Clearing Corporation Limited (HKCC)
55	Hong Kong Exchange and Clearing Ltd (HKEX)
56	Hong Kong Futures Exchange Limited (HKFE)
57	Hong Kong Securities Clearing Company Limited (HKSCC)
58	Hungarian Power Exchange operated by HUPX Ltd
59	ICAP Securities and Derivatives Exchange (ISDX)
60	ICE Clear Credit LLC
61	ICE Clear Europe Limited
62	ICE Clear Netherlands B.V.
63	ICE Clear Singapore
64	ICE Clear US, Inc
65	ICE Endex Derivatives B.V.
66	ICE Futures Canada, Inc
67	ICE Futures Europe
68	ICE Futures U.S., Inc
69	International Securities Exchange
70	Italian Derivatives Market (IDEM)
71	Italian Stock Exchange operated by Borsa Italiana S.p.A
72	Jakarta Futures Exchange (JFX)
73	Japan Securities Clearing Corporation (JSCC)
74	Johannesburg Stock Exchange (JSE)
74A	JSE Commodity Derivatives Market
75	KDPW_CCP S.A.
76	Keler CCP
77	KOSPI Market operated by the Korea Exchange
78	LME Clear Limited
79	Mercado Español de Futuros Financieros
80	Mexican Derivatives Exchange (MexDer)
81	Minneapolis Grain Exchange, Inc.
82	Montréal Climate Exchange (MCex)
83	NASDAQ BX, Inc.
84	NASDAQ Commodities operated by NASDAQ Oslo ASA
85	NASDAQ Copenhagen A/S
86	NASDAQ Derivatives Markets operated by NASDAQ Stockholm AB
87	NASDAQ Futures (NFX) operated by NASDAQ Futures, Inc.
88	NASDAQ Helsinki Ltd
89	NASDAQ Iceland hf.
90	NASDAQ NLX Ltd
91	NASDAQ OMX Armenia
92	NASDAQ PHLX LLC
93	NASDAQ PSX operated by NASDAQ PHLX LLC
94	NASDAQ Riga, AS (XRIS)
95	NASDAQ Stockholm AB (XSTO)
96	NASDAQ Tallinn AS (XTAL)
97	National Stock Exchange of India Ltd
98	New York Stock Exchange (NYSE) operated by the New York Stock Exchange LLC
99	Nodal Clear, LLC
100	Nodal Exchange, LLC
101	NYMEX Emissions operated by New York Mercantile Exchange, Inc.
102	NYMEX operated by New York Mercantile Exchange, Inc.
103	NYSE MKT operated by NYSE MKT LLC
104	NYSE Amex Option operated by NYSE MKT LLC
105	NYSE Arca Equities operated by NYSE Arca Equities, Inc.
106	NYSE Arca Options operated by NYSE Arca Equities, Inc.
106A	NZX Main Board operated by NZX Limited
107	OMIClear, C.C., S.A.
108	OneChicago LLC
109	Osaka Exchange, Inc. (OSE)
110	Oslo Bors operated by Oslo Børs ASA
111	OTC Clearing Hong Kong Limited (OTC Clear)
112	Power Exchange Central Europe, a.s. (PXE)
113	Powernext SA
114	RepoClear operated by LCH.Clearnet Limited
115	RepoClear operated by LCH.Clearnet SA
116	Shanghai Futures Exchange (SHFE)
117	Singapore Exchange Derivatives Clearing Limited (SGX‑DC)
117A	Singapore Exchange Derivatives Trading Limited (SGX‑DT)
118	Singapore Exchange Securities Trading Limited (SGX‑ST)
119	SIX x‑clear Ltd
120	SwapClear operated by LCH.Clearnet Limited
121	Taiwan Futures Exchange (TAIFEX)
122	Tel Aviv Stock Exchange Ltd
123	Thailand Futures Exchange (TFEX) operated by the Thailand Futures Exchange Public Company Limited
124	The Chicago Mercantile Exchange (CME)
126	The Derivatives market operated by Moscow Exchange MICEX‑RTS
127	The Equity and Bond market operated by Moscow Exchange MICEX‑RTS
128	The Equity Derivatives Market operated by the Johannesburg Stock Exchange Limited (formerly SAFEX)
129	The London Metal Exchange
130	The London Stock Exchange Derivatives Market
132	The Main Market operated by the London Stock Exchange
133	The Official Market and Second Regulated Market operated by Wiener Börse AG
134	The Options Clearing Corporation (OCC)
135	The SEHK Options Clearing House Limited (SEOCH)
136	The Stock Exchange of Hong Kong Limited
138	Tokyo Commodity Exchange, Inc
139	Tokyo Financial Exchange, Inc (TFX)
140	Tokyo Stock Exchange, Inc. (TSE)
141	Toronto Stock Exchange operated by TSX Inc.
143	Warsaw Stock Exchange (GPW)
144	A body that performs clearing house functions, in relation to an approved body that does not itself perform those functions, in accordance with the rules of the approved body or a law of the country where the approved body is situated

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3—Legislation history

Number and year	FRLI registration or gazettal	Commencement	Application, saving and transitional provisions
141, 1995	15 June 1995	1 July 1995
317, 1995	26 Oct 1995	26 Oct 1995	—
431, 1995	22 Dec 1995	1 Jan 1996	—
89, 1996	5 June 1996	5 June 1996	—
305, 1996	18 Dec 1996	18 Dec 1996	—
100, 1997	7 May 1997	7 May 1997	—
119, 1997	29 May 1997	2 June 1997 (r 1 and Gazette 1997, No S202)	—
239, 1997	10 Sept 1997	10 Sept 1997	—
191, 1998	30 June 1998	r 9 and 20: 30 June 1998 Remainder: 1 July 1998	—
146, 1999	30 June 1999	1 July 1999 (r 2 and Gazette 1999, No S293)	—
19, 2002	21 Feb 2002	11 Mar 2002 (r 2 and Gazette 2001, No GN42)	—
148, 2002	27 June 2002	30 June 2002	—
317, 2004	11 Nov 2004	1 Jan 2005 (r 2)	—
342, 2007	8 Oct 2007 ( F2007L03937)	r 1–3 and Sch 1: 24 Sept 2007 (r 2(a)) Schedule 2: 1 Jan 2008	—
24, 2010	26 Feb 2010 (F2010L00391)	r 1–3 and Sch 1: 27 Feb 2010 (r. 2(a)) Sch 2: 26 Aug 2010	—
48, 2011	8 Apr 2011 (F2011L00588)	9 Apr 2011	—
193, 2011	21 Oct 2011 (F2011L02103)	31 Oct 2011	—
311, 2012	11 Dec 2012 (F2012L02401)	1 Mar 2013 (s 2(1)) and F2013L00297)	—
117, 2013	17 June 2013 (F2013L01010)	Sch 1 (items 7, 8): 18 June 2013	—
171, 2014	3 Nov 2014 (F2014L01468)	Sch 1 (items 6–8, 18): 12 Dec 2014 (s 2 items 2, 4) Sch 1 (item 13): 15 Jan 2015 (s 2 item 3 and C2015G00020)	—
218, 2015	27 Nov 2015 (F2015L01859)	Sch 2: 20 Dec 2015 (s 2(1) item 3)	—
226, 2015	16 Dec 2015 (F2015L02022)	Sch 1 (items 3–9): 17 Dec 2015 (s 2(1) item 1)	—

Name	Registration	Commencement	Application, saving and transitional provisions
Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016	9 May 2016 (F2016L00724)	Sch 1 (items 1–6) and Sch 3 (item 1): 1 June 2016 (s 2(1) item 1)	—
Financial Services Legislation Amendment (Wholesale Margining) Regulation 2016	28 Oct 2016 (F2016L01657)	Sch 2: 29 Oct 2016 (s 2(1) item 1)	—
Treasury Laws Amendment (Modernising Business Communications) Regulations 2023	27 Oct 2023 (F2023L01423)	Sch 2 (items 20–23): 1 Jan 2024 (s 2(1) item 3)	—
Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023	31 Oct 2023 (F2023L01458)	Sch 2 (item 32): 1 Nov 2023 (s 2(1) item 1)	—

Endnote 4—Amendment history

Provision affected	How affected
Part 1
r 1.01...................	rs No 146, 1999
r 1.02...................	rep LA s 48D
r 1.03...................	rs No 146, 1999
	am No 117, 2013; No 218, 2015
Part 2A
Part 2A..................	ad No146, 1999
r 2A.01..................	ad No 146, 1999
	rs No 226, 2015
r 2A.02..................	ad No 146, 1999
	rep No 342, 2007
r 2A.03..................	ad No 146, 1999
	rep No 342, 2007
Part 2B
Part 2B..................	ad No 317, 2004
r 2B.01..................	ad No 317, 2004
	rs No 311, 2012
	am No 171, 2014; No 218, 2015
Part 3...................	rep No 342, 2007
r 3.01...................	rep No 342, 2007
r 3.02...................	am No 191, 1998
	rep No 342, 2007
Part 4
r 4.00...................	ad No 317, 1995
	am No 146, 1999
r 4.00A..................	ad No 191, 1998
	am No 19, 2002; F2016L00724; F2023L01458
r. 4.00B..................	ad No 146, 1999
r 4.01...................	am No 342, 2007
	rep No 48, 2011
r 4.01A..................	ad No 431, 1995
	am No 317, 2004
r 4.01B..................	ad No 305, 1996
	am No 100, 1997; No 191, 1998
	rep No 342, 2007
r 4.02...................	ad No 317, 1995
	rep No 146, 1999
Part 6...................	rep No 342, 2007
Part 9
r 9.01...................	am No 191, 1998; No 146, 1999; No 226, 2015; F2023L01423
r 9.02...................	am No 191, 1998; No 146, 1999; No 226, 2015; F2023L01423
r 9.04...................	am No 191, 1998
Part 10
r 10.01..................	am No 146, 1999
r 10.03..................	rep No 191, 1998
	ad No 146, 1999
	rep No 148, 2002
r 10.05A.................	ad No 317, 1995
	am No 191, 1998
r 10.05AA................	ad No 117, 2013
r 10.05B.................	ad No 305, 1996
	am No 191, 1998
Part 11
r 11.00..................	ad No 317, 1995
	am No 191, 1998; No 317, 2004
	rep No 24, 2010
r 11.01..................	am No 191, 1998
r 11.02–11.04..............	rs No 239, 1997
	rep No 191, 1998
Part 12..................	rep No 342, 2007
r 12.01..................	rep No 342, 2007
Part 13
r 13.01..................	am No 191, 1998
	rep No 146, 1999
r 13.02..................	am No 119, 1997; No 191, 1998
Part 14
Part 14..................	ad F2016L00724
Division 14.1
Division 14.1..............	ad F2016L00724
r 14.01..................	ad F2016L00724
Schedule 1................	am No 191, 1998; No 146, 1999; No 317, 2004
	rep No 342, 2007
Schedule 2
Schedule 2................	am No 89, 1996; No 191, 1998: No 342, 2007
	rs No 24, 2010
Schedule 3................	am No 191, 1998; No 146, 1999
	rep No 342, 2007
Schedule 4
Form 1..................	rep No 342, 2007
Form 3..................	ad No 317, 1995
Form 4..................	ad No 317, 1995
Form 5..................	ad No 317, 1995
Schedule 5
Schedule 5................	ad No 146, 1999
	am No 342, 2007; No 24, 2010; No 226, 2015
Schedule 6................	ad No 146, 1999
	am No 342, 2007
	rep No 226, 2015
Schedule 7
Schedule 7................	ad No 19, 2002
	am No 193, 2011
	rs F2016L00724
	am F2016L01657