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 Commencement
3 Amendment of Insurance Regulations 2002
4 Amendment of Life Insurance Regulations 1995
5 Amendment of Financial Sector (Collection of Data) Regulations 2008
Schedule 1 Amendments of Insurance Regulations 2002
Schedule 2 Amendment of Life Insurance Regulations 1995
Schedule 3 Amendment of Financial Sector (Collection of Data) Regulations 2008
These Regulations are the Insurance Legislation Amendment Regulations 2011 (No. 1).
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.