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LIFE INSURANCE ACT 1995 - NOTES

No. 4, 1995

Compilation No. 54

Compilation date:                              1 July 2019

Includes amendments up to:            Act No. 10, 2019

Registered:                                         15 July 2019

 

About this compilation

This compilation

This is a compilation of the Life Insurance Act 1995 that shows the text of the law as amended and in force on 1 July 2019 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

Part 1--Preliminary                                                                                                             1

1............................ Short title............................................................................ 1

2............................ Commencement.................................................................. 1

3............................ Objects of Act..................................................................... 1

4............................ Additional operation of Act................................................ 2

5............................ Exclusion of certain State insurance.................................... 3

6............................ Extension of Act to Norfolk Island..................................... 3

7............................ General administration of Act............................................. 3

7A......................... Determination that certain provisions do not apply............. 4

7B.......................... Breach of condition of a determination under section 7A... 5

8............................ Dictionary........................................................................... 5

Part 2--Explanation of key concepts                                                                         7

9............................ Life policy........................................................................... 7

9A......................... Continuous disability policy............................................... 8

10.......................... Issue and ownership of policies.......................................... 9

11.......................... Life insurance business....................................................... 9

12.......................... Classes of life insurance business..................................... 11

12A....................... Declarations that insurance or annuity business is life insurance business               11

12B........................ Declarations that other financial business is life insurance business        12

13.......................... Business of a statutory fund............................................. 15

14.......................... Investment account benefits, investment-linked benefits... 15

15.......................... Participating, non-participating benefits............................ 17

15A....................... Relevant group of bodies corporate.................................. 17

16.......................... Related bodies corporate and subsidiaries......................... 18

Part 2A--Special provisions relating to life companies that are friendly societies             19

Division 1--Preliminary                                                                                            19

16A....................... Overview.......................................................................... 19

16B........................ Definitions........................................................................ 20

Division 2--Friendly societies and how this Act applies to them        22

16C........................ What is a friendly society?................................................ 22

16D....................... Act applies to friendly societies in accordance with this Part 23

16E........................ Restriction on use of expression friendly society.............. 23

Division 3--Modified operation of key concepts                                         26

16F........................ Issue, ownership etc. of policies....................................... 26

Division 4--Modified operation of provisions relating to statutory funds           28

Subdivision 1--Modifications                                                                               28

16G....................... Act generally applies as if references to a statutory fund were references to an approved benefit fund    28

16H....................... Modification of section 34................................................ 28

16I......................... Modification of section 38................................................ 29

16J......................... Modification of section 43................................................ 30

16K........................ Modification of section 45................................................ 30

Subdivision 2--Approved benefit fund rules                                                    30

16L........................ Approval of benefit fund rules.......................................... 30

16N....................... When benefit fund rules approved by APRA come into force 32

16O....................... Benefit fund rules approved by APRA and in force form part of company's constitution       32

16P........................ Amendment of approved benefit fund rules not effective unless approved by APRA             32

16Q....................... Amendment of approved benefit fund rules on initiative of friendly society            33

16R........................ Amendment of approved benefit fund rules as required by APRA          34

16T........................ When amendment of benefit fund rules approved or determined by APRA come into force   35

16U....................... Approval of consequential amendments of company's constitution         36

16V....................... Consequential amendments of constitution as required by APRA           37

16X....................... When consequential amendments approved or determined by APRA come into force            39

16Y....................... Consequential amendments approved by APRA and in force take effect as amendments of company's constitution....................................................................... 40

16Z........................ Contractual effect of approved benefit fund rules and policies 40

Division 5--Other modifications                                                                          41

16ZA..................... Assignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy             41

16ZB..................... Certain friendly societies may continue to carry on health insurance business--modified operation of this Act.......................................................................................... 41

16ZC..................... Other modifications.......................................................... 42

Part 2B--Special provisions relating to Australian branches of foreign life insurance companies         43

16ZD..................... Eligible foreign life insurance company............................ 43

16ZE...................... Limited application of Act to eligible foreign life insurance companies    44

16ZF...................... Compliance Committee of eligible foreign life insurance company          45

16ZG..................... Address for service of eligible foreign life insurance companies             46

Part 3--Registration of life companies and their NOHCs                          47

Division 1--Registration of life companies                                                     47

17.......................... When registration is required............................................ 47

18.......................... Certain activities not regarded as carrying on life business 47

19.......................... Certain persons taken to carry on life business etc............ 48

20.......................... Application for registration............................................... 48

21.......................... Decision on application for registration............................ 49

22.......................... Conditions on registration................................................. 49

23.......................... Breach of registration conditions...................................... 50

26.......................... When APRA may revoke registration.............................. 51

27.......................... Voluntary deregistration................................................... 53

27A....................... Assignment of liabilities to enable revocation................... 53

Division 2--Registration of NOHCs of life companies                             56

28A....................... Registration as a NOHC................................................... 56

28B........................ Conditions on a NOHC registration................................. 56

28BA..................... Breach of conditions on a NOHC registration.................. 57

28C........................ When APRA may revoke a NOHC registration............... 58

28D....................... When APRA must revoke a NOHC registration.............. 59

28E........................ Continuation of body corporate's NOHC registration...... 59

28.......................... Continuation of effect of company's registration.............. 60

28AA.................... APRA may give notice to ensure that life company has a registered NOHC           60

Part 4--Statutory funds of life companies                                                           62

Division 1--General requirements                                                                      62

29.......................... What is a statutory fund?.................................................. 62

30.......................... Outline of requirements regarding statutory funds............ 62

31.......................... Requirement that company have statutory funds............... 63

32.......................... Duty of company in relation to statutory funds................. 63

33.......................... Notice to APRA when fund established........................... 64

34.......................... Assets of statutory fund.................................................... 64

35.......................... Identification of policies referable to statutory fund.......... 65

36.......................... Payments to statutory fund............................................... 66

37.......................... Capital payments to statutory funds.................................. 67

38.......................... Expenditure and application of statutory fund................... 67

39.......................... Prohibition of reinsurance between funds......................... 68

40.......................... Mortgages etc. of assets.................................................... 68

41.......................... Effect of non-compliance with section 38¾general.......... 69

41A....................... Effect of non-compliance with section 38¾certain classes of transactions              70

42.......................... Investment performance guarantee--limit of certain liabilities 70

43.......................... Investment of statutory funds........................................... 71

45.......................... Transfer of assets between funds...................................... 72

46.......................... Restriction on restructure or termination of statutory funds 73

47.......................... Ascertainment of income and outgoings of a statutory fund 73

Division 2--Duties and liabilities of directors etc.                                      74

48.......................... Duty of directors in relation to statutory funds................. 74

49.......................... APRA may give notice..................................................... 75

50.......................... Liability of directors.......................................................... 76

51.......................... APRA's power to sue in the name of a company............. 76

Division 3--Restructure and termination of statutory funds                77

52.......................... Restructure of statutory funds........................................... 77

53.......................... Termination of statutory funds.......................................... 78

Division 4--Additional requirements for transfer of policies between statutory funds by endorsement                                                                                                                      80

55.......................... Additional requirements for transfer of policies between statutory funds by endorsement      80

Division 5--Allocation of profits and losses and capital payments    81

56.......................... Interpretation..................................................................... 81

57.......................... Obligation to allocate operating profit or loss................... 81

58.......................... Operating profit etc........................................................... 82

59.......................... Allocation of operating profit etc...................................... 82

60.......................... Basis of allocation of operating profit etc.......................... 83

Division 6--Distribution of retained profits and shareholders' capital 86

61.......................... Interpretation..................................................................... 86

62.......................... Distribution of retained profits.......................................... 88

63.......................... Distribution of shareholders' capital................................. 89

Part 6--Financial management of life companies etc.                                   91

Division 1--Preliminary                                                                                            91

74.......................... Interpretation..................................................................... 91

Division 2--Financial records and statements                                              92

75.......................... Financial records--Australian and Australian/overseas funds 92

76.......................... Financial records--overseas funds................................... 92

76A....................... Keeping records................................................................ 93

77.......................... Financial year of a life company....................................... 94

78.......................... Treatment of income and outgoings relating to mixed business               95

79.......................... Treatment of income or outgoings relating to 2 or more categories of business etc. 96

80.......................... Basis of apportionment..................................................... 97

81.......................... Treatment of appreciation and depreciation of assets........ 97

83.......................... Requirement for life company to have an auditor.............. 97

83A....................... Additional auditors........................................................... 98

83B........................ Compliance with prudential standards.............................. 98

84.......................... Appointment of auditor..................................................... 98

85.......................... Ending an appointment as auditor..................................... 98

86.......................... Life company must enable auditors................................... 99

87.......................... Notification of appointment etc. of auditor........................ 99

88.......................... Obligations of auditors of certain bodies to report to bodies and APRA 100

88A....................... Auditor may give information to APRA......................... 102

88B........................ Duty of auditor to give information when required......... 102

89.......................... Qualified privilege of auditors........................................ 103

90.......................... Auditor must notify APRA of attempts to unduly influence etc. the auditor            103

91.......................... Giving auditor false or misleading information............... 104

Division 3--Appointed actuaries                                                                        106

93.......................... Appointment................................................................... 106

94.......................... Ending an appointment as actuary................................... 106

95.......................... Notification of appointment etc....................................... 107

96.......................... Compliance with prudential standards............................ 108

97.......................... Role of actuary................................................................ 108

98.......................... Actuary's obligation to report to APRA......................... 108

98A....................... Appointed actuary may give information to APRA........ 110

98B........................ Duty of appointed actuary to give information when required 110

99.......................... Qualified privilege of appointed actuary......................... 111

Division 8--Miscellaneous                                                                                     113

114........................ Method of valuing policy liabilities................................. 113

124........................ Policy owner's right to copy of reporting documents..... 113

125........................ Referring matters to professional associations for auditors and actuaries 113

125A..................... APRA may direct removal of auditor or actuary............. 114

Part 7--Monitoring and investigation of life companies and registered NOHCs               117

Division 1--Preliminary                                                                                          117

126........................ Interpretation................................................................... 117

127........................ Appointment of authorised persons................................ 118

128........................ Associated body corporate.............................................. 118

129........................ Related bodies corporate................................................. 118

Division 2--Monitoring life companies and registered NOHCs        120

130........................ Purpose of Division........................................................ 120

131........................ Requirement to give information to Regulator................ 120

132........................ Requirement to produce records..................................... 121

132A..................... Requirement to notify APRA of certain matters............. 121

133........................ Access to premises......................................................... 124

133A..................... Enforceable undertakings................................................ 125

Division 3--Investigation by APRA                                                                 126

135........................ Giving of show cause notice........................................... 126

136........................ Grounds for giving of show cause notice....................... 126

137........................ Decision to investigate.................................................... 127

138........................ Investigation of associated body corporate..................... 128

139........................ Investigation procedure................................................... 129

140........................ Access to premises for purposes of investigation........... 129

141........................ Requirement to produce records..................................... 129

142........................ Regulator's power to require assistance.......................... 130

143........................ Application for warrant to seize records not produced.... 130

144........................ Grant of warrant............................................................. 131

145........................ Powers if records produced or seized............................. 132

146........................ Powers if records not produced...................................... 133

147........................ Offences related to investigations................................... 133

149........................ Regulator must give body corporate written summary of conclusions     134

151........................ Identity cards.................................................................. 134

Division 3A--Life companies required to comply with determinations of the Superannuation Complaints Tribunal                                                                                                 136

151A..................... Life companies must comply with determinations of the Superannuation Complaints Tribunal               136

Division 4--Special provisions relating to the execution of warrants 137

152........................ Interpretation................................................................... 137

153........................ Use of equipment to examine or process things.............. 137

154........................ Use of electronic equipment at premises......................... 138

155........................ Compensation for damage to electronic equipment......... 140

156........................ Copies of seized things to be provided........................... 140

Division 5--Protections in relation to information                                   142

156F...................... Self-incrimination........................................................... 142

Part 8--Judicial management, other external administration and winding up   143

Division 1--Judicial management                                                                      143

157........................ Application for order for judicial management................ 143

158........................ Order for judicial management after investigation........... 143

159........................ Order for judicial management on other grounds............ 144

160........................ Commencement of judicial management......................... 145

161........................ Moratorium--effect of judicial management on court and tribunal proceedings      145

161A..................... Moratorium--effect of judicial management on enforcement process regarding property       147

161B...................... Moratorium--effect of judicial management on disposal of property      148

161C...................... Moratorium--Restrictions on exercise of third party property rights       149

161D..................... Moratorium--effect of judicial management on supply of essential services           149

161E...................... Moratorium--effect of judicial management on annual general meeting  150

163........................ Appointment of judicial manager.................................... 150

164........................ Remuneration of judicial manager................................... 151

165........................ Effect of judicial management on powers of officers etc. 152

165A..................... Effect on external administrator of judicial manager managing company 154

165B...................... Judicial management not ground for denial of obligations 154

166........................ Continued application of other Parts of Act.................... 155

167........................ Court's control of judicial manager................................. 156

168........................ Powers of judicial manager............................................. 156

168A..................... Judicial manager's additional powers to facilitate recapitalisation            157

168B...................... Considering report before acting under section 168A..... 158

168C...................... Act under section 168A not ground for denial of obligations  161

169........................ Application by APRA for instructions to judicial manager 162

170........................ Request by APRA for information................................. 162

171........................ Duration of judicial management.................................... 162

172........................ Cancellation of judicial management............................... 162

173........................ Judicial manager must conduct management efficiently and economically               163

174........................ Disclaimer of onerous property...................................... 164

175........................ Report by judicial manager............................................. 164

176........................ Order of Court on report of judicial manager.................. 166

177........................ Transfer of business to another company....................... 167

178........................ Resignation..................................................................... 167

179........................ Immunity........................................................................ 167

179A..................... Exceptions to Part IV of the Competition and Consumer Act 2010         168

Division 1AA--Statutory management of life company                        169

Subdivision A--General provisions relating to statutory management  169

179AA.................. Consequences of inability or failure of life company etc. to meet certain requirements            169

179AB................... Start of control of body corporate's business by Life Insurance Act statutory manager          173

179AC................... Life Insurance Act statutory managers--termination of control               174

Subdivision B--Provisions dealing with control of a body corporate's business by a Life Insurance Act statutory manager                                                                                      176

179AD.................. Life Insurance Act statutory manager's powers and functions 176

179AE................... Safeguards on exercise of Life Insurance Act statutory manager's powers and functions       179

179AF................... Life Insurance Act statutory manager's additional powers to facilitate recapitalisation            180

179AG.................. Considering report before acting under section 179AF.. 182

179AH.................. Act under section 179AF not ground for denying obligation.. 184

179AI.................... APRA may require a person to give information etc. for the purposes of this Division          185

179AJ.................... Administrator in control--additional powers to recommend action by APRA        187

179AK................... Life Insurance Act statutory manager's liabilities and duties 188

179AL................... Transaction by Life Insurance Act statutory manager not voidable under section 588FE of the Corporations Act 2001.......................................................................... 188

179AM.................. Administrator in control--additional duties.................... 189

179AN.................. Administrator in control--additional duties where action may affect financial system stability in Australia........................................................................................ 190

179AO.................. Termination of Life Insurance Act statutory manager's appointment       190

179AP................... Effect on directors of Life Insurance Act statutory manager taking control of a body corporate's business........................................................................................ 191

179AQ.................. Effect on external administrator of Life Insurance Act statutory manager taking control of a body corporate's business.......................................................................... 193

179AR................... Moratorium--effect of Life Insurance Act statutory management on court and tribunal proceedings      193

179AS................... Moratorium--effect of Life Insurance Act statutory management on enforcement process regarding property........................................................................................ 195

179AT................... Moratorium--effect of Life Insurance Act statutory management on disposal of property      196

179AU.................. Moratorium--Restrictions on exercise of third party property rights       197

179AV.................. Moratorium--effect of Life Insurance Act statutory management on supply of essential services          197

179AW.................. Moratorium--effect of Life Insurance Act statutory management on annual general meeting 198

179AX.................. Life Insurance Act statutory manager being in control not grounds for denial of obligations  198

179AY.................. Application of other provisions...................................... 199

179AZ................... Costs of statutory management....................................... 199

179AZA................ APRA must report to Treasurer and publish information about statutory management           200

179AZB................ Exceptions to Part IV of the Competition and Consumer Act 2010         201

Division 1A--Other external administration                                               202

179B...................... Relationship of this Division with Chapter 5 of the Corporations Act 2001            202

179C...................... Involving APRA in proposed appointment of external administrators of life companies and NOHCs    202

Division 2--Winding-up                                                                                          204

180........................ Winding-up of life companies......................................... 204

181........................ Order on application by APRA...................................... 205

182........................ Operation of Corporations Act....................................... 206

183........................ Notification to APRA regarding applications by liquidator 206

183A..................... Application by liquidator for directions--voluntary winding up of friendly society                206

183B...................... Application by APRA--voluntary winding up of friendly society          207

184........................ Application by APRA for directions.............................. 207

185........................ APRA's power to ask for information........................... 207

186........................ Determination of amounts to be treated as liabilities of life company       208

187........................ Application of statutory fund assets................................ 209

188........................ Liability of directors for loss to statutory fund................ 210

Part 9--Transfers and amalgamations of life insurance business       212

189........................ Interpretation................................................................... 212

190........................ Transfer or amalgamation of life insurance business...... 212

191........................ Steps to be taken before application for confirmation..... 213

192........................ Actuarial report on scheme............................................. 214

193........................ Application to Court....................................................... 214

194........................ Confirmation of scheme.................................................. 214

195........................ Effect of confirmation etc................................................ 215

196........................ Costs of actuary's report................................................. 215

197........................ Documents to be lodged in case of transfer or amalgamation.. 215

Part 10--Provisions relating to policies                                                                216

Division 1--Issue of policies                                                                                  216

198........................ Alteration of proposal and policy forms......................... 216

199........................ Capacity of young persons to insure etc......................... 217

Division 2--Assignments and mortgages                                                       218

200........................ Assignment of policy...................................................... 218

201........................ Mortgages and trusts...................................................... 220

202........................ Effect of notice of trust etc.............................................. 221

203........................ Transfer of policy after change of trustee........................ 221

Division 2A--Restriction on assignment or commutation of payments under structured settlements and structured orders                                                                              223

203A..................... Definitions...................................................................... 223

203B...................... Application of Division to tax-exempt annuities and lump sums             223

203C...................... Assignments or commutations of tax-exempt annuities are generally not effective  224

203D..................... Assignments or commutations of tax-exempt lump sums are not effective              224

203E...................... Relationship with Division 2.......................................... 224

Division 3--Protection of policies                                                                      225

204........................ Protection of interest of insured...................................... 225

205........................ Protection of policy money on person's death................ 225

Division 4--Surrender values, paid-up policies and non-forfeiture of policies  227

206........................ Application of Division.................................................. 227

207........................ Surrender of policies....................................................... 227

208........................ Relaxation of company's obligations to surrender.......... 228

209........................ Paid-up policies.............................................................. 228

210........................ Non-forfeiture of policies in certain cases of non-payment of premiums 229

Division 5--Payment of policy money                                                             231

211........................ Probate or administration not necessary in certain cases--a single policy                231

212........................ Probate or administration not necessary in certain cases--2 or more policies          232

213........................ Death of policy owner who is not the life insured.......... 233

214........................ Company not bound to see to the application of money paid by it           234

215........................ Power to pay money into Court...................................... 234

216........................ Unclaimed money........................................................... 234

216A..................... Disclosure of information relating to unclaimed money.. 238

217........................ No deduction in respect of other policies........................ 238

Division 6--Children's advancement policies                                              240

218........................ Interpretation................................................................... 240

219........................ Property in child's advancement policy.......................... 241

220........................ Death or bankruptcy of policy owner............................. 241

Division 7--Lost or destroyed policy documents                                      243

221........................ Lost or destroyed policy--issue of replacement policy document            243

222........................ Form of replacement policy document............................ 244

223........................ Notice before issuing replacement policy document....... 244

224........................ Claim under policy where policy document lost or destroyed  245

225........................ Application of sections 221, 222, 223 and 224 to replacement policy document     246

Division 8--General                                                                                                  247

226........................ Registers......................................................................... 247

227........................ Registration of policies................................................... 247

228........................ Effect of suicide on policy.............................................. 248

229........................ Condition as to war risk void.......................................... 248

230........................ Policies not invalidated by contraventions of the Act...... 248

Part 10A--Prudential standards and directions                                             249

Division 1--Prudential standards                                                                      249

230A..................... APRA may make prudential standards for life companies, registered NOHCs and subsidiaries             249

230AAA............... Obligation to comply with the prudential standards........ 252

Division 1A--Conversion and write-off provisions                                  253

230AAB................ Definitions...................................................................... 253

230AAC................ Conversion and write-off provisions.............................. 254

230AAD............... Conversion or write-off etc. not grounds for denial of obligations          255

Division 2--Directions                                                                                             257

Subdivision A--Recapitalisation directions                                                    257

230AA.................. Who this Subdivision applies to..................................... 257

230AB................... Recapitalisation direction by APRA............................... 258

230AC................... Additional contents of a recapitalisation direction........... 259

230AD.................. Compliance with a recapitalisation direction................... 261

230AE................... APRA must obtain expert's report on the fair value of shares etc.           261

230AF................... Determination of the fair value of shares by an expert.... 263

230AG.................. Determination of the fair value of rights by an expert..... 263

230AH.................. Ascertaining the fair value of other capital instruments... 264

230AI.................... Contravention of certain provisions does not affect the validity of recapitalisation direction etc.             264

230AJ.................... Recapitalisation direction not grounds for denial of obligations               265

230AK................... Supply of information about issue and revocation of recapitalisation directions      265

230AL................... Non-compliance with a recapitalisation direction............ 267

230AM.................. Exceptions to Part IV of the Competition and Consumer Act 2010         268

Subdivision B--Other directions                                                                        269

230B...................... APRA may give directions in certain circumstances....... 269

230C...................... Direction not grounds for denial of obligations.............. 276

230D..................... Supply of information about issue and revocation of directions               277

230F...................... Non-compliance with a direction.................................... 278

Subdivision C--Secrecy and disclosure provisions relating to all directions 280

231........................ APRA may determine that a direction is covered by secrecy provision   280

231A..................... Secrecy relating to directions.......................................... 281

231B...................... Disclosure of publicly available information................... 282

231C...................... Disclosure allowed by APRA........................................ 282

231D..................... Disclosure to legal representative for purpose of seeking legal advice     283

231E...................... Disclosure allowed by APRA Act secrecy provision..... 283

231F...................... Disclosure in circumstances set out in the regulations.... 284

231G..................... Disclosure for purpose................................................... 284

231H..................... Exceptions operate independently................................... 285

Part 11--Miscellaneous                                                                                                  286

233........................ Operation of State and Territory laws............................. 286

233A..................... Transfer by life insurance company to statutory fund..... 286

234........................ Prohibition of mixed insurance business........................ 287

235........................ Injunctions...................................................................... 287

236........................ Review of certain decisions............................................ 290

237........................ Constitution and procedure of Tribunal.......................... 293

240........................ Register of Life Companies and Non-Operating Holding Companies     294

241........................ Inspection of Register etc................................................ 294

242........................ Non-shareholder members of life company--voting by post.. 295

245........................ Disqualified persons not to be directors, principal executive officers etc. of life companies    296

245A..................... Court power of disqualification...................................... 299

245B...................... Court power to revoke or vary a disqualification etc....... 300

245C...................... Privilege against exposure to penalty--disqualification under section 245A           301

246........................ Principal executive officer............................................... 302

246A..................... Protection from liability--general................................... 303

246B...................... Protection from liability--directions and secrecy............ 303

246C...................... Protection from liability--provisions do not limit each other 304

247........................ Protection of person who discloses information etc. under compulsion   304

248........................ Offences......................................................................... 305

250........................ Conduct by directors, employees and agents.................. 305

251........................ Compensation for acquisition of property....................... 307

251AA.................. Act has effect despite the Corporations Act.................... 307

251A..................... Authorising contracts etc. for protecting policy owners' interests and financial system stability             308

251B...................... Borrowing funds for payments under authorised contracts etc.               309

253........................ Regulations..................................................................... 310

Part 12--How this Act affects existing life companies etc.                       311

254........................ Companies registered under Life Insurance Act 1945..... 311

264........................ Saving provision: sections 83, 84 and 94 of the Life Insurance Act 1945                311

Schedule--Dictionary                                                                                            313

Endnotes                                                                                                                                  322

Endnote 1--About the endnotes                                                                          322

Endnote 2--Abbreviation key                                                                              324

Endnote 3--Legislation history                                                                           325

Endnote 4--Amendment history                                                                         334


  

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 the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in 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

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Life Insurance Act 1995

4, 1995

23 Feb 1995

1 July 1995 (s 2(1) and gaz 1995, No GN24)

 

Superannuation Industry (Supervision) Legislation Amendment Act 1995

144, 1995

12 Dec 1995

Sch 2: 12 Dec 1995 (s 2(1))

--

Workplace Relations and Other Legislation Amendment Act 1996

60, 1996

25 Nov 1996

Sch 19 (item 25): 25 Nov 1996 (s 2(1))

--

Retirement Savings Accounts (Consequential Amendments) Act 1997

62, 1997

28 May 1997

2 June 1997 (s 2 and gaz 1997, No S202)

--

Financial Laws Amendment Act 1997

107, 1997

30 June 1997

Sch 12: 30 June 1997 (s 2(1))

--

as amended by

 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

44, 1999

17 June 1999

Sch 6 (item 6): 30 June 1997 (s 2(7))

--

Financial Sector Reform (Consequential Amendments) Act 1998

48, 1998

29 June 1998

Sch 1 (item 116): 1 July 1998 (s 2(2))

--

Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

54, 1998

29 June 1998

Sch 13 (items 1-187): 1 July 1998 (s 2(2))
Sch 13 (items 188-197): 29 June 1998 (s 2(13))

Sch 13 (item 197)

as amended by

 

 

 

 

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

44, 1999

17 June 1999

Sch 6 (item 10): 1 July 1998 (s 3(8))

--

Company Law Review Act 1998

61, 1998

29 June 1998

Sch 4 (items 13-25): 1 July 1998 (s 2(2) and gaz 1998, No S317)
Sch 5 (items 34-36):1 July 1998 (s 2(5))

 

as amended by

 

 

 

 

Taxation Laws Amendment (Company Law Review) Act 1998

63, 1998

29 June 1998

Sch 7: 1 July 1998 (s 2(1) and gaz 1998, No S325)

--

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

44, 1999

17 June 1999

Sch 4: 1 July 1999 (s 3(2)(c), (16) and gaz 1999, No S283)
Sch 8 (items 10-20, 22, 23): 17 June 1999 (s 3(1))

Sch 8 (items 10-20, 22, 23)

Corporate Law Economic Reform Program Act 1999

156, 1999

24 Nov 1999

Sch 5 (items 22-25): 13 Mar 2000 (s 2(2)(b) and gaz 2000, No S114)

--

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000

24, 2000

3 Apr 2000

Sch 6: 1 July 1999 (s 2(6))
Sch 12 (items 1-3, 8): 3 Apr 2000 (s 2(1), (12), (13))

Sch 12 (items 1-3, 8)

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000

137, 2000

24 Nov 2000

Sch 2 (items 268, 418, 419): 24 May 2001 (s 2(3))

Sch 2 (items 418, 419)

Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001

31, 2001

28 Apr 2001

Sch 1 (items 1-4) and Sch 2: Royal Assent
Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2))
Remainder: 15 Dec 2001 (s 2(4))

--

as amended by

 

 

 

 

Treasury Legislation Amendment (Application of Criminal Code) Act (No. 3) 2001

117, 2001

18 Sept 2001

Sch 2 (items 2-5): 15 Dec 2001 (s 2(4))

--

Corporations (Repeals, Consequentials and Transitionals) Act 2001

55, 2001

28 June 2001

s 4-14 and Sch 3 (items 305-334): 15 July 2001 (s 2(1),(3) and gaz 2001, No. S285)

s 4-14

Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001

121, 2001

24 Sept 2001

s 1-3: Royal Assent
Remainder: 1 July 2002 (s. 2(2) and gaz 2002, No GN24)

Sch 2 (item 75)

Financial Services Reform (Consequential Provisions) Act 2001

123, 2001

27 Sept 2001

Sch 1 (items 257, 258): 11 Mar 2002 (s 2(1), (6))

--

Financial Sector Legislation Amendment Act (No. 1) 2002

37, 2002

26 June 2002

Sch 6: 27 June 2002 (s 2(1) item 5)

--

Workplace Relations Legislation Amendment (Registration and Accountability of Organisations) (Consequential Provisions) Act 2002

105, 2002

14 Nov 2002

Sch 3 (item 54): 12 May 2003 (s 2(1) item 27)

--

Taxation Laws Amendment (Structured Settlements and Structured Orders) Act 2002

139, 2002

19 Dec 2002

Sch 1 (items 2, 17): 19 Dec 2002 (s 2)

Sch 1 (item 17)

US Free Trade Agreement Implementation Act 2004

120, 2004

16 Aug 2004

Sch 4: 1 Jan 2005 (s 2(1) item 5)

--

Administrative Appeals Tribunal Amendment Act 2005

38, 2005

1 Apr 2005

Sch 1 (items 224, 225): 16 May 2005 (s 2(1) item 6)

--

Statute Law Revision Act 2005

100, 2005

6 July 2005

Sch 1 (item 29): 6 July 2005 (s 2(1) item 18)

--

Statute Law Revision Act 2006

9, 2006

23 Mar 2006

Sch 1 (item 17): 23 Mar 2006 (s 2(1) item 11)

--

Statute Law Revision Act 2007

8, 2007

15 Mar 2007

Sch 1 (item 17): 1 July 1999 (s 2(1) item 14)
Sch 1 (item 18): 1 July 1999 (s 2(1) item 15)

--

Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007

32, 2007

30 Mar 2007

Sch 2 (items 55, 56): 1 Apr 2007 (s. 2(1) item 7)

--

Financial Sector Legislation Amendment (Restructures) Act 2007

117, 2007

28 June 2007

28 June 2007 (s 2)

--

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007

154, 2007

24 Sept 2007

Sch 1 (items 67-135, 290, 293, 296): 24 Sept 2007 (s 2(1) item 2)
Sch 1 (items 189-237): 1 Jan 2008 (s 2(1) item 3)
Sch 1 (items 256-273, 276-289): 1 July 2011 (s 2(1) item 5)

Sch 1 (items 290, 293, 296)

as amended by

 

 

 

 

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010

82, 2010

29 June 2010

Sch 4 (item 26): 27 July 2010 (s 2(1) item 14)

--

Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008

25, 2008

26 May 2008

Sch 1 (items 22-34), Sch 2 (items 17-25), Sch 3 (items 28-31) and Sch 4 (items 28-37, 43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)

Sch 1 (item 34), Sch 2 (item 25) and Sch 4 (item 43)

as amended by

 

 

 

 

Statute Law Revision Act 2010

8, 2010

1 Mar 2010

Sch 2 (item 10): 26 May 2008 (s 2(1) item 13)

--

First Home Saver Accounts (Consequential Amendments) Act 2008

45, 2008

25 June 2008

Sch 3 (items 16-27): 26 June 2008 (s 2)

--

as amended by

 

 

 

 

Statute Law Revision Act 2010

8, 2010

1 Mar 2010

Sch 2 (item 12): 26 June 2008 (s 2(1) item 15)

--

First Home Saver Accounts (Further Provisions) Amendment Act 2008

92, 2008

30 Sept 2008

Sch 2 (items 39, 40): 1 Oct 2008 (s 2(1) item 2)

--

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008

105, 2008

17 Oct 2008

Sch 4: 18 Oct 2008 (s 2(1) item 3)

Sch 4 (items 5, 7, 12, 14, 22, 24, 30)

Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008

144, 2008

9 Dec 2008

Sch 14 (items 120-129): 10 Dec 2008 (s 2(1) item 36)

Sch 14 (item 129)

Fair Work (State Referral and Consequential and Other Amendments) Act 2009

54, 2009

25 June 2009

Sch 18 (item 12): 1 July 2009 (s 2(1) item 41)

--

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009

75, 2009

27 Aug 2009

Sch 1 (items 1-187): 27 Feb 2010 (s 2(1) item 2)
Sch 2 (items 8, 14): 28 Aug 2009 (s 2(1) item 3)

Sch. 1 (items 14, 16, 81, 88, 117, 126, 135, 145, 180) and Sch 2 (item 14)

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010

82, 2010

29 June 2010

Sch 3 (items 1-51, 53-63) and Sch 6 (items 1, 43-50): 27 July 2010 (s 2(1) items 8, 10, 17)
Sch 3 (item 52): 1 Jan 2011 (s 2(1) item 52)

Sch 3 (items 62, 63)

as amended by

 

 

 

 

Statute Law Revision Act 2012

136, 2012

22 Sept 2012

Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)

--

Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010

103, 2010

13 July 2010

Sch 6 (items 1, 73): 1 Jan 2011

--

Acts Interpretation Amendment Act 2011

46, 2011

27 June 2011

Sch 2 (item 755) and Sch 3 (items 10, 11): 27 Dec 2011

Sch 3 (items 10, 11)

Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012

176, 2012

4 Dec 2012

Sch 3 (items 1-3): 1 July 2013 (s 2(1) item 6)
Sch 3 (item 4): 5 Dec 2012 (s 2(1) item 7)

Sch 3 (item 4)

Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014

62, 2014

30 June 2014

Sch 9 (items 216-219) and Sch 14: 1 July 2014 (s 2(1) items 6, 14)

Sch 14

as amended by

 

 

 

 

Public Governance and Resources Legislation Amendment Act (No. 1) 2015

36, 2015

13 Apr 2015

Sch 2 (items 7-9) and Sch 7: 14 Apr 2015 (s 2)

Sch 7

as amended by

 

 

 

 

Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015

126, 2015

10 Sept 2015

Sch 1 (item 486): 5 Mar 2016 (s 2(1) item 2)

--

Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015

126, 2015

10 Sept 2015

Sch 1 (item 495): 5 Mar 2016 (s 2(1) item 2)

--

Statute Law Revision Act (No. 1) 2015

5, 2015

25 Feb 2015

Sch 3 (items 112-116): 25 Mar 2015 (s 2(1) item 10)

--

Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015

70, 2015

25 June 2015

Sch 1 (items 118-128, 195-205): 1 July 2015 (s 2(1) items 3, 6)

Sch 1 (items 195-205)

Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Act 2015

87, 2015

26 June 2015

Sch 1 (item 34): 1 July 2015 (s 2(1) item 2)
Sch 2: 27 June 2015 (s 2(1) item 9)

Sch 2

Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015

126, 2015

10 Sept 2015

Sch 1 (items 328-330): 5 Mar 2016 (s 2(1) item 2)

--

Banking Laws Amendment (Unclaimed Money) Act 2015

129, 2015

16 Sept 2015

Sch 1 (items 8, 9): 31 Dec 2015 (s 2(1) item 1)

--

Statute Law Revision Act (No. 1) 2016

4, 2016

11 Feb 2016

Sch 4 (items 1, 206): 10 Mar 2016 (s 2(1) item 6)

--

Insolvency Law Reform Act 2016

11, 2016

29 Feb 2016

Sch 2 (items 284-286): 1 Mar 2017 (s 2(1) item 5)

--

Financial System Legislation Amendment (Resilience and Collateral Protection) Act 2016

43, 2016

4 May 2016

Sch 1 (items 45, 46, 48): 1 June 2016 (s 2(1) item 2)

Sch 1 (item 48)

Treasury Laws Amendment (Banking Measures No. 1) Act 2018

9, 2018

5 Mar 2018

Sch 4 (items 5, 6): 5 Mar 2018 (s 2(1) item 4)

--

Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018

10, 2018

5 Mar 2018

Sch 3: 5 Mar 2018 (s 2(1) item 2)

Sch 3 (items 118-128)

Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Act 2018

13, 2018

5 Mar 2018

s 4: 5 Mar 2018 (s 2(1 item 1)
Sch 3 (items 7, 32): awaiting commencement (s 2(1) item 8)

s 4 and Sch 3 (item 32)

Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019

10, 2019

12 Mar 2019

Sch 1 (items 25-28): 1 July 2019 (s 2(1) item 2)

Sch 1 (item 28)

 

Endnote 4--Amendment history

 

Provision affected

How affected

Part 1

 

s 3............................................

am No 54, 1998; No 44, 1999; No 105, 2008; No 82, 2010; No 9, 2018

s 4............................................

am No 75, 2009; No 10, 2018

s 7............................................

rs No 54, 1998

 

am No 10, 2018

s 7A.........................................

ad No 154, 2007

 

am No 10, 2018

s 7B.........................................

ad No 154, 2007

Part 2

 

s 9A.........................................

ad No 107, 1997

 

am No 44, 1999

s 11..........................................

am No 60, 1996; No 44, 1999; No 105, 2002; SLI 2006 No 50; No 54, 2009

s 12..........................................

am No 54, 1998; No 44, 1999

s 12A.......................................

ad No 44, 1999

 

am No 154, 2007; No 75, 2009

s 12B.......................................

ad No 44, 1999

 

am No 55, 2001; No 154, 2007; No 75, 2009

s 14..........................................

am No 54, 1998; No 45, 2008; No 70, 2015

s 15..........................................

am No 54, 1998; No 154, 2007

s 15A.......................................

ad No 10, 2018

s 16..........................................

am No 55, 2001; No 75, 2009; No 10, 2018

Part 2A

 

Part 2A.....................................

ad No 44, 1999

Division 1

 

s 16A.......................................

ad No 44, 1999

 

am No 154, 2007

s 16B.......................................

ad No 44, 1999

 

am No 154, 2007

Division 2

 

s 16C.......................................

ad No 44, 1999

 

am No 55, 2001; No 154, 2007

s 16D.......................................

ad No 44, 1999

s 16E.......................................

ad No 44, 1999

 

am No 31, 2001; No 82, 2010 (as am by No 136, 2012); No 4, 2016

Division 3

 

s 16F........................................

ad No 44, 1999

Division 4

 

Subdivision 1

 

s 16G.......................................

ad No 44, 1999

s 16H.......................................

ad No 44, 1999

 

am No 154, 2007

s 16I........................................

ad No 44, 1999

s 16J........................................

ad No 44, 1999

 

am No 154, 2007

s 16K.......................................

ad No 44, 1999

Subdivision 2

 

s 16L.......................................

ad No 44, 1999

 

am Nos. 31 and 55, 2001; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 16M......................................

ad No 44, 1999

 

am No 31, 2001

 

rep No 154, 2007

s 16N.......................................

ad No 44, 1999

 

am No 154, 2007

s 16O, 16P...............................

ad No 44, 1999

s 16Q.......................................

ad No 44, 1999

 

am No 31, 2001; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 16R.......................................

ad No 44, 1999

 

am No 31, 2001; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 16S........................................

ad No 44, 1999

 

am No 31, 2001

 

rep No 154, 2007

s 16T.......................................

ad No 44, 1999

 

am No 154, 2007

s 16U.......................................

ad No 44, 1999

 

am No 31, 2001; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 16V.......................................

ad No 44, 1999

 

am No 31, 2001; No 154, 2007; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 16W......................................

ad No 44, 1999

 

am No 31, 2001

 

rep No 154, 2007

s 16X.......................................

ad No 44, 2007

 

am No 154, 2007

s 16Y, 16Z...............................

ad No 44, 1999

Division 5

 

s 16ZA.....................................

ad No 44, 1999

 

am No 24, 2000

s 16ZB.....................................

ad No 44, 1999

 

am No 32, 2007; No 87, 2015

s 16ZC.....................................

ad No 44, 1999

 

am No 46, 2011

Part 2B

 

Part 2B.....................................

ad No 120, 2004

s 16ZD.....................................

ad No 120, 2004

 

am No 75, 2009; No 126, 2015

s 16ZE.....................................

ad No 120, 2004

 

rs No 10, 2018

s 16ZF.....................................

ad No 120, 2004

s 16ZG.....................................

ad No 120, 2004

Part 3

 

Part 3 heading..........................

rs No 75, 2009

Division 1

 

Division 1 heading...................

ad No 75, 2009

s 17..........................................

am No 44, 1999; No 75, 2009

s 20..........................................

am No 54, 1998

 

rs No 154, 2007

 

am No 75, 2009; No 82, 2010

s 21..........................................

am No 54, 1998; No 44, 1999; No 121, 2001; No 154, 2007; No 25, 2008; No 75, 2009

s 22..........................................

am No 54, 1998; No 75, 2009

 

rs No 10, 2018

s 23..........................................

am No 54, 1998; No 61, 1998

 

rep No 44, 1999

 

ad No 10, 2018

s 24..........................................

am No 54, 1998

 

rep No 44, 1999

 

rep No 154, 2007

s 25..........................................

am No 54, 1998

 

rep No 154, 2007

s 26..........................................

am No 54, 1998; No 75, 2009

 

rs No 10, 2018

s 27..........................................

am No 54, 1998; No 75, 2009; No 10, 2018

s 27A.......................................

ad No 10, 2018

Division 2

 

Division 2................................

ad No 75, 2009

s 28A.......................................

ad No 75, 2009

 

am No 82, 2010

s 28B.......................................

ad No 75, 2009

 

am No 10, 2018

s 28BA.....................................

ad No 10, 2018

s 28C.......................................

ad No 75, 2009

 

am No 10, 2018

s 28D.......................................

ad No 75, 2009

s 28E.......................................

ad No 82, 2010

s 28..........................................

am No 54, 1998; No 31, 2001

 

rep No 154, 2007

 

ad No 82, 2010

 

am No 10, 2018

s 28AA....................................

ad No 10, 2018

Part 4

 

Division 1

 

s 30..........................................

am No 54, 1998; No 44, 1999

s 31..........................................

am No 54, 1998; No 120, 2004

s 33..........................................

am No 54, 1998

s 34..........................................

am No 54, 1998; No 154, 2007

s 35..........................................

ad No 44, 1999

s 38..........................................

am No 107, 1997; No 54, 1998; No 82, 2010

s 39..........................................

am No 154, 2007

s 40..........................................

am No 54, 1998; No 154, 2007; No 25, 2008

s 41..........................................

am No 107, 1997

s 41A.......................................

ad No 107, 1997

 

am No 54, 1998

s 42..........................................

am No 154, 2007

s 43..........................................

am No 54, 1998; No 55, 2001; No 10, 2018

s 44..........................................

am No 54, 1998; No 154, 2007

 

rep No 82, 2010

s 46..........................................

am No 54, 1998; No 44, 1999

s 47..........................................

am No 154, 2007

Division 2

 

s 48..........................................

am No 54, 1998

s 49..........................................

am No 107, 1997; No 54, 1998; No 25, 2008

s 50..........................................

am No 54, 1998

s 51..........................................

am No 54, 1998

Division 3

 

Division 3................................

rs No 44, 1999

ss 52, 53..................................

am No 54, 1998

 

rs No 44, 1999

 

am No 154, 2007

s 54..........................................

am No 54, 1998

 

rs No 44, 1999

 

rep No 154, 2007

Division 4

 

Division 4 heading...................

rs No 44, 1999

s 55..........................................

am No 54, 1998; No 44, 1999; No 154, 2007

Division 5

 

s 57..........................................

am No 54, 1998; No 121, 2001; No 154, 2007

s 60..........................................

am No 61, 1998

Division 6

 

s 61..........................................

am No 54, 1998; No 154, 2007

s 62, 63....................................

am No 107, 1997; No 54, 1998; No 154, 2007; No 25, 2008

Part 5 heading..........................

rs No 44, 1999

 

rep No 154, 2007

Part 5.......................................

rep No 154, 2007

s 64..........................................

rep No 154, 2007

s 65..........................................

am No 54, 1998

 

rep No 154, 2007

s 66..........................................

rep No 154, 2007

s 67..........................................

rep No 154, 2007

s 68..........................................

am No 107, 1997; No 54, 1998

 

rep No 154, 2007

s 69..........................................

rep No 154, 2007

s 70..........................................

am No 54, 1998; No 44, 1999

 

rep No 154, 2007

s 71..........................................

rep No 154, 2007

s 72..........................................

rep No 154, 2007

s 73..........................................

am No 107, 1997; No 54, 1998; No 44, 1999

 

rep No 154, 2007

Division 3................................

ad No 44, 1999

 

rep No 154, 2007

s 73A-73E...............................

ad No 44, 1999

 

rep No 154, 2007

s 73F........................................

ad No 44, 1999

 

am No 8, 2007

 

rep No 154, 2007

Part 6

 

Part 6 heading..........................

rs No 75, 2009

Division 1

 

s 74..........................................

am No 45, 2008; No 82, 2010; No 70, 2015

Division 2

 

s 76..........................................

am No 120, 2004

s 76A.......................................

ad No 82, 2010

s 77..........................................

am No 54, 1998; No 154, 2007

s 80..........................................

am No 154, 2007; No 82, 2010

s 82..........................................

am No 107, 1997; No 54, 1998

 

rep No 121, 2001

s 83..........................................

am No 54, 1998; No 121, 2001

 

rs No 154, 2007; No 82, 2010

s 83A, 83B...............................

ad No 82, 2010

s 84..........................................

am No 61, 1998; No 44, 1999

 

rs No 154, 2007

 

am No 25, 2008; No 82, 2010

s 85..........................................

am No 54, 1998; No 44, 1999; No 55, 2001

 

rs No 154, 2007

 

am No 25, 2008; No 82, 2010

s 86..........................................

am No 54, 1998; No 55, 2001

 

rs No 154, 2007

 

rep No 25, 2008

 

ad No 82, 2010

s 87..........................................

am No 54, 1998; No 154, 2007; No 82, 2010

 

rs No 75, 2009

s 88..........................................

am No 54, 1998; No 121, 2001; No 154, 2007; No 75, 2009; No 82, 2010

s 88A.......................................

ad No 154, 2007

 

am No 75, 2009; No 10, 2018

s 88B.......................................

ad No 82, 2010

s 89..........................................

am Nos. 55 and 121, 2001; No 75, 2009; No 82, 2010

s 90..........................................

rep No 154, 2007

 

ad No 82, 2010

s 91..........................................

am No 54, 1998

 

rep No 154, 2007

 

ad No 82, 2010

s 92..........................................

am No 121, 2001; No 120, 2004

 

rep No 154, 2007

Division 3

 

s 93..........................................

am No 54, 1998; No 154, 2007; No 25, 2008

s 94..........................................

am No 54, 1998

 

rs No 154, 2007

 

am No 25, 2008

s 94A.......................................

ad No 154, 2007

 

rep No 25, 2008

s 95..........................................

am No 54, 1998; No 154, 2007

s 96..........................................

am No 154, 2007

s 97..........................................

rs No 154, 2007

s 98..........................................

am No 54, 1998; No 121, 2001; No 154, 2007

s 98A.......................................

ad No 154, 2007

 

am No 10, 2018

s 98B.......................................

ad No 82, 2010

Division 4................................

rep No 154, 2007

s 100-111................................

rep No 154, 2007

s 112........................................

am No 54, 1998

 

rep No 154, 2007

Division 5................................

rep No 154, 2007

s 113........................................

am No 120, 2004

 

rep No 154, 2007

Division 6................................

rep No 154, 2007

Division 7................................

rep No 154, 2007

Division 8

 

Division 8................................

ad No 44, 1999

 

rs No 154, 2007

s 114........................................

rs No 154, 2007

s 115........................................

am No 54, 1998

 

rep No 154, 2007

s 116........................................

rep No 154, 2007

s 117, 118................................

am No 54, 1998

 

rep No 121, 2001

s 119, 120................................

am No 54, 1998

 

rep No 154, 2007

s 121........................................

am No 54, 1998

 

rep No 121, 2001

s 122........................................

am No 54, 1998; No 121, 2001

 

rep No 154, 2007

s 123........................................

am No 54, 1998

 

rep No 154, 2007

s 124........................................

am No 54, 1998; No 121, 2001

 

rs No 154, 2007

 

am No 82, 2010

s 125........................................

am No 54, 1998

 

rs No 154, 2007

 

am No 82, 2010; No 11, 2016

s 125A.....................................

ad No 44, 1999

 

am No 121, 2001

 

rep No 154, 2007

 

ad No 25, 2008

 

am No 75, 2009; No 82, 2010

s 125B.....................................

ad No 44, 1999

 

am No 121, 2001

 

rep No 154, 2007

Part 7

 

Part 7 heading..........................

rs No 75, 2009

Division 1

 

s 126........................................

am No 123, 2001; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015

s 127........................................

am No 54, 1998

s 128........................................

am No 75, 2009

s 129........................................

am No 55, 2001; No 75, 2009

Division 2

 

Division 2 heading...................

rs No 75, 2009

s 130........................................

am No 54, 1998; No 75, 2009

s 131, 132................................

am No 54, 1998; No 75, 2009

s 132A.....................................

ad No 154, 2007

 

am No 75, 2009; No 82, 2010

s 133........................................

am No 54, 1998; No 75, 2009

s 133A.....................................

ad No 154, 2007

Division 3

 

Division 3 heading...................

rs No 154, 2007

s 134........................................

am No 107, 1997; No 54, 1998

 

rep No 25, 2008

s 135........................................

am No 54, 1998; No 75, 2009

s 136........................................

am No 54, 1998; No 121, 2001; No 154, 2007; No 75, 2009

s 137........................................

am No 54, 1998; No 75, 2009; No 82, 2010; No 11, 2016

s 138-141................................ ................................................

am No 54, 1998; No 75, 2009

s 142........................................

am No 54, 1998; No 75, 2009

s 143........................................

am No 54, 1998; No 75, 2009

s 144........................................

am No 54, 1998

s 147........................................

am No 107, 1997; No 54, 1998; No 31, 2001 (as rep by No 117, 2001); No 75, 2009; No 4, 2016

s 148........................................

am No 54, 1998

 

rep No 154, 2007

s 149........................................

am No 54, 1998; No 75, 2009

s 150........................................

am No 107, 1997; No 54, 1998; No 31, 2001 (as rep by No 117, 2001); No 121, 2001

 

rep No 25, 2008

s 151........................................

am No 54, 1998; No 31, 2001; No 8, 2007

Division 3A

 

Division 3A.............................

ad No 144, 1995

 

rep No 13, 2018

s 151A.....................................

ad No 144, 1995

 

am No 62, 1997

 

rep No 13, 2018

Division 4

 

s 152-156................................

am No 75, 2009

Division 5

 

Division 5................................

am No 10, 2019

Subdivision A..........................

rep No 10, 2019

s 156A.....................................

ad No 154, 2007

 

am No 75, 2009; No 82, 2010

 

rep No 10, 2019

s 156B.....................................

ad No 154, 2007

 

rep No 10, 2019

s 156C.....................................

ad No 154, 2007

 

rep No 10, 2019

s 156D.....................................

ad No 154, 2007

 

rep No 10, 2019

s 156E.....................................

ad No 154, 2007

 

am No 75, 2009; No 82, 2010

 

rep No 10, 2019

Subdivision B heading.............

rep No 10, 2019

s 156F......................................

ad No 154, 2007

Part 8

 

Part 8 heading..........................

rs No 105, 2008

Division 1

 

s 157........................................

am No 54, 1998

s 158........................................

am No 10, 2018

s 159........................................

am No 154, 2007; No 10, 2018

s 160........................................

am No 105, 2008

s 161........................................

am No 105, 2008

 

rs No 10, 2018

s 161A.....................................

ad No 10, 2018

s 161B.....................................

ad No 10, 2018

s 161C.....................................

ad No 10, 2018

s 161D.....................................

ad No 10, 2018

s 161E.....................................

ad No 10, 2018

s 162........................................

rep No 10, 2018

s 163........................................

am No 105, 2008; No 82, 2010; No 10, 2018

s 165........................................

am No 120, 2004; No 9, 2006; No 105, 2008; No 82, 2010

 

rs No 10, 2018

s 165A.....................................

ad No 105, 2008

 

am No 10, 2018

s 165B.....................................

ad No 105, 2008

 

am No 43, 2016

 

rs No 10, 2018

s 166........................................

am No 121, 2001; No 10, 2018

s 167........................................

am No 54, 1998

s 168A.....................................

ad No 105, 2008

 

am No 10, 2018

s 168B.....................................

ad No 105, 2008

s 168C.....................................

ad No 105, 2008

 

am No 43, 2016

 

rs No 10, 2018

s 169........................................

am No 54, 1998

s 170........................................

am No 54, 1998

s 172........................................

am No 54, 1998; No 10, 2018

s 174........................................

am No 55, 2001

s 175........................................

am No 54, 1998; No 105, 2008; No 82, 2010; No 10, 2018

s 176........................................

am No 54, 1998; No 61, 1998; No 105, 2008; No 10, 2018

s 177........................................

am No 10, 2018

s 179........................................

rs No 10, 2018

s 179A.....................................

ad No 105, 2008

 

am No 103, 2010

Division 1AA

 

Division 1AA...........................

ad No 10, 2018

Subdivision A

 

s 179AA..................................

ad No 10, 2018

s 179AB...................................

ad No 10, 2018

s 179AC...................................

ad No 10, 2018

Subdivision B

 

s 179AD..................................

ad No 10, 2018

s 179AE...................................

ad No 10, 2018

s 179AF...................................

ad No 10, 2018

s 179AG..................................

ad No 10, 2018

s 179AH..................................

ad No 10, 2018

 

ed C53

s 179AI....................................

ad No 10, 2018

s 179AJ....................................

ad No 10, 2018

s 179AK..................................

ad No 10, 2018

s 179AL...................................

ad No 10, 2018

s 179AM..................................

ad No 10, 2018

s 179AN..................................

ad No 10, 2018

s 179AO..................................

ad No 10, 2018

s 179AP...................................

ad No 10, 2018

s 179AQ..................................

ad No 10, 2018

s 179AR...................................

ad No 10, 2018

s 179AS...................................

ad No 10, 2018

s 179AT...................................

ad No 10, 2018

s 179AU..................................

ad No 10, 2018

s 179AV..................................

ad No 10, 2018

s 179AW..................................

ad No 10, 2018

s 179AX..................................

ad No 10, 2018

s 179AY..................................

ad No 10, 2018

s 179AZ...................................

ad No 10, 2018

s 179AZA................................

ad No 10, 2018

s 179AZB................................

ad No 10, 2018

Division 1A

 

Division 1A.............................

ad No 105, 2008

s 179B.....................................

ad No 105, 2008

s 179C.....................................

ad No 105, 2008

 

am No 82, 2010

 

rs No 10, 2018

Division 2

 

s 180........................................

am No 44, 1999; Nos. 31 and 55, 2001; No 82, 2010 (as am by No 136, 2012); No 4, 2016

s 181........................................

am No 54, 1998; No 10, 2018

s 182........................................

am No 55, 2001

s 183........................................

am No 54, 1998; No 105, 2008; No 10, 2018

s 183A.....................................

ad No 44, 1999

s 183B.....................................

ad No 11, 2016

 

am No 10, 2018

s 184........................................

am No 54, 1998; No 10, 2018

s 185........................................

am No 54, 1998, No 105, 2008; No 10, 2018

s 186........................................

am No 44, 1999

s 187........................................

am No 55, 2001

s 188........................................

am No 44, 1999

Part 9

 

s 190........................................

am No 44, 1999; No 117, 2007; No 75, 2009; No 10, 2018

s 191-193................................

am No 54, 1998

s 194........................................

am No 105, 2008

s 195........................................

am No 54, 1998; No 61, 1998

s 196, 197................................

am No 54, 1998

Part 10

 

Division 1

 

s 198........................................

am No 54, 1998

s 199........................................

am No 44, 1999

Division 2

 

s 200........................................

am No 107, 1997; No 61, 1998; No 44, 1999

s 201, 202................................

am No 107, 1997

Division 2A

 

Division 2A.............................

ad No 139, 2002

s 203A.....................................

ad No 139, 2002

s 203B.....................................

ad No 139, 2002

 

am No 75, 2009

s 203C, 203D...........................

ad No 139, 2002

s 203E (prev s 230E)...............

ad No 139, 2002
renum No 100, 2005

Division 3

 

s 204........................................

am No 144, 2008

Division 4

 

s 206........................................

am No 44, 1999

s 207........................................

am No 107, 1997; No 154, 2007

s 208........................................

am No 54, 1998

s 209........................................

am No 154, 2007; No 82, 2010

s 210........................................

am No 44, 1999

Division 5

 

s 211, 212................................

am No 44, 1999; No 144, 2008

s 216........................................

am No 62, 1997; No 54, 1998; No 44, 1999; No 31, 2001 (as rep by No 117, 2001); No 92, 2008; No 176, 2013; No 70, 2015; No 129, 2015

s 216A.....................................

ad No 129, 2015

Division 6

 

s 218........................................

am No 44, 1999

Division 8

 

s 226........................................

am No 44, 1999

s 227........................................

am No 44, 1999

s 230........................................

am No 44, 1999

Part 10A

 

Part 10A...................................

ad No 44, 1999

Division 1

 

s 230A.....................................

ad No 44, 1999

 

am No 121, 2001; No 154, 2007; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015; No 126, 2015; No 10, 2018

s 230AAA................................

ad No 10, 2018

Division 1A

 

Division 1A.............................

ad No 10, 2018

s 230AAB................................

ad No 10, 2018

s 230AAC................................

ad No 10, 2018

s 230AAD................................

ad No 10, 2018

Division 2

 

Subdivision A

 

Subdivision A..........................

ad No 82, 2010

s 230AA..................................

ad No 82, 2010

 

am No 10, 2018

s 230AB...................................

ad No 82, 2010

 

am No 10, 2018

s 230AC...................................

ad No 82, 2010

 

am No 10, 2018

s 230AD..................................

ad No 82, 2010

 

am No 10, 2018

s 230AE...................................

ad No 82, 2010

 

am No 10, 2018

s 230AF...................................

ad No 82, 2010

s 230AG..................................

ad No 82, 2010

s 230AH..................................

ad No 82, 2010

s 230AI....................................

ad No 82, 2010

s 230AJ....................................

ad No 82, 2010

 

am No 43, 2016

 

rs No 10, 2018

s 230AK..................................

ad No 82, 2010

 

am No 10, 2018

s 230AL...................................

ad No 82, 2010

s 230AM..................................

ad No 82, 2010

 

am No 82, 2010

Subdivision B

 

Subdivision B heading.............

ad No 82, 2010

s 230B.....................................

ad No 44, 1999

 

am No 121, 2001; No 120, 2004; No 154, 2007; No 25, 2008; No 45, 2008; No 75, 2009; No 82, 2010; No 70, 2015; No 10, 2018

s 230C.....................................

ad No 44, 1999

 

am No 105, 2008; No 75, 2009; No 43, 2016; No 10, 2018

s 230D.....................................

ad No 44, 1999

 

am No 75, 2009; No 10, 2018

s 230E.....................................

ad No 44, 1999

 

rep No 10, 2018

s 230F......................................

ad No 44, 1999

 

am No 31, 2001; No 55, 2001; No 120, 2004; No 75, 2009; No 82, 2010 (as am by No 136, 2012); No 4, 2016; No 10, 2018

Subdivision C

 

Subdivision C..........................

ad No 10, 2018

s 231........................................

rep No 54, 1998

 

ad No 10, 2018

s 231A.....................................

ad No 10, 2018

s 231B.....................................

ad No 10, 2018

s 231C.....................................

ad No 10, 2018

s 231D.....................................

ad No 10, 2018

s 231E.....................................

ad No 10, 2018

s 231F......................................

ad No 10, 2018

s 231G.....................................

ad No 10, 2018

s 231H.....................................

ad No 10, 2018

s 232........................................

rep No 54, 1998

Part 11

 

s 233A.....................................

ad No 61, 1998

 

am No 55, 2001

s 235........................................

am No 54, 1998; No 120, 2004

 

rs No 75, 2009

s 236........................................

am No 107, 1997; No 54, 1998; No 44, 1999; No 121, 2001; No 37, 2002; No 154, 2007; No 25, 2008; No 45, 2008 (as am by No 8, 2010); No 75, 2009; No 82, 2010; No 70, 2015; No 10, 2018

s 237........................................

am No 38, 2005; No 25, 2008; No 75, 2009

s 238........................................

am No 54, 1998; No 156, 1999; No 55, 2001

 

rep No 154, 2007

s 239........................................

am No 54, 1998; No 156, 1999; No 55, 2001

 

rep No 154, 2007

s 240........................................

am No 54, 1998; No 75, 2009

s 241........................................

am No 54, 1998

s 242........................................

am No 61, 1998; No 120, 2004; No 75, 2009

s 243........................................

am No 54, 1998

 

rep No 121, 2001

s 244........................................

am No 107, 1997; No 54, 1998

 

rep No 121, 2001

s 245........................................

am No 107, 1997; No 31, 2001 (as am by No 117, 2001); No 120, 2004; No 25, 2008; No 75, 2009

s 245A.....................................

ad No 25, 2008

 

am No 75, 2009

s 245B.....................................

ad No 25, 2008

s 245C.....................................

ad No 82, 2010

s 246........................................

am No 54, 1998; No 154, 2007

s 246A.....................................

ad No 10, 2018

s 246B.....................................

ad No 10, 2018

s 246C.....................................

ad No 10, 2018

s 248........................................

am No 121, 2001

s 249........................................

am No 107, 1997

 

rep No 137, 2000

s 250........................................

am No 31, 2001; No 5, 2015

s 251........................................

am No 107, 1997

 

rep No 54, 1998

 

ad No 44, 1999

s 251AA..................................

ad No 10, 2018

s 251A.....................................

ad No 105, 2008

 

am No 62, 2014; No 126, 2015

s 251B.....................................

ad No 105, 2008

s 252........................................

am No 54, 1998; No 154, 2007

 

rep No 154, 2007

s 253........................................

am No 54, 1998; No 154, 2007

Part 12

 

s 254........................................

am No 44, 1999; No 154, 2007; No 75, 2009; No 10, 2018

s 255........................................

rep No 44, 1999

s 256, 257................................

am No 54, 1998

 

rep No 154, 2007

s 258-263................................

rep No 154, 2007

Schedule

 

Schedule..................................

am No 107, 1997; No 48, 1998; No 54, 1998; No 61, 1998; No 44, 1999; No 55, 2001; No 121, 2001; No 123, 2001; No 120, 2004; No 32, 2007; No 154, 2007; No 105, 2008; No 144, 2008; No 75, 2009; No 82, 2010; No 62, 2014; No 10, 2018


 



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