Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 35

Identification of policies referable to statutory fund

  (1)   A policy document must specify the statutory fund or statutory funds to which the policy is referable.

  (2)   A policy document must not make provision inconsistent with section   31.

  (3)   A provision in a policy document that a policy is referable to 2 or more statutory funds is not effective unless it specifies:

  (a)   the benefits under the policy that are to be provided out of each fund; and

  (b)   either:

  (i)   the proportion of the premium that is related to the benefits to be provided out of each fund and is to be credited to the fund; or

  (ii)   the way in which that proportion is to be calculated.

  (4)   Subsection   (1) does not prevent a policy document being endorsed so as to change the statutory fund or funds to which the policy is referable.

Note:   If the fund or funds to which a policy is referable is changed in this way, section   55 must be complied with.

  (5)   If:

  (a)   a policy was issued before the commencement of this Act; and

  (b)   since that commencement, the company that issued the policy has given the policy owner written notice of the statutory fund or funds to which the policy is referable;

this Act has effect as if the notice were part of the policy document relating to the policy.


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