House of Representatives
Financial Sector Reform (Amendments and Transitional Provisions) Bill 1998
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Honourable Peter Costello MP)15 Schedule 11: Repeal of the Insurance and Superannuation Commissioner Act 1987
Schedule 11 repeals the Insurance and Superannuation Commissioner Act 1987 ('the Act'). The Act establishes the office of the Insurance and Superannuation Commissioner, and provides the terms and conditions for the position of Insurance and Superannuation Commissioner, and the staff required to assist the Commissioner. With the establishment of APRA and ASIC, this position will cease to exist, and current staff of the Commissioner will transfer to the employ of APRA or ASIC.
Commencement
15.1 Schedule 11 will commence on the commencement of the proposed Australian Prudential Regulation Authority Act 1998.
15.2 The whole of the Insurance and Superannuation Commissioner Act 1987 is repealed.