Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 1   Amendments commencing on Royal Assent

Life Insurance Act 1995

130   Subsection 252(2)

Repeal the subsection, substitute:

(2) APRA must not make rules under this section on or after the day on which Part 1 of Schedule 1 to the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 commences (the cut-off day ).

(3) A rule made under this section that is in force immediately before the cut-off day continues in force until revoked by APRA.

(4) APRA may, on or after the cut-off day, vary or revoke a rule continued in force under subsection (3).