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

67   After section 7

Insert:

7A Determination that certain provisions do not apply

(1) APRA may, in writing, determine that any or all of the following provisions of this Act do not apply to a person while the determination is in force:

(a) a provision of Part 2, 2A, 2B or 3;

(b) a provision of Division 1, 3, 4, 5 or 6 of Part 4;

(c) section 75;

(d) section 76;

(e) section 78;

(f) section 79;

(g) section 80;

(h) section 81.

(2) The determination:

(a) may be expressed to apply to a particular person or to a class of persons; and

(b) may specify the period during which the determination is in force; and

(c) may be made subject to specified conditions.

(3) If APRA makes a determination that applies to a particular person, APRA must also give the person written notice of the determination.

(4) APRA may, in writing, vary or revoke a determination under this section.

(5) The following instruments made under this section are not legislative instruments:

(a) a determination that applies to a particular person;

(b) an instrument varying or revoking a determination that applies to a particular person.

(6) Otherwise, an instrument made under this section is a legislative instrument.

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

(1) A person commits an offence if:

(a) a determination under section 7A applies to a person; and

(b) the person does or fails to do an act; and

(c) doing or failing to do the act results in a breach of a condition to which the determination is subject.

Penalty: 60 penalty units.

(2) Strict liability applies to subsection (1).

Note: For strict liability , see section 6.1 of the Criminal Code.