Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 4   Insurance

Part 3   Friendly societies

Division 1   Main amendments

Life Insurance Act 1995

61   After section 16ZA

Insert:

16ZAAA Modification of section 201

Paragraph 201(1)(b) has effect in relation to a friendly society as if the reference in that paragraph to endorsement on the policy were omitted.

16ZAAB Modification of section 213

(1) Subsection 213(2) has effect in relation to a friendly society as if all the words in that subsection after paragraph (b) were omitted and the following words substituted:

the friendly society may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph (1)(a) and that the requirements of the rules are followed.

(2) Subsection 213(3) has effect in relation to a friendly society as if the words "The company may endorse the policy" in that subsection were omitted and the words "However, the friendly society may register the applicant" were substituted.

16ZAAC Modification of Division 7 of Part 10

Division 7 of Part 10 does not apply in relation to a friendly society.

16ZAAD Modification of section 226

Section 226 of the Act has effect in relation to a friendly society as if subsection (1) of that section were omitted and the following subsections substituted:

(1) A friendly society must keep a register of members for each approved benefit fund of the society.

(1A) The register must include:

(a) the name and address of each member of the approved benefit fund; and

(b) the date of each member's admission to membership; and

(c) for each membership terminated - the date and circumstances of the termination.

(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.

16ZAAE Modification of section 227

Section 227 does not apply in relation to a friendly society.

16ZAAF Modification of section 229

Subsection 229(2) does not apply in relation to a friendly society.

Division 7 - Other modifications

16ZAAG Modification of section 242

Section 242 does not apply in relation to a friendly society.