Retirement Savings Accounts Regulations 1997

PART 3 - BENEFIT PROTECTION STANDARDS  

Division 3.3 - RSA holder-protection standards  

REGULATION 3.11  

3.11   RSA HOLDER-PROTECTION STANDARDS NOT TO APPLY TO TRADITIONAL LIFE INSURANCE POLICIES  
The RSA holder-protection standards do not apply to a part of the benefits of an RSA holder that is wholly determined by a life insurance policy within the meaning of the Life Insurance Act 1995 if:

(a) the policy includes an investment component; and

(b) the premium is not dissected (whether by reference to the investment component or otherwise); and

(c) the sum insured, together with bonuses (if any), is payable only upon:

(i) the death of the life insured; or

(ii) the occurrence of the earlier of the following events:

(A) the death of the life insured; or

(B) the attainment by the life insured of the age specified in the policy.