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

56   After section 16H

Insert:

16HA Modification of section 35

(1) Subsection 35(1) does not apply in relation to a friendly society.

(2) Subsection 35(2) has effect in relation to a friendly society as if the reference in that subsection to a policy document were a reference to approved benefit fund rules.

(3) Subsections 35(3), (4) and (5) do not apply in relation to a friendly society.

16HB Modification of section 36

Paragraph 36(b) does not apply in relation to a friendly society.