Superannuation Industry (Supervision) Regulations 1994

PART 4 - MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES  

Division 4.2 - Operating standards  

REGULATION 4.07D   OPERATING STANDARD - PERMITTED TYPES OF INSURANCE  

4.07D(1)    
This regulation is made for subsection 31(1) of the Act.

4.07D(2)    
A trustee of a regulated superannuation fund must not provide an insured benefit in relation to a member of the fund unless the insured event is consistent with a condition of release specified in item 102, 102A, 103 or 109 of Schedule 1 .

4.07D(3)    
However, subregulation (2) does not apply to:

(a) the continued provision of benefits to members who joined a fund before 1 July 2014; or

(b) the provision of benefits under an approval granted before 1 July 2014 under subparagraph 62(1)(b)(v) of the Act.

4.07D(4)    
If a trustee is unable to amend the governing rules of a fund, to make the governing rules comply with subregulation (2):

(a) the rules that do not comply with subregulation (2) are taken to have been omitted from the governing rules; and

(b) the rules omitted under paragraph (a) are taken to have been replaced by rules that allow the provision of benefits that are permitted under subregulation (2).

4.07D(5)    
This regulation does not apply until 1 July 2014.