Corporations Act 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.24A
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TRANSITIONAL PROVISIONS RELATING TO THE CORPORATIONS AMENDMENT (LIFE INSURANCE REMUNERATION ARRANGEMENTS) ACT 2017
SECTION 1549A
1549A
DEFINITIONS
In this Part:
SECTION 1549B
APPLICATIONS OF AMENDMENTS RELATING TO LIFE RISK INSURANCE PRODUCTS
1549B(1)
Subject to subsections (2), (3) and (4), the amendments made by Schedule 1 to the amending Act apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, under an arrangement entered into before, on or after the commencement day.
1549B(2)
The amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product if:
(a) the life risk insurance product is issued before the commencement day; or
(b) the application for the issue of the life risk insurance product is made before the commencement day and the product is issued within 3 months after the commencement day.
1549B(3)
The regulations may prescribe circumstances in which the amendments made by Schedule 1 to the amending Act apply, or do not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
1549B(4)
Despite any otherprovision of this section or the regulations, the amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of those amendments would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
View history note
Hide history noteIn this Part:
amending Act
means the
Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017
.
commencement day
means the day on which Schedule 1 to the amending Act commences.
Subject to subsections (2), (3) and (4), the amendments made by Schedule 1 to the amending Act apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, under an arrangement entered into before, on or after the commencement day.
1549B(2)
The amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product if:
(a) the life risk insurance product is issued before the commencement day; or
(b) the application for the issue of the life risk insurance product is made before the commencement day and the product is issued within 3 months after the commencement day.
Note: This means that if a benefit is given in relation to a group of life risk insurance products, some of which were issued before the commencement day and some after, the products issued before the commencement day, or in circumstances covered by paragraph (2)(b), would be ignored for the purposes of applying the amendments.
1549B(3)
The regulations may prescribe circumstances in which the amendments made by Schedule 1 to the amending Act apply, or do not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
1549B(4)
Despite any otherprovision of this section or the regulations, the amendments made by Schedule 1 to the amending Act do not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of those amendments would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).