Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 3   Life insurance

Life Insurance Act 1995

4   Transitional - supplementary statement and payment obligations

(1) In addition to its effect apart from this subitem, section 216 of the Life Insurance Act 1995 also has the effect it would have if:

(a) in subsection 216(1) of that Act, the words "Within 3 months after the end of each calendar year" were omitted and the words "Before the end of 31 May 2013" were substituted; and

(b) in subsection 216(1) of that Act, the words "that year" were omitted and the words "the applicable assessment day" were substituted; and

(c) in subsections 216(4) and (6) of that Act, the words "the calendar year" were omitted and the words "the applicable assessment day" were substituted; and

(d) the amendment made by item 3 of this Schedule had commenced on 31 December 2012; and

(e) any regulations made, in accordance with section 4 of the Acts Interpretation Act 1901, for the purposes of subparagraph (c)(ii) of the definition of unclaimed money in subsection 216(15) of the Life Insurance Act 1995 had taken effect from the day on which the regulations are registered under the Legislative Instruments Act 2003.

No double counting

(2) For the purposes of the application to a life company of section 216 of the Life Insurance Act 1995 (as that section has effect under subitem (1)), unclaimed money does not include any 7-year unclaimed amounts for the life company.

(3) For the purposes of this item, if:

(a) an amount is required to be set out in a life company's statement under subsection 216(1) of the Life Insurance Act 1995 (as that subsection has effect otherwise than under subitem (1)); and

(b) the life company is required, by subsection 216(1) of the Life Insurance Act 1995 (as that subsection has effect otherwise than under subitem (1)), to give the statement to ASIC within 3 months after the end of 31 December 2012;

the amount is a 7-year unclaimed amount for the life company.

Applicable assessment day

(4) For the purposes of this item, the applicable assessment day for a life company is:

(a) 30 May 2013; or

(b) if the life company, by written notice given to ASIC before 30 May 2013, nominates a day that is:

(i) not earlier than 31 December 2012; and

(ii) not later than 29 May 2013;

the nominated day.