Treasury Laws Amendment (Putting Consumers First - Establishment of the Australian Financial Complaints Authority) Act 2018 (13 of 2018)

Schedule 1   External dispute resolution

Part 1   Amendments applying from the day after Royal Assent

Corporations Act 2001

1   Section 761A

Insert:

AFCA (short for the Australian Financial Complaints Authority) means the operator of the AFCA scheme.

AFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A is in force.

AFCA staff member means:

(a) a director, officer or employee of AFCA; or

(b) a person engaged as a consultant to, or to perform services for, AFCA for the purposes of the AFCA scheme.

annuity policy means a life policy in relation to an annuity that is declared to be a superannuation policy under regulations made for the purposes of paragraph (b) of the definition of superannuation policy in the Dictionary in the Life Insurance Act 1995.

approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

death benefit decision-maker means any of the following persons:

(a) the trustee of a regulated superannuation fund or approved deposit fund;

(b) an insurer in relation to a superannuation complaint;

(c) an RSA provider.

exempt public sector superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

holder , in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997.

insurer , in relation to a superannuation complaint, means the life company (within the meaning of the Life Insurance Act 1995) that is a party to the policy to which the complaint relates.

investigating authority means a tribunal, authority or person having power to require the production of documents or the answering of questions.

life policy has the same meaning as in the Life Insurance Act 1995.

life policy fund means a regulated superannuation fund for the purpose of which the trustee maintains, in relation to at least some of the members of the fund:

(a) individual life policies covering each of those members; or

(b) a single life policy covering all of those members.

regulated superannuation fund :

(a) has the same meaning as in the Superannuation Industry (Supervision) Act 1993; and

(b) includes the scheme provided for by the Australian Defence Force Cover Act 2015; and

(c) if, under the AFCA scheme, an exempt public sector superannuation scheme may elect to join the AFCA scheme, and such a superannuation scheme so elects - includes that superannuation scheme.

RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.

sale , in relation to an annuity policy, includes any activity undertaken, or representation made:

(a) at the time of, or preliminary to, the entry into the policy, so that the policy as so entered into extends to a particular person; and

(b) at the time of, or preliminary to, the variation of the policy, so that the policy as so varied affects a particular person.

superannuation complaint has the meaning given by subsection 1053(3).

superannuation provider means a person who is a superannuation provider within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997.

trustee , of a regulated superannuation fund that isthe scheme provided for by the Australian Defence Force Cover Act 2015, means CSC (within the meaning of the Governance of Australian Government Superannuation Schemes Act 2011).