Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 4   Insurance

Part 6   Other amendments

Life Insurance Act 1995

134   At the end of Part 12

Add:

265 Transitional provision - industrial policies

(1) This section applies to an ordinary policy that:

(a) was in existence immediately before the commencement of this Act; and

(b) was an industrial policy within the meaning of subsection 4(1) of the Life Insurance Act 1945, as in force immediately before that commencement.

(2) Section 210 of this Act does not apply to the policy.

(3) Despite the repeal of section 101 of the Life Insurance Act 1945 by the Life Insurance (Consequential Amendments and Repeals) Act 1995, that section, as in force immediately before that repeal, continues to apply to the policy.