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

Schedule 4   Insurance

Part 2   Forms of notices etc.

Life Insurance Act 1995

48   Subsections 203(2) and (3)

Repeal the subsections, substitute:

(2) A notice referred to in subsection (1) is given in accordance with this subsection if the notice:

(a) is given:

(i) if ASIC has approved a manner for giving the notice under subsection (3) - in the approved manner; or

(ii) otherwise - in writing; and

(b) if ASIC has approved a form for giving the notice under subsection (3):

(i) is given in the approved form; and

(ii) includes the information required by the form; and

(iii) is accompanied by the documents (if any) required by the form; and

(c) includes the information (if any) prescribed by regulations made for the purposes of this paragraph in relation to the notice; and

(d) is accompanied by the documents (if any) prescribed by regulations made for the purposes of this paragraph in relation to the notice.

(3) For the purposes of paragraph (2)(a) or (b), ASIC may, in writing, approve a manner or form for giving a notice referred to in subsection (1).

(3A) Without limiting subsection (3), a form approved under that subsection may be:

(a) the form of a statutory declaration; or

(b) a form that requires a matter to be verified by a statutory declaration.

Life company may record name of new owner