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

Schedule 4   Insurance

Part 3   Friendly societies

Division 1   Main amendments

Life Insurance Act 1995

55   After section 16G

Insert:

16GA Modification of section 30

Section 30 has effect in relation to a friendly society as if paragraph 30(f) were omitted and the following paragraph were substituted:

(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.