Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 5   Transitional provisions relating to operation of the Life Insurance Act 1995

10   Definitions

In this Division:

amended Act means the Life Insurance Act 1995 as in force on and after the transfer date.

eligible benefit fund means a fund:

(a) that is, immediately before the transfer date, a benefit fund for the purposes of any of the Friendly Societies Codes; and

(b) in relation to which one of the following subparagraphs applies:

(i) an approval under section 98 of that Code was in force in relation to the fund immediately before the transfer date;

(ii) because of section 483 of that Code, the fund was deemed to have been established as a benefit fund under that Code; and

(c) that does not relate to health insurance business.

existing benefit fund rules means rules applying to an eligible benefit fund immediately before the transfer date.

health insurance business has the same meaning as in section 67 of the National Health Act 1953.

old Act means the Life Insurance Act 1995 as in force immediately before the transfer date.

transferring friendly society means a company that is taken, by subitem 11(1), to have been granted registration under section 21 of the amended Act.