Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 5   Application, transitional and saving provisions

293   Saving provision for sections 125A and 125B determinations (Life Act)

(1) This item applies to a determination that was in force under section 125A or 125B of the Life Insurance Act 1995 immediately before those sections were repealed by this Act.

(2) To the extent that it relates to a provision of the Life Insurance Act 1995 referred to in section 7A of the Life Insurance Act 1995 as inserted by this Act, the determination:

(a) continues in force after the commencement of the amendments, as if it were a determination made under section 7A; and

(b) may be varied or revoked by APRA under section 7A.

(3) A determination or part of a determination to which subitem (2) does not apply ceases to have effect at the time sections 125A and 125B are repealed.