Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 3   Life insurance

Life Insurance Act 1995

2   Subsection 216(9)

After "(7)(d)", insert "or (7A)(b)".

3Subsection 216(15) (paragraph (c) of the definition of unclaimed money)

Repeal the paragraph, substitute:

(c) sums of money payable on the maturity of a policy which are not claimed within:

(i) 3 years; or

(ii) if a greater number of years is specified in the regulations - that greater number of years;

after the maturity date of the policy; and