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