Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 (6 of 2017)

Schedule 1   Amendments

Corporations Act 2001

8   Paragraph 963B(1)(b)

Repeal the paragraph, substitute:

(b) each of the following is satisfied in relation to the benefit:

(i) the benefit is given to the licensee or representative in relation to a life risk insurance product or life risk insurance products;

(ii) none of the products is a group life policy for members of a superannuation entity (see subsection (2)) or a life policy for a member of a default superannuation fund (see subsection (3));

(iii) either:

(A) the benefit ratio for the benefit is the same for the year in which the product or products are issued as it is for each year in which the product or products are continued; or

(B) the benefit ratio requirements and clawback requirements in section 963BA are satisfied in relation to the benefit;

(ba) the benefit is given to the licensee or representative in relation to consumer credit insurance;