Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 1   Modernising business communications

Part 4   Publication requirements and other amendments

Life Insurance Act 1995

114   After subsection 191(2)

Insert:

(2A) A notice referred to in paragraph (2)(b) is published in accordance with this subsection if:

(a) the form of the notice is approved by APRA in accordance with subsection (2B); and

(b) the applicant publishes the notice in a manner that:

(i) unless subparagraph (ii) of this paragraph applies - results in the notice being accessible to the public and reasonably prominent; or

(ii) if a determination under subsection (2C) is in force - is specified in the determination; and

(c) any other requirements set out in regulations made for the purposes of this paragraph are satisfied.

(2B) For the purposes of paragraph (2A)(a), APRA may approve, in writing, the form of a notice referred to in paragraph (2)(b).

(2C) For the purposes of subparagraph (2A)(b)(ii), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice referred to in paragraph (2)(b) may be published.

(2D) A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.