Corporations Amendment Regulations 2002 (No. 2) (16 of 2002)

Schedule 1 Amendments commencing at 12.01 am (in the Australian Capital Territory) on 11 March 2002

substitute

death and disability insurance charge means a charge that:

(a) is made against:

(i) contributions made in respect of a product holder; or

(ii) a product holder's benefits in a fund or financial product (as appropriate); or

(iii) the investment earnings of a fund or financial product (as appropriate); or

(iv) the assets of a fund or financial product (as appropriate); or

(v) a product holder or another person on the product holder's behalf; and

(b) is used by the product issuer solely to pay:

(i) an insurance premium, including stamp duty on the premium, to an insurer; or

(ii) a charge by the product issuer;

for insurance against:

(iii) the product issuer's liability to provide a benefit payable by the product issuer:

(A) for the product holder on or after the death of the product holder; or

(B) to the product holder when the product holder stops work because of illness; or

(iv) either:

(A) the death of the product holder; or

(B) the product holder's inability to work because of illness.