Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 5   AMENDMENTS OF THE SUPERANNUATION (RESOLUTION OF COMPLAINTS) ACT 1993

6   Subsection 3(2) (after the definition of fund)

Insert:

"insurer means:

(a) in relation to a complaint under section 14 that concerns a decision relating to a death benefit or a disability benefit under a contract of insurance:

(i) the life company that is a party to that contract of insurance; or

(ii) the body corporate authorised to carry on insurance business under the Insurance Act 1973 that is a party to the contract of insurance; or

(b) in relation to a complaint under section 14A that concerns a decision to admit a person as a member of a life policy fund-the life company that is a party to the life policy covering the member; or

(c) in relation to a complaint under section 15A or 15B-the life company that is a party to the policy to which the complaint relates.

interest means:

(a) in relation to an annuity policy-a contractual right to the payment of money on the happening of certain events; and

(b) in relation to a life policy fund-a beneficial interest in the fund.

life company has the same meaning as in the Life Insurance Act 1995.

life insurance broker has the same meaning as in section 9 of the Insurance (Agents and Brokers) Act 1984.

life policy has the same meaning as in the Life Insurance Act 1995.

life policy fund means a regulated superannuation fund for the purpose of which the trustee maintains, in relation to at least some of the members of the fund:

(a) individual life policies covering each of those members; or

(b) a single life policy covering all of those members.".