Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Changing the administration of the Act
1 Paragraph 3(2)(c)
Omit "the Insurance and Superannuation Commissioner", substitute "APRA and ASIC".
2 Section 7
Repeal the section, substitute:
7 General administration of Act
(1) Subject to subsection (3):
(a) APRA has the general administration of:
(i) Parts 3 to 6; and
(ii) Parts 8 to 9; and
(iii) sections 206 to 210; and
(iv) Part 12; and
(b) ASIC has the general administration of Part 10 (other than sections 206 to 210).
(2) Parts 1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA's administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions.
Note: Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in the Schedule.
(3) The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.
3 Subsection 49(4)
Omit "he or she", substitute "APRA".
4 Subsection 53(4)
Omit "he or she", substitute "APRA".
5 Subsection 121(1)
Omit "him or her", substitute "APRA".
6 Subsection 127(1)
Repeal the subsection, substitute:
(1) The Regulator may appoint:
(a) a member of its own staff; or
(b) a member of the other Regulator's staff;
as an authorised person for the purposes of a specified provision of this Act.
7 Paragraph 127(3)(a)
Omit "the Commissioner", substitute "the Regulator or an authorised person".
8 Paragraph 127(3)(b)
Omit "the Commissioner", substitute "the Regulator or an authorised person".
9 Subsection 133(1)
Omit "the Commissioner" (first occurring), substitute "an authorised person".
10 Subsection 133(1)
Omit "the Commissioner" (second occurring), substitute "the authorised person".
11 Subsections 133(2) to (3)
Omit "The Commissioner" (wherever occurring), substitute "The authorised person".
12 Subsection 134(3)
Omit "his or her", substitute "its".
13 Section 140
Omit "the Commissioner" (first occurring), substitute "the Regulator".
14 Section 140
Omit "the Commissioner" (second occurring), substitute "an authorised person".
15 Section 140
Omit "the Commissioner" (third occurring), substitute "the authorised person".
16 Section 142
Omit "he or she", substitute "the Regulator".
17 Paragraph 142(b)
Omit "the Commissioner", substitute "a specified authorised person".
18 Paragraph 143(1)(b)
Omit "he or she", substitute "the Regulator".
19 Paragraph 144(2)(b)
Omit "the Commissioner or".
20 Subsection 181(2)
Omit "him or her", substitute "APRA".
21 Paragraph 195(c)
Omit "the Australian Securities Commission", substitute "ASIC".
22 Subsection 198(2)
Omit "he or she", substitute "ASIC".
23 Subsection 216(15) (definition of authorised officer )
Repeal the definition, substitute:
"authorised officer" means a member of staff authorised by ASIC for the purposes of this section.
24 Section 231
Repeal the section.
25 Section 232
Repeal the section.
26 Section 238
Omit "the Australian Securities Commission", substitute "ASIC".
27 Paragraph 239(1)(a)
Omit "the Australian Securities Commission", substitute "ASIC".
28 Subsection 244(5)
Omit "he or she", substitute "APRA".
29 Section 251
Repeal the section.
30 Dictionary in the Schedule
Insert:
"APRA" means the Australian Prudential Regulation Authority.
31 Dictionary in the Schedule
Insert:
"ASIC" means the Australian Securities and Investments Commission.
32 Dictionary in the Schedule
Insert:
"member of staff" means:
(a) in relation to APRA--a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 ; and
(b) in relation to ASIC--a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 1989 .
33 Dictionary in the Schedule
Insert:
"Prudential Rules" means rules made by APRA under section 252.
34 Dictionary in the Schedule
Insert:
"Regulator" means:
(a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and
(b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC.
Part 2 -- Changing "Commissioner" to "APRA"
35 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner" (wherever occurring) and "the Commissioner" (wherever occurring) and in both cases substituting "APRA". This does not apply to the references to the Commissioner of Taxation in subsection 40(3) or 342(12).
Note: The headings to sections 25, 33, 49, 88, 98, 169, 170, 181, 183, 184 and 238 are altered by omitting " Commissioner " and substituting " APRA ".
36 Subsections 12(2) to (3)
37 Subsections 14(5) to (6)
38 Subsections 15(4) to (5)
39 Subsection 20(1)
40 Paragraph 20(3)(b)
41 Subsections 21(1) to (3) and (5)
42 Subsections 22(1) to (5)
43 Subsection 25(1)
44 Subsections 26(1) to (3)
45 Subsections 27(1) to (2)
46 Section 28
47 Paragraph 30(e)
48 Paragraph 31(c)
49 Subsection 33(1)
50 Subsection 40(1)
51 Paragraph 40(2)(b)
52 Subsections 40(3) to (4)
53 Subsection 41A(2)
54 Paragraphs 43(3)(c) and (6)(b)
55 Subsection 44(4)
56 Paragraph 44(7)(b)
57 Section 46
58 Paragraph 48(8)(b)
59 Subsections 49(1) and (3) to (4)
60 Paragraph 50(1)(a)
61 Section 51
62 Subsection 52(1)
63 Paragraph 52(3)(b)
64 Subsections 52(4) and (9)
65 Subsection 53(1)
66 Paragraph 53(3)(b)
67 Subsection 53(4)
68 Section 57
69 Paragraphs 62(1)(c) and (3)(b)
70 Subsections 62(4) to (4A)
71 Subparagraph 63(1)(b)(ii)
72 Subsections 63(2) to (2A)
73 Subsection 65(3)
74 Subsections 68(1) to (2) and (4) to (7)
75 Subsection 70(2)
76 Subsections 73(1) to (2) and (4) to (7)
77 Subsections 77(3) and (6)
78 Subsections 82(1) to (2) and (4)
79 Paragraph 82(5)(c)
80 Subsection 83(2)
81 Subsections 85(1) to (2) and (4)
82 Subsections 86(1) and (3)
83 Subsections 87(1) and (3)
84 Subsections 88(2) to(3)
85 Paragraph 88(4)(a) to (b)
86 Paragraph 91(1)(b)
87 Subsection 91(2)
88 Subsections 93(5) to (6)
89 Subsections 94(2) to (3) and (5)
90 Subsections 95(1) and (3)
91 Subsections 98(2) to (4)
92 Paragraphs 98(5)(a) to (b)
93 Subsections 112(1) to (2)
94 Subsection 115(3)
95 Subsections 118(2) to (5)
96 Subsections 119(1) to (2)
97 Subsection 120(1)
98 Paragraph 120(5)(a)
99 Subsections 121(1), (3) and (6) to (7)
100 Section 122
101 Subsections 123(1) and (3)
102 Subsection 124(1)
103 Subsections 125(2) and (5)
104 Subsections 134(1) and (3)
105 Subsections 157(1) and (3) to (5)
106 Paragraphs 167(4)(a) to (b)
107 Subsection 167(5)
108 Subsection 169(1)
109 Subsection 170(1)
110 Paragraphs 172(4)(a) to (b)
111 Subsection 172(6)
112 Paragraphs 175(6)(a) and (7)(b)
113 Paragraph 176(1)(a)
114 Subsections 181(1) to (2)
115 Subsections 183(1) and (3)
116 Subsections 184(1) to (2)
117 Subsection 185(1)
118 Subsection 191(1) (definition of approved summary )
119 Paragraph 191(2)(a)
120 Subsections 192(1) to (2)
121 Subsection 193(3)
122 Subsection 196(1)
123 Subsections 197(1) to (2)
124 Subsections 208(1) to (3)
125 Section 238
126 Subsection 239(2)
127 Subsections 240(1) to (2)
128 Subsection 241(1)
129 Subsection 243(1)
130 Subsections 244(1), (3) and (5) to (6)
131 Subsections 246(2) and (4)
132 Subsections 252(1) to (2)
133 Section 256 (second reference only)
134 Section 257 (second reference only)
Part 3 -- Changing "Commissioner's" to "APRA's"
135 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner's" (wherever occurring) and "the Commissioner's" (wherever occurring) and in both cases substituting "APRA's".
Note: The heading to sections 51, 68, 73, 185 and 244 are altered by omitting " Commissioner's " and substituting " APRA's ".
136 Subsection 170(2)
Part 4 -- Changing "Commissioner's rules" to "Prudential Rules"
137 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "Commissioner's rules" (wherever occurring) and substituting "Prudential Rules".
Note: The heading to section 252 is altered by omitting " Commissioner's rules " and substituting " Prudential Rules ".
138 Subsection 15(3)
139 Subsections 24(6) to (7)
140 Subsection 34(4)
141 Subsection 44(6)
142 Paragraphs 44(7)(a) to (b)
143 Subsections 52(2) to (3)
144 Paragraph 52(5)(a)
145 Subsection 52(6)
146 Subsections 53(2) to (3)
147 Paragraphs 54(3)(a) to (b)
148 Subsections 55(2) to (3)
149 Subsection 61(1)(definition of starting amount )
150 Paragraph 62(3)(c)
151 Subsection 62(5)
152 Paragraphs 82(5)(a) to (b)
153 Paragraph 117(2)(d)
154 Subsection 117(3)
155 Subsections 123(2) to (3)
156 Subsections 125(1) and (3)
157 Subsections 244(1) to (2)
158 Subsection 252(1)
159 Paragraph 253(1)(a)
160 Dictionary in the Schedule (definition of this Act )
Part 5 -- Changing "Commissioner" to "ASIC"
161 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner" (wherever occurring) and "the Commissioner" (wherever occurring) and in both cases substituting "ASIC".
162 Subsections 198(1) to (4)
163 Subsections 216(1), (3) to (4) and (6)
164 Paragraph 216(7)(b)
165 Subsections 216(10) and (13)
Part 6 -- Changing "Commissioner" to "Regulator"
166 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "Commissioner" (wherever occurring) and substituting "Regulator". This does not apply to the reference to the Commissioner of Taxation in the heading to subsection 344(7) or in subsection 344(7).
Note 1: The headings to sections 131, 149 and 150 are altered by omitting " Commissioner " and substituting " Regulator ".
Note 2: The heading to section 142 is altered by omitting " Commissioner's " and substituting " Regulator's ".
167 Section 130
168 Subsections 131(1) to (2) and (4)
169 Subsections 132(1) to (2)
170 Subsection 135(1)
171 Paragraph 135(2)(b)
172 Paragraph 136(g)
173 Subsections 137(1) to (2)
174 Section 138
175 Subsection 139(1)
176 Subsection 141(1)
177 Section 142 (other than paragraph (b))
178 Subsection 143(1)
179 Subsections 147(1) to (2)
180 Subsection 148(1)
181 Section 149
182 Subsections 150(1) and (4) to (7)
183 Subsection 151(1)
184 Paragraph 151(2)(b)
185 Subsection 151(4)
186 Subsections 235(3) and (6)
187 Subsections 236(2) to (3) and (5) to (8)
188 After paragraph 21(3)(c)
Insert:
(ca) in the case of a company that is limited only by shares and the value of whose eligible assets (other than assets that are assets of a statutory fund) exceeds the total amount of its liabilities by at least the subsection 23(4) amount but not by at least the subsection 23(4A) amount--that the total value of its eligible assets and its other assets does not exceed the total amount of its liabilities by at least the subsection 23(4A) amount;
189 Subsection 21(4)
Omit "paragraph (3)(c)", substitute "this section".
190 At the end of section 21
Add:
(8) In this section:
"subsection 23(4) amount" means $5,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4), that amount.
"subsection 23(4A) amount" means $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of subsection 23(4A), that amount.
191 After subsection 23(4)
Insert:
(4A) If:
(a) a life company is limited only by shares; and
(b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount;
the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b).
192 Subsection 23(5)
Omit "subsection (4)", substitute "this section".
193 Paragraph 38(3)(b)
Repeal the paragraph, substitute:
(b) in connection with the undertaking of a major development project and in accordance with section 40; or
(c) for such other purposes, and subject to such other conditions, as are prescribed by the regulations.
194 Subsection 40(1)
Repeal the subsection, substitute:
(1) A life company may mortgage or charge an asset of a statutory fund, otherwise than for a purpose of the kind referred to in paragraph 38(3)(a) or (c), if:
(a) the mortgage or charge is to be given in connection with the undertaking of a major development project; and
(b) the giving of the mortgage or charge has been approved by the Commissioner.
195 Dictionary in the Schedule (definition of superannuation business )
Omit "insurance".
196 Dictionary in the Schedule (paragraph (b) of the definition of superannuation policy )
Repeal the paragraph, substitute:
(b) a life policy of a kind prescribed by the regulations for the purposes of this paragraph.
197 Application
Section 23 of the Life Insurance Act 1995 , as amended by this Part, applies:
(a) to a life company registered before the commencement of this Part, whose current financial year ends before 31 December 1998, on and after the last day of the company's next financial year; and
(b) to a life company registered before the commencement of this Part, whose current financial year ends on or after 31 December 1998, on and after the last day of that financial year; and
(c) to all other life companies on and after the commencement of this Part.