Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 203

  (1)   If:

  (a)   either:

  (i)   a policy has been issued or assigned to a person as trustee; or

  (ii)   a policy has become vested in a person as trustee in some other way; and

  (b)   the person is no longer the trustee under the relevant trust;

another person may give the life company notice, in accordance with subsection   (2), that the person giving the notice is now the trustee under the trust.

  (2)   A notice referred to in subsection   (1) is given in accordance with this subsection if the notice:

  (a)   is given:

  (i)   if ASIC has approved a manner for giving the notice under subsection   (3)--in the approved manner; or

  (ii)   otherwise--in writing; and

  (b)   if ASIC has approved a form for giving the notice under subsection   (3):

  (i)   is given in the approved form; and

  (ii)   includes the information required by the form; and

  (iii)   is accompanied by the documents (if any) required by the form; and

  (c)   includes the information (if any) prescribed by regulations made for the purposes of this paragraph in relation to the notice; and

  (d)   is accompanied by the documents (if any) prescribed by regulations made for the purposes of this paragraph in relation to the notice.

  (3)   For the purposes of paragraph   (2)(a) or (b), ASIC may, in writing, approve a manner or form for giving a notice referred to in subsection   (1).

  (3A)   Without limiting subsection   (3), a form approved under that subsection may be:

  (a)   the form of a statutory declaration; or

  (b)   a form that requires a matter to be verified by a statutory declaration.

Life company may record name of new owner

  (4)   If notice is given in accordance with this section, the life company may record the name of the person who gave the notice as the owner of the policy.

  (5)   When the person's name is recorded under subsection   (4), the person becomes the owner of the policy by force of this section.