Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A life company must register each policy issued by the company in Australia:
(a) in the register for the State or Territory in which the policy owner lives; or
(b) if there is no such register or the policy owner has requested that the policy be registered in some other register--in the register chosen by the policy owner.
(2) A life company must register each policy issued by the company outside Australia in a register for policies issued outside Australia.
(3) The owner of a policy issued in Australia may, in writing, ask the company that issued the policy to transfer the policy from a register to another register.
(4) The company must comply with a request under subsection (3).
(5) A policy may be transferred:
(a) from a register for policies issued outside Australia to any other register; or
(b) to a register for policies issued outside Australia from any other register:
if the policy owner makes a written request for the transfer and the life company concerned agrees to the transfer.
(6) The owner of a policy is liable to pay to a life company an amount equal to the total of the expenses incurred by the company in connection with a transfer of the policy under subsection (3) or (4).