Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Except as provided by subsections (2) and (3), it is the intention of the Parliament that this Act is not to apply to the exclusion of a law of a State or Territory to the extent that the law is capable of operating concurrently with this Act.
(2) Subject to subsection (3), the Parliament intends that, in relation to life insurance business (including State life insurance extending beyond the limits of the State concerned), this Act is to apply to the exclusion of:
(a) a superseded State Act; and
(b) any State Act amending a superseded State Act; and
(c) any State Act enacted in substitution for a superseded State Act.
(3) Nothing in this section is intended to affect prejudicially the rights, powers or privileges of the owner, or a person entitled to the benefit, of a policy issued before 20 June 1946 (the date of commencement of the Life Insurance Act 1945 ).
(4) In this section, superseded State Act means a State Act referred to in subsection 8(1) of the Life Insurance Act 1945 , as in force immediately before the commencement of this Act, that is still in operation.