Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 12

  (1)   For the purposes of this Act, the following are the classes of life insurance business:

  (a)   ordinary business;

  (b)   superannuation business.

The expressions "ordinary business" and "superannuation business" are defined in the Dictionary.

  (2)   APRA may, at the request of a life company, declare, in writing, that life insurance business carried on by the life company and included in one class of life insurance business is to be treated, for the purposes of this Act, as if it were included in the other class of life insurance business.

  (3)   If APRA makes a declaration:

  (a)   this Act has effect accordingly; and

  (b)   APRA must give a copy of the declaration to the life company at whose request the declaration was made.