Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 16Z

Contractual effect of approved benefit fund rules and policies

  (1)   Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section   16F, taken to be the owner of a policy referable to the benefit fund.

  (2)   Without limiting the generality of subsection   (1), a policy that is, because of section   16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:

  (a)   the person who is, because of that section, taken to be the owner of the policy; and

  (b)   either:

  (i)   the friendly society that is taken to have issued the policy; or

  (ii)   if that friendly society's liabilities under the policy have been transferred or assigned to another company--that other company.


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