Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A policy document must specify the statutory fund or statutory funds to which the policy is referable.
(2) A policy document must not make provision inconsistent with section 31.
(3) A provision in a policy document that a policy is referable to 2 or more statutory funds is not effective unless it specifies:
(a) the benefits under the policy that are to be provided out of each fund; and
(b) either:
(i) the proportion of the premium that is related to the benefits to be provided out of each fund and is to be credited to the fund; or
(ii) the way in which that proportion is to be calculated.
(4) Subsection (1) does not prevent a policy document being endorsed so as to change the statutory fund or funds to which the policy is referable.
Note: If the fund or funds to which a policy is referable is changed in this way, section 55 must be complied with.
(5) If:
(a) a policy was issued before the commencement of this Act; and
(b) since that commencement, the company that issued the policy has given the policy owner written notice of the statutory fund or funds to which the policy is referable;
this Act has effect as if the notice were part of the policy document relating to the policy.