Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 7

  (1)   Subject to subsection   (3):

  (a)   APRA has the general administration of:

  (i)   Parts   3 to 6; and

  (ii)   Parts   8 to 9; and

  (iii)   sections   206 to 210; and

  (iiia)   Part   10A; and

  (iv)   Part   12; and

  (b)   ASIC has the general administration of Part   10 (other than sections   206 to 210).

  (2)   Parts   1 to 2, 7 and 11 confer powers and duties on APRA for the purposes of APRA's administration of its provisions and powers and duties on ASIC for the purposes of its administration of its provisions.

Note:   Generally neither APRA nor ASIC is referred to in these provisions. Regulator is used instead. See the definition of Regulator in the Dictionary in Schedule   1.

  (3)   The Minister may give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.