Commonwealth Consolidated Regulations

RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997 - REG 3.11

    The RSA holder - protection standards do not apply to a part of the benefits of an RSA holder that is wholly determined by a life insurance policy within the meaning of the Life Insurance Act 1995 if:

  (a)   the policy includes an investment component; and

  (b)   the premium is not dissected (whether by reference to the investment component or otherwise); and

  (c)   the sum insured, together with bonuses (if any), is payable only upon:

  (i)   the death of the life insured; or

  (ii)   the occurrence of the earlier of the following events:

  (A)   the death of the life insured; or

  (B)   the attainment by the life insured of the age specified in the policy.