Commonwealth Numbered Acts

LIFE INSURANCE AMENDMENT ACT 1977 No. 32 of 1977 - SECT 8

8. (1) Division 2 of Part III of the Principal Act is repealed.

(2) Where the Treasurer held moneys or securities as a deposit in respect of a
company immediately before the commencement of this section, the Treasurer
shall, subject to section 71 of the Life Insurance Act 1945, return those
moneys or securities to the company.

(3) The Treasurer shall not, under sub-section (2), return moneys or
securities to a company that had ceased to issue policies in respect of life
insurance business in Australia before the commencement of this section until
the Commissioner furnishes to the Treasurer a certificate certifying that he
is satisfied that reasonable provision has been made by the company in respect
of policies issued by the company.