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LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991
TABLE OF PROVISIONS
Long Title
1. Short title
2. Commencement
3. Object of Act
4. Application of Life Insurance Act
5. Interpretation
6. Company's statutory accounts to be prima facie evidence of value of its assets
7. Commissioner to notify Australian proportion of value of assets in statutory funds
8. Non-leviable funds - eligible companies
9. By whom levy payable
10. When levy due for payment
11. Penalty for non-payment of levy
12. Recovery of levy and late payment penalty
13. Levy may be paid out of statutory funds
14. Manner of payment of levy etc.
15. Life Insurance Policy Holders' Protection Fund
16. Payments into Fund
17. Purposes of Fund
18. Separate notional accounts to be kept within Fund
19. Transfer of equity in Fund
20. Winding-up advances
21. Winding-up of Fund
22. Judicial manager or liquidator of eligible company may apply for grant of financial assistance from the Fund
23. Grants of financial assistance from the Fund
24. Conditions to which grant of financial assistance is subject
25. Repayment of overpayments of grants
26. Repayment of grant if conditions are contravened
27. Repayment of grant if a specified contingency happens
28. Remission of grant repayments
29. Recovery of grant repayments
30. Grant repayments may be paid out of statutory funds
31. Manner in which grant repayments are to be made
32. Priority of grant repayments
33. Grants to be under the control of the judicial manager or liquidator
34. Judicial manager or liquidator under the control of the Court
35. Application of Division 8 of Part III of the Life Insurance Act
36. Decision-making principles
37. Review of decisions
38. Only judicial manager/liquidator of an eligible company has standing to seek review of decisions affecting the eligible company
39. Delegation
40. Annual report
41. Regulations
42. Consequential amendments
SCHEDULE
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