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LIFE INSURANCE AMENDMENT REGULATIONS 2007 (NO. 1) (SLI NO 342 OF 2007) - SCHEDULE 2

Amendments commencing on 1 January 2008

(regulation 3)

[1]           Subregulation 4.01 (1), definition of free assets

omit

of Division 2 of Part 5 of the Act,

insert

of the prudential standards,

[2]           Regulation 4.01B

omit

[3]           Part 6

omit

[4]           Schedule 2, definition of relevant actuarial standard

substitute

"relevant actuarial standard" means the prudential standard:

                (a)    made by APRA under section 230A of the Act; and

               (b)    known as the Prudential standard for paid up values and surrender values .

[5]           Schedule 4, Form 1

omit

[6]           Schedule 5, items 11 to 13 and 18 to 21

omit

[7]           Schedule 6, item 17, sub‑subparagraph 159 (a) (ii) (A)

omit

the solvency standard;

insert

the prudential standards relating to solvency made by APRA under section 230A of the Act;

[8]           Schedule 6, item 17, sub‑subparagraph 159 (a) (ii) (B)

omit

section 68

insert

section 230B in relation to solvency




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