Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 3.11

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.