Commonwealth Numbered Regulations

SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO. 1) REGULATION 2014 (SLI NO 127 OF 2014) - SCHEDULE 4

Superannuation Industry (Supervision) Regulations 1994

1  Subregulation 1.03(1)

Insert:

"traditional life insurance policy" means a life policy within the meaning of section 9 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 on:

                              (i)  the death of the life insured; or

                             (ii)  the occurrence of the earlier of the death of the life insured and the attainment by the life insured of the age specified in the policy.

2  Paragraphs 7A.03A(3)(b) and 7A.04(2)(b)

Omit "policy of life insurance mentioned in regulation 5.15D", substitute "traditional life insurance policy".