South Australian Current Regulations

SOUTHERN STATE SUPERANNUATION REGULATIONS 2009 - REG 43

43—Payment of premiums by spouse members

        (1)         Premiums payable by a spouse member may be debited against any of the spouse member's spouse accounts.

        (2)         If the debiting of a premium for death insurance under subregulation (1) would result in a debit balance in 1 or more of the spouse member's accounts—

            (a)         premiums will be debited against the spouse member's accounts to the extent of any credit balance in those accounts until the insurance is cancelled under paragraph (b); and

            (b)         the spouse member's death insurance is cancelled on the expiration of the designated period unless, before the end of that period, 1 or more of the member's accounts is sufficiently in credit for the purposes of this regulation.

        (3)         For the purposes of this regulation—

            (a)         the "designated period" is a period commencing on the day on which debiting of a premium would, if it were to occur, first result in a debit balance in an account of a spouse member and ending on a day determined by the Board; and

            (b)         an account of a spouse member is sufficiently in credit if there are sufficient funds in the account to satisfy any arrears in premiums between the day that the debiting of a premium would have first resulted in a debit balance in the account and the end of the designated period.