Commonwealth Numbered Acts

LIFE INSURANCE ACT 1995 No. 4 of 1995 - SECT 203

203. (1) If:

   (a)  either:

        (i)    a policy has been issued or assigned to a person as trustee; or

        (ii)   a policy has become vested in a person as trustee in some other
               way; and

   (b)  the person is no longer the trustee under the relevant trust; another
        person may give the life company written notice that the person giving
        the notice is now the trustee under the trust.

(2) A notice is to be given in accordance with the regulations.

(3) The regulations may require that a notice be in the form of, or be
verified by, a statutory declaration.

(4) If notice is given in accordance with this section, the life company may
record the name of the person who gave the notice as the owner of the policy.

(5) When the person's name is recorded under subsection (4), the person
becomes the owner of the policy by force of this section.