Commonwealth Numbered Acts

LIFE INSURANCE ACT 1995 No. 4 of 1995 - SECT 24

24. (1) In this section, "relevant provision" means subsection 23(1), (3) or
(4).

(2) The Treasurer may make a written declaration that a relevant provision is
to have effect, in relation to a particular life company, as if for the amount
of money specified in the provision or fixed by regulations for the purposes
of the provision, as the case may be, there were substituted the lesser amount
specified in the declaration.

(3) While a declaration under subsection (2) is in force, the relevant
provision has effect, in relation to the life company specified in the
declaration, as if for the amount of money specified in the provision or fixed
by the regulations, as the case may be, there were substituted the lesser
amount specified in the declaration.

(4) The Treasurer may only make a declaration under subsection (2) if he or
she is satisfied that:

   (a)  in the particular circumstances of the company, compliance with a
        relevant provision by the company is unnecessary or is likely to
        affect adversely the company's ability to carry on its business in
        accordance with the best interests of owners of policies issued by the
        company or of shareholders of the company; and

   (b)  the making of the declaration is not likely to have an adverse effect
        on the interests of owners of policies issued by the company.

(5) This section applies to an existing life company as if a reference to the
amount specified in a relevant provision or fixed by regulations included a
reference to such an amount as modified by regulations made under subsection
255(2).

(6) Commissioner's rules may modify the operation of subsection 23(2) in
relation to a specified existing life company.

(7) If Commissioner's rules are in force for the purposes of subsection (6),
the operation of subsection 23(2) in relation to the existing life company
concerned is modified accordingly.