ob体育 has been given the power to approve in writing the form that life insurance memorandums of transfer should take.
Accordingly, ob体育 has approved the current version of (the Form) in Schedule 4 of the (LI Regulations) as the prescribed form that memorandums of transfer should take for the purposes of incoming subsection 200(2B) of the (LI Act).
The Form is approved for continued use from 1 March 2024.
Background
provides for assignment of life insurance policies, for example, from one individual to another.
Certain provisions in the LI Regulations have recently been moved into the LI Act. As part of these changes, the Form is being removed from the LI Regulations. Further, when the amendments made by item 45 of Schedule 4 to the (Treasury Laws Amendment Act) take effect, subsection 200(2B) of the LI Act will include a power for ob体育 to approve in writing the form that memorandums of transfer should take.
ob体育 is only required to prescribe the form that memorandums of transfer should take. Life insurers are not required to lodge memorandums of transfer with ob体育.