Life Insurance Act 1995

Here is the summary in the required format:

The Life Insurance Act 1995 is a comprehensive legislation that governs the life insurance industry in Australia. The compilation includes amendments made up to September 24, 2024, and provides an overview of the key concepts, provisions, and regulations related to life insurance.

The Act outlines the objects, commencement, and operation of the Act, as well as the classes of life insurance business and declarations that certain financial businesses are life insurance businesses. It also provides for the registration of life companies and their Non-Operative Holding Companies (NOHCs), and sets out the requirements for statutory funds.

The Act also deals with various aspects of life insurance operations, including financial records, statements, and audits, as well as the role of appointed actuaries and auditors. Additionally, it provides for judicial management, external administration, and winding up of life companies, and outlines the safeguards on the exercise of Life Insurance Act statutory manager's powers and functions.

Throughout the compilation, various provisions are outlined to ensure compliance with regulatory requirements, protect policy owners' rights, and maintain the stability of the financial system. The Act also includes provisions for breach of condition, assignment of interests in benefit funds, and certain friendly societies continuing to carry on health insurance business.

The compilation does not include uncommenced amendments and notes on applications, saving, and transitional provisions affecting the operation of a provision or amendment of the compiled law. However, it provides valuable insights into the complexities of life insurance legislation and the measures taken to regulate the industry in Australia.