Section 985A — Corporations Act 2001 (Cth)

(1) In this Division:

contract of insurance includes a contract of life insurance.

Note: Contract of life insurance has a meaning affected by subsection (2).

insured, in relation to a contract of life insurance, means a person (other than the insurer) who is entitled to a benefit under the contract, whether that person is the life insured or some other person.

Note: Intending insured has a corresponding meaning.

(2) For the purposes of this Division, if:

(a) a life policy would not ordinarily be regarded as a contract of life insurance; and

(b) liability under the policy is borne by a company registered under section 21 of that Act; and

(c) the policy was entered into after the commencement of section 9D of the Insurance (Agents and Brokers) Act 1984 as in force before the commencement of this Chapter;

the policy is taken to be a contract of life insurance.

Related sections

• s 983E — Power of Court to make order relating to payment of money
• s 984A — Property to which Division applies
• s 984B — How property to which this Division applies is to be dealt with
• s 985B — Status of amounts paid to financial services licensees in respect of contracts of insurance
• s 985C — Regulations may impose other requirements etc. if financial services licensee is not the insurer
• s 985D — Financial services licensees etc. not to deal in general insurance products from unauthorised insurers etc.

Research how courts apply s 985A

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