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Tuesday, 7 December 1971
Page: 4255

Mr Whitlam asked the Treasurer, upon notice:

What has been the outcome of the Insurance Commissioner's inquiries into the business resembling life insurance business which is being carried on by a number of organisations not registered under the Life Insurance Act and which involves a contract for a savings-type benefit at the end of a specified term with or without dealth or disability benefits in return for the payment of one or more contributions.

Mr Snedden - The answer to the honourable member's question is as follows:

The Insurance Commissioner has advised that some such business has been discontinued and that the business which continues to be undertaken is not considered to be life insurance business for the purposes of the Life Insurance Act 1945-1965.

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