Life Insurance Commissioner
1946 – 1987
Statutory office that registered and supervised life insurance companies in Australia, monitoring their statutory funds and solvency to protect policyholders.
How it came into existence
Created by the Life Insurance Act 1945, which brought life insurance companies under national Commonwealth supervision when it commenced in 1946; life offices had previously been regulated mainly under state law.
Legislation: Life Insurance Act 1945
How it ended
Merged with the Insurance Commissioner in 1987 to form the Insurance and Superannuation Commission, when the Insurance and Superannuation Commissioner Act 1987 vested its role in the new Insurance and Superannuation Commissioner.
- Supervision of life insurance companies
Main functions
- Registration of life insurance companies
- Supervision of statutory funds and solvency
- Actuarial investigation of life offices
- Protection of policyholders' interests
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
Loading lineage…
Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.