Pt 2-15 (heading) substituted by No 66 of 2003.
Pt 2-15 inserted by No 121 of 1997.
Div 54 inserted by No 139 of 2002.
Subdiv 54-B inserted by No 139 of 2002.
54-25 Requirements of the annuity instrument
(a) identify the *structured settlement or *structured order under which the *annuity is provided; and
(b) only allow for payments of the annuity to be made to:
(i) the injured person; or
(ii) a trustee of a trust of which the injured person is the beneficiary; or
(iii) a reversionary beneficiary, or the injured person's estate, in accordance with section 54-35; and
(c) contain a statement to the effect that the annuity cannot be assigned, and cannot be commuted except as mentioned in section 54-35.
Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation that is contrary to paragraph (c) ineffective.
S 54-25 inserted by No 139 of 2002.