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-C inserted by No 139 of 2002.
54-55 Requirements of the instrument under which the lump sum is paid
(a) identify the *structured settlement or *structured order under which the lump sum is provided; and
(b) only allow for the payment of the lump sum to be made to:
(i) the *injured person; or
(ii) a trustee of a trust of which the injured person is the beneficiary; and
(c) contain a statement to the effect that the right to receive the lump sum cannot be assigned, and cannot be commuted or otherwise cashed-out early.
Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation (or cashing-out) that is contrary to paragraph (c) ineffective.
S 54-55 inserted by No 139 of 2002.