ASIC has been given the power to approve in writing the form that life insurance memorandums of transfer should take.

Accordingly, ASIC has approved the current version of ‘Form 2 – Memorandum of transfer for assigning rights under a life policy’ (the Form) in Schedule 4 of the Life Insurance Regulations 1995 (LI Regulations) as the prescribed form that memorandums of transfer should take for the purposes of incoming subsection 200(2B) of the Life Insurance Act 1995 (LI Act).

The Form is approved for continued use from 1 March 2024.