The use of a security interest over a Life Insurance or Investment Bond to comply with obligations owed by the insured party in favour of third parties. Also, the use of a Life Insurance or Investment Bond for the purposes of acquiring or dealing with interests in land or property.

摘要

#$%^&*AU2018100172A420180308.pdf#####Abstract Financial institutions providing undertakings, guarantees or bonds to guarantee compliance or performance by a third party (the 'Insured') of a legal obligation to the benefit of another third party "the 'Protected Entity'), force those third parties into a market which is 5 monopolised by a small number of institutions. This situation has resulted in limited or no competition in the financial market of giving of undertakings, guarantees or bonds for a variety of sectors, with fees, charges and other matters being charged to the Insured which are largely internalised risk fees. This application pertains to the utilisation of a security interest over a Life Insurance Bond as .0 a means to ensure the compliance or performance by the Insured of a legal obligation, for the benefit of the Protected Entity in lieu of an undertaking, guarantee or bond. The Innovative step for this new application of security interests over Life Insurance Bonds is to treat the bond as general property, and use it for all purposes permitted by law, for that kind of property. .5