Insurance Act 1973

A person’s entitlement under this Division to be paid an amount may be met:

by paying the amount to the person as a single amount or in instalments determined by APRA; or

by applying the amount, as a single amount or in instalments determined by APRA, for the person’s benefit; or

by paying part of the amount to the person and applying the rest of the amount for the person’s benefit.

For the purposes of this section, treat the application of an amount, or part of an amount, in satisfaction of a liability of the person as being an application of the amount, or the part of the amount, for the person’s benefit.

The regulations may make provision for or in relation to the ways in which persons’ entitlements under this Division to be paid amounts may be met.