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PR No. 41 Rules/Other as made
This Rule sets out requirements for the application by the friendly society for approval of amendments of approved benefit fund rules as well as requirements for notification to members of the friendly society once APRA has approved the amendment and the amendment has come into force.
Administered by: Treasury
Registered 05 Feb 2009
Gazetted 30 Jun 1999
Date of repeal 01 Jul 2011
Repealed by Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds

 

 

Life Insurance Act 1995

 

PRUDENTIAL RULES No 41

 

 

 

 

APPROVAL OF AMENDMENT OF APPROVED BENEFIT FUND

RULES (S 16Q(2) & (4)(b))

 

 

 

I, Graeme John Thompson, a delegate of the Australian Prudential Regulation Authority (“APRA”), under subsection 252(1) of the Life Insurance Act 1995 (the “Act”), MAKE the following Prudential Rules for the purposes of subsection 16Q(2) and paragraph 16Q(4)(b) of the Act:

 

 

 

Application for approval of amendment of approved benefit fund rules

 

 

1.  An application under subsection 16Q(2) of the Act must: (a)           be in writing; and

(b)       state the name of the approved benefit fund; and

 

(c)       state that the procedural requirements for the passing of the resolution were met; and

 

(d)       be accompanied by a copy of the resolution made in accordance with Prudential Rules No 39; and

 

(e)       certify that the approved benefit fund rules, as proposed to be amended, comply with the applicable requirements of Prudential Standard 2; and

 

(f)        if applicable, be accompanied by a report by the appointed actuary on the proposed amendment, in accordance with Prudential Standard 1; and

 

(g)       be signed by:

 

(i)      the principal executive officer of the company; or

(ii)      an officer of the company who has been authorised for that purpose by the principal  executive  officer,  if  the  principal  executive  officer  has  notified APRA in writing of the authorisation.

 

 

Notification of amendment to members

 

2.   Subject to rules 3 and 4, if:

 

(a)       the approved benefit fund rules have been amended by a resolution of the board of directors of the friendly society, in accordance with Prudential Rules No 39; and


 

(b)       APRA has approved the amendment under subsection 16Q(3) of the Act; and

 

(c)       the amendment of the approved benefit fund rules approved by APRA has come into force under section 16T of the Act;

 

the friendly society must give a written notice to its members no later than the day on which notice is given of the next general meeting of the friendly society:

 

(d)       stating the date on which the amendment of the approved benefit fund rules came into force; and

(e)       giving the text, or a summary, of the amendment of the approved benefit fund rules.

 

 

3.   If APRA gives its prior approval, the notice under rule 2 may be given to members by an advertisement published in a newspaper circulating generally in the area of each State or Territory in which the friendly society operates.

 

4.   If the approved benefit fund rules have been amended by a special resolution of the members in accordance with Prudential Rules No 39, there is no requirement to notify the members of the friendly society of the amendment.

 

5.   If the amendment of the approved benefit fund rules is a result of a restructure pursuant to section 52 of the Act or a termination pursuant to section 53 of the Act, notification to members is to be in accordance with Prudential Rule 36 in the case of a restructure, or Prudential Rule 37 in the case of a termination, rather than this Prudential Rule.

 

 

 

This instrument commences on the transfer date (as defined in section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999).

 

 

 

 

Dated 24 June 1999

 

  [Signed]

 

 

 

G J Thompson

Chief Executive Officer

Australian Prudential Regulation Authority