Federal Register of Legislation - Australian Government

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No. 41 Rules/Other as amended, taking into account amendments up to Life Insurance (Prudential Rules) Determination No. A2 of 2010
Administered by: Treasury
Registered 15 Jul 2010
Start Date 08 Jul 2010
End Date 01 Jul 2011
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Repealed by Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds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 (Prudential Rules)

 

Prudential Rules No 41 – Approval of Benefit Fund Rules

 

 

as amended

 

made under subsection 252(4) of the

 

 

This compilation was prepared on 30 June 2010
taking into account amendments up to Life Insurance (prudential rules) determination No. A2 of 2010

Prepared by Legal Group, APRA, Canberra


 

 

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 LPS 902 Approved Benefit Fund Requirements; and

 

(f)        if applicable, be accompanied by a report by the appointed actuary on the proposed amendment, in accordance with paragraph 17 of Prudential Standard LPS 320 Actuarial and Related Matters; 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).

 

 

 

 

 


Notes to Life Insurance (Prudential Rules)

Prudential Rules No 41 – Approval of Benefit Fund Rules

Note 1

Life Insurance (Prudential Rules) – Prudential Rules No 41 – Approval of Benefit Fund Rules (in force under section 252(4) of the Life Insurance Act 1995) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Year and
Number

Date of Gazettal/FRLI registration

Date of
commencement

Application, saving or transitional provisions

Prudential Rules No. 41 – Approval of Benefit Fund Rules (F2009B00145)

30 June 1999 (see Gazette 1999, No. GN26)

1 July 1999 (see Gazette 1999, No. S283)

 

 

No. A2 of 2010

8 July 2010 (see F2010L01879)

8 July 2010

 

 

 

 

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

Rule 1.(e)...............................

am. No. A2 of 2010

Rule 1.(f).................................

am. No. A2 of 2010