{"id":"F2009B00146","name":"Life Insurance Act 1995 - Prudential Rules No. 42 - Approval of Amendment of Approved Benefit Fund Rules as Required by APRA","slug":"life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":121497,"registerId":"commonwealth-F2009B00146-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Life Insurance Act 1995 - Prudential Rules No. 42 - Approval of Amendment of Approved Benefit Fund Rules as Required by APRA","content":"![](image.001.png)\n\nLife Insurance Act 1995\n\nPRUDENTIAL RULES No 42\n\nAPPROVAL OF AMENDMENT OF APPROVED BENEFIT FUND\n\nRULES AS REQUIRED BY APRA (S 16R(6)(b))\n\nI, 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 paragraph 16R(6)(b) of the Act:\n\nNotification of amendment to members\n\n1. Subject to rule 2, if:\n\n(a) APRA gives the friendly society notice of an amendment of the approved benefit fund rules that APRA has determined under subsection 16R(5) of the Act; and\n\n(b) the amendment of the approved benefit fund rules determined by APRA has come into force under section 16T of the Act;\n\nthe 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:\n\n(c) stating the date on which the amendment of the approved benefit fund rules came into force; and\n\n(d) giving the text, or a summary, of the amendment of the approved benefit fund rules.\n\n2. If APRA gives its prior approval, the notice under rule 1 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.\n\n  \n\nThis instrument commences on the transfer date (as defined in section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999).\n\nDated 24 June 1999\n\n\\[Signed\\]\n\nG J Thompson\n\nChief Executive Officer\n\nAustralian Prudential Regulation Authority","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3196},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains narrowly focused on its original purpose of establishing notification requirements for benefit fund rule amendments."},"complexity_factors":["Only two operative rules with straightforward conditional logic","Limited cross-referencing to specific sections of the Life Insurance Act 1995 (sections 16R, 16T, and 252)","Single exception/alternative (newspaper advertisement) requiring prior approval","Commencement tied to a defined term in another Act"],"plain_english_summary":"Friendly societies must notify members when APRA amends the rules of an approved benefit fund. Notice is required by the day of the next general meeting and must state when changes took effect and include either the full text or a clear summary; as an alternative, APRA-approved newspaper publication may be used. This keeps members of mutual benefit funds informed and preserves transparency of regulatory changes."}},"importantCases":[],"_links":{"self":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-","history":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-/history","analysis":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-/analysis","conflicts":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-/conflicts","importantCases":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-/important-cases","documents":"/api/acts/life-insurance-act-1995-prudential-rules-no-42-approval-of-amendment-of-approved-benefit-fund-rules-/documents"}}