QLDIn ForceRegulation
Funeral Benefit Business Regulation 2010
sec.20Rules relating to certain agreements
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sec.20 Rules relating to certain agreements
A corporation must state in its registered rules that for an agreement entered into with a contributor on or after the commencement of the Act — if the agreement remains in force for at least 3 years and at least 3 years contributions have been paid under the agreement—a surrender value must be paid to the contributor if the contributor surrenders the agreement; and the surrender value must be worked out by the State actuary. Maximum penalty—1 penalty unit.
- (a) if the agreement remains in force for at least 3 years and at least 3 years contributions have been paid under the agreement—a surrender value must be paid to the contributor if the contributor surrenders the agreement; and
- (b) the surrender value must be worked out by the State actuary.