Life Insurance Act 1995 - Prudential Rules No. 42 - Approval of Amendment of Approved Benefit Fund Rules as Required by APRA
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Life Insurance Act 1995
PRUDENTIAL RULES No 42
APPROVAL OF AMENDMENT OF APPROVED BENEFIT FUND
RULES AS REQUIRED BY APRA (S 16R(6)(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 paragraph 16R(6)(b) of the Act:
Notification of amendment to members
- Subject to rule 2, if:
(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
(b) the amendment of the approved benefit fund rules determined 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:
(c) stating the date on which the amendment of the approved benefit fund rules came into force; and
(d) giving the text, or a summary, of the amendment of the approved benefit fund rules.
- 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.
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