Life Insurance (prudential standard) determination No. 1 of 2011 - Prudential Standard LPS 600 - Statutory Funds
Application for restructure of statutoryApplication for restructure of statutory funds
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Application for restructure of statutory funds
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Restructure of statutory funds are subject to the requirements set out in section 52 of the Act and in this Prudential Standard.
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An application for a restructure of a benefit fund under section 52 of the Act must:
(a) be made using the “Form 1” to this Prudential Standard; and
(b) be accompanied by the documents mentioned in “Schedule 1” to Form 1 and be lodged with APRA at least 30 days before the proposed date of restructure.
- The applicant must, on request by APRA and within the time specified, produce to APRA:
(a) a report by an independent actuary (being an actuary, other than the Appointed Actuary, who is approved by APRA in writing to perform duties as required by APRA and paid for by the life company for the purposes of this Prudential Standard) including statements on the same matters as those required of the appointed actuary; and/or
(b) documents that are provided to policy owners or prospective policy owners of the company that contain details of the terms and conditions of:
(i) policies of the kind that will remain referable to the transferring fund; and
(ii) policies of the kind that will become referable to the receiving fund.