Life Insurance (prudential standard) determination No. 11 of 2010 - Prudential Standard LPS 600 - Statutory Funds
Aggregate of IFRS starting amount adjustAggregate of IFRS starting amount adjustments
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Aggregate of IFRS starting amount adjustments
- To avoid doubt, the sum of the IFRS starting amount adjustments under Part 2 of paragraphs 39 to 43 must equal the IFRS change in net assets of the statutory fund.
Distribution of Shareholders’ Retained Profits (Australian Participating)
- For the purposes of subsection 62(5) of the Act, the distribution of shareholders’ retained profits (Australian participating) from a statutory fund is prohibited if:
(a) there is not, at the same time, a distribution of Australian policy owners’ retained profits from the statutory fund; and
(b) immediately after the distribution, the shareholders’ retained profits (Australian participating) of the statutory fund that remain undistributed are less than 25% (or such lower percentage as is specified in the life company’s constitution) of the Australian policy owners’ retained profits of the statutory fund that remain undistributed.
Form 1: Restructure of Statutory Funds
- Name and Australian Business Number of life company
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- Date from which the restructure is proposed to have effect
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- Required documentation
By indicating “Yes” below, the signatory to this form confirms that the documents mentioned in Schedule 1 to this form have been attached.
Image unavailable in extracted textImage unavailable in extracted text Yes No
- Contact person
Please provide the contact details for the person to whom enquiries relating to this application should be directed.
Name
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Position title
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Phone
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Email address
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- Address for correspondence
Please provide the address to which correspondence relating to this application should be mailed.
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- Signatures
This form must be signed by:
(a) the principal executive officer of the life company; or