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Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds
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Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds.
On application by a friendly society, amendment of approved benefit fund rules may be approved by APRA subject to the requirements set out in section 16Q of the Act and in this Prudential Standard.
An application for APRA’s approval to amend benefit fund rules pursuant to section 16Q(1) of the Act must be made using “Form 2” in this Prudential Standard.
Subject to paragraph 42, after an amendment to a benefit fund’s approved benefit fund rules has been approved by APRA under section 16Q(3) of the Act and has come into force under section 16T of the Act, the friendly society must give written notice to its members in accordance with the requirements set out in paragraphs 50 and 51.
For the purposes of paragraph 41, notice is not required where:
(a) the approved benefit fund rules have been amended by a special resolution of the members in accordance with paragraph 33(a), or
(b) the amendment of the approved benefit fund rules is as a result of a restructure pursuant to section 52 of the Act or a termination pursuant to section 53 of the Act in which case notice must be given in accordance the applicable requirements in this Prudential Standard for restructures and terminations.