Life Insurance (prudential standard) determination No. 12 of 2010 - Prudential Standard LPS 700 Friendly Society Benefit Funds
Restructure of approved benefit fundsRestructure of approved benefit funds
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Restructure of approved benefit funds
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Under section 52 of the Act, a friendly society may apply to APRA to restructure its benefit funds by making one or more policies that are referable to a benefit fund or benefit funds of the friendly society become referable to another benefit fund or benefit funds of the society (whether existing or proposed). An application for a restructure of a benefit fund under section 52 of the Act may only be made in accordance with this Prudential Standard.
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An application for a restructure of a benefit under section 52 of the Act fund must:
(a) be made using “Form 5” in this Prudential Standard; and
(b) be accompanied by the documents mentioned in the “Schedule 1 to Form 5” in this Prudential Standard and be lodged with APRA at least 90 days, or such other period as APRA determines in writing, before the proposed date of restructure.
- The applicant must, on request by APRA and within the time specified, produce to APRA 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 friendly society for the purposes of this Prudential Standard) including statements on the same matters as those required of the appointed actuary.