Life Insurance (prudential standard) determination No. 2 of 2011 - Prudential Standard LPS 700 - Friendly Society Benefit Funds
Approval of benefit fund rulesApproval of benefit fund rules
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Approval of benefit fund rules
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Benefit fund rules may be approved by APRA subject to the requirements set out in section 16(L) of the Act and in this Prudential Standard.
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An application to APRA for approval of benefit fund rules made under section 16L(1) of the Act must be made using “Form 1” in this Prudential Standard.
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After a friendly society’s benefit fund rules have been approved by APRA under section 16L(3) of the Act and have come into force under section 16N 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.