Life Insurance (prudential standard) determination No. 2 of 2011 - Prudential Standard LPS 700 - Friendly Society Benefit Funds
Notification of membersNotification of members
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Notification of members
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A friendly society must, not later than the date of distribution of the assets of an approved benefit fund under paragraph 80, give written notice of the termination of the approved benefit fund to each member of the approved benefit fund.
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A notice under paragraph 82 must include:
(a) the name of the approved benefit fund;
(b) the reasons for the termination of the approved benefit fund;
(c) details of the termination of the approved benefit fund;
(d) a summary of how the termination affects the interests of members of the fund; and
(e) details of the proposed amendment of the approved benefit fund rules and, if applicable, the constitution of the friendly society, to recognise the termination of the approved benefit fund.
- APRA may grant an exemption, subject to any conditions it thinks fit, from any of the requirements of paragraphs 82 or 83, if it considers that full notification in accordance with those paragraphs is not necessary.