Commonwealth legislation

Life Insurance (prudential standards) determination No. 3 of 2007 - PS 6.4D Prudential Standard (Friendly Societies) Service Contracts

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination revokes (cancels) an older regulatory rule known as Prudential Standard PS 6.4D.

What previously existed:

PS 6.4D set requirements for how friendly societies (mutual insurance organizations owned by their members) could arrange and manage service contracts—agreements where third parties provide services to the society.

What this does:

Completely removes PS 6.4D from effect. Friendly societies are no longer required to comply with these specific service contract rules.

Who it affects:

Friendly societies regulated under the Life Insurance Act 1995 that previously had to meet PS 6.4D requirements.

Why it matters:

This reduces regulatory burden by eliminating a specific compliance requirement. The Australian Prudential Regulation Authority (APRA) typically makes such changes to streamline regulations while maintaining overall financial safety standards.

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Current sections

Direct links to the current provisions in Life Insurance (prudential standards) determination No. 3 of 2007 - PS 6.4D Prudential Standard (Friendly Societies) Service Contracts.

Life Insurance (prudential standards) determination No. 3 of 2007 - PS 6.4D Prudential Standard (Friendly Societies) Service Contracts

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Life insurance (prudential standards) determination No.3 of 2007

PS 6.4D Prudential Standard (Friendly Societies) Service Contracts

Life Insurance Act 1995

I, John Roy Trowbridge, Member of APRA, delegate of APRA, under subsection 230A(5) of the Life Insurance Act 1995 (the Act), REVOKE PS 6.4D Prudential Standard (Friendly Societies) Service Contracts.

This determination takes effect on the later of 1 April 2007 and the date of registration on the Federal Register of Legislative Instruments.

Dated 23 March 2007

Signed

John Trowbridge

Member

Interpretation

In this determination:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Note 1 The prudential standard revoked by this determination has effect, for the purposes of the Act, by application of regulation 33 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulations 1999.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Life Insurance (prudential standards) determination No. 3 of 2007 - PS 6.4D Prudential Standard (Friendly Societies) Service Contracts