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Prepaid Funerals Act 2004
18Value of funeral trust
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18 Value of funeral trust
(1) In this section –
Actuary means a person who is a Fellow of the Institute of Actuaries (Australia) or another suitable person who is, in either case, approved by the Director.
(2) On request by the Director, the custodian of a funeral trust must cause the value of the funeral trust to be determined by an Actuary.
Penalty: Fine not exceeding 50 penalty units.
(3) The Actuary must determine the total value of the assets and the future and contingent liabilities of the funeral trust and provide a report to the custodian and the Director accordingly.