Lloyd’s security trust fund instrument No. 2 of 2017 (Cth)

Lloyd's security trust fund instrument No. 2 of 2017

Insurance Act 1973

I, Heidi Richards, delegate of APRA, under subsection 70(1) of the Insurance Act 1973 (the Act), MAKE these rules, in the form set out in the Schedule to this instrument, titled "Lloyd's Security Trust Fund Rules", that are applicable to the operation of designated security trust funds.

This instrument takes effect on the date of registration on the Federal Register of Legislation.

Dated: 12 April 2017

[Signed]

_________________________________

Heidi Richards General Manager Policy & Advice Division

Interpretation

In these rules:

APRA means the Australian Prudential Regulation Authority.

designated security trust fund has the meaning given in section 69 of the Act.

Schedule

Lloyd's Security Trust Fund Rules comprises the 13 pages commencing on the following page.

Lloyd's Security Trust Fund Rules

Table of contents

Name of rules Commencement Authority Application Interpretation Compliance with the Act and trust deed Assets Valuation of assets Liabilities Suspense account Records Notices Giving information Review of APRA's decisions Determinations made under previous instrument Attachment A – Accounts and statements Attachment B - Trustee audit requirements

Name of rules 1. These rules are the Lloyd's Security Trust Fund Rules.

Commencement 2. These rules commence on the date of registration on the Federal Register of Legislation.

Authority 3. These rules are made under subsection 70(1) of the Insurance Act 1973 (the Act).

Application 4. These rules apply to all trustees in respect of their operation of designated security trust funds.

Interpretation 5. In these rules:[1]

"Australian Auditing Standards" means is a reference to the Australian Auditing Standards issued by the Auditing and Assurance Standards Board (AUASB) as in force from time to time;