Federal Register of Legislation
Life insurance (prudential standard) determination No. 1 of 2019
Prudential Standard LPS 700 Friendly Society Benefit Funds
Life Insurance Act 1995 I, Pat Brennan, delegate of APRA:
(a) under subsection 230A(5) of the Life Insurance Act 1995 (the Act) REVOKE Life Insurance (prudential standard) determination No. 16 of 2012, including Prudential Standard LPS 700 Friendly Society Benefit Funds made under that Determination; and
(b) under subsection 230A(1) of the Act DETERMINE Prudential Standard LPS 700 Friendly Society Benefit Funds, in the form set out in the Schedule, which applies to all life companies that are friendly societies.
This instrument takes effect on 1 July 2019.
Dated: 17 April 2019
[Signed]
Pat Brennan
Executive General Manager Policy and Advice Division
Interpretation In this Determination:
APRA means the Australian Prudential Regulation Authority.
friendly society has the meaning given in section 16C of the Act.
life company has the meaning given in the Dictionary to the Act.
Schedule
Prudential Standard LPS 700 Friendly Society Benefit Funds comprises the 35 pages commencing on the following page.
Prudential Standard LPS 700
Friendly Society Benefit Funds
Table of Contents
Authority Application Interpretation Content of approved benefit fund rules Operational requirements Approval and amendment of benefit fund rules and consequential approval of a friendly society's constitution....... Restructure of approved benefit funds Termination of approved benefit funds Unsecured borrowings of an approved benefit fund Adjustments and exclusions Determinations made under previous prudential standards
Forms
Form 1: Approval of friendly society benefit fund rules Form 2: Approval of amendment of approved benefit fund rules Form 3: Approval of consequential amendments of company's constitution on initiative of a friendly society Form 4: Approval of consequential amendments of a company's constitution as required by APRA Form 5: Restructure of approved benefit funds Schedule 1 to Form 5 Form 6: Termination of approved benefit funds Schedule 1 to Form 6
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