Federal Register of Legislation
Life Insurance (prudential standard) determination
No. 13 of 2023
Prudential Standard LPS 600 Statutory Funds
Life Insurance Act 1995
I, Helen Rowell, a delegate of APRA:
(a) under subsection 230A(5) of the Life Insurance Act 1995 (the Act) revoke Life Insurance (prudential standard) determination No. 15 of 2012, including Prudential Standard LPS 600 Statutory Funds made under that Determination; and
(b) under subsection 230A(1) of the Act determine Prudential Standard LPS 600 Statutory Funds, which applies to all life companies, including friendly societies.
This instrument commences on 1 July 2023. Dated: 24 May 2023
[Signed]
Helen Rowell Deputy Chair
Interpretation
In this instrument:
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 Schedule to the Act.
Schedule
Prudential Standard LPS 600 Statutory Funds, comprises the document commencing on the following page.
Prudential Standard LPS 600
Statutory Funds Objectives and key requirements of this Prudential Standard This Prudential Standard sets out requirements for the operations of statutory funds and any restructure of statutory funds, so that they are fair and equitable for policy owners. The ultimate responsibility for the operations of a life company's statutory funds and for following the required procedures in the event of restructuring a life company's statutory funds rests with the life company. The key requirements of this Prudential Standard include: * requirements for the operations of statutory funds, including the transfer of policies between statutory funds, use of a single bank account for statutory funds, non-participating benefits, starting amounts, the amount of permissible unsecured borrowings and the distribution of Shareholders' Retained Profits (Australian Participating); and * requirements for the restructure of statutory funds including applications, notification of interested persons and documents required to be lodged with APRA.
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