Funeral Funds Regulation 2016 (2016-515) (NSW)

Funeral Funds Regulation 2016

Part 1 Preliminary

1 Name of Regulation This Regulation is the Funeral Funds Regulation 2016.

2 Commencement This Regulation commences on 1 September 2016 and is required to be published on the NSW legislation website.

Note— This Regulation replaces the Funeral Funds Regulation 2011, which is repealed on 1 September 2016 by section 10 (2) of the Subordinate Legislation Act 1989.

3 Definitions (1) In this Regulation— fee unit—see Part 2 of Schedule 4. the Act means the Funeral Funds Act 1979.

Note— The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation. (2) Notes included in this Regulation do not form part of this Regulation.

Part 2 Funeral contribution funds

4 Additional documents to accompany applications for registration (1) For the purposes of section 12 (2) (b) (iii) of the Act, documents containing the following are prescribed as the additional documents that must accompany an application for registration to carry on contributory funeral benefit business— (a) a statement of the capital structure of the company (including the capital paid-up and the nature and value of the shares), (b) a copy of each agreement made with a person for the carrying out of funeral services for the company, (c) a copy of each agreement made with a person for the collection of contributions on behalf of the company, (d) a description of the types of funeral services proposed to be supplied by the company, (e) a statement of the company's proposed records with respect to membership, accounts and statistics, (f) an actuarial assessment of the adequacy of the records referred to in paragraph (e) for the proper conduct of the contributory funeral benefit business of the company, (g) a copy of the tables of contribution rates proposed to be used by the company, together with a statement of the bases and formulas from which those rates have been calculated, (h) actuarial projections of the expected income and expenditure of the company over the next 10 years, prepared in accordance with Schedule 1, (i) a statement of the proposed manner of providing for any financial deficiencies, including financial deficiencies appearing from the projections referred to in paragraph (h), (j) a statement of the proposed method of offsetting any overdue contributions against the amount to be paid out on a contributorship if the contributor ceases contributing to the fund before any contingency occurs on which a benefit is required to be provided. (2) An actuarial assessment or projection referred to in subclause (1) must contain a statement to the effect that the assessment or projection has been prepared by an actuary in the knowledge of the aims of the company and of the types of contributions agreements proposed to be transacted by the company.