Source: https://www.legislation.gov.au/Details/F2016C00609
Timestamp: 2020-07-11 14:47:32
Document Index: 698811597

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 4', 'art 9', 'art 10', 'art 13', 'art 14', 'art 10', 'art 2', 'art 2', 'art 2', 'art 4', 'art 9', 'art 10', 'art 10', 'art 11', 'art 13', 'art 14', 'art 10', 'art 10', 'art 10', 'art 10', 'art 10', 'art 4', 'art 10', 'art 2', 'art 2', 'art 14']

Details: F2016C00609
- F2016C00609
SR 1995 No. 141 Regulations as amended, taking into account amendments up to Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016
Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 - F2016L00724
sch 3, item 1
sch 1, items 1-6
Registered 16 Jun 2016
Start Date 01 Jun 2016
End Date 28 Oct 2016
F2016C00609
Part 2—Explanation of key concepts
Part 2A—Special provisions relating to life companies that are friendly societies
Part 2B—Special provisions relating to Australian branches of foreign life insurance companies
Part 4—Statutory funds of life companies
Part 9—Transfers and amalgamations of life insurance business
Part 10—Provisions relating to policies
Part 13—Dictionary
Part 14—Transitional arrangements
Schedule 2—Modification of Division 4 of Part 10 of the Act (Surrender values, paid-up policies and non-forfeiture of policies)
Schedule 4—Forms
Schedule 5—Modifications of the Act in relation to friendly societies
Schedule 7—Approved bodies
Statutory Rules No. 141, 1995
Compilation date: 1 June 2016
Includes amendments up to: F2016L00724
Registered: 16 June 2016
This is a compilation of the Life Insurance Regulations 1995 that shows the text of the law as amended and in force on 1 June 2016 (the compilation date).
1............................ Name of regulations............................................................ 1
1.02....................... Commencement.................................................................. 1
1.03....................... Definitions.......................................................................... 1
Part 2—Explanation of key concepts 2
2.01....................... Contract to pay annuity—term prescribed........................... 2
Part 2A—Special provisions relating to life companies that are friendly societies 3
2A.01.................... Modifications of the Act in its application to friendly societies 3
Part 2B—Special provisions relating to Australian branches of foreign life insurance companies 4
2B.01..................... Eligible foreign life insurance company.............................. 4
Part 4—Statutory funds of life companies 5
4.00....................... Notice of establishment of statutory fund........................... 5
4.00A.................... Charges over the assets of statutory funds: derivative contracts (Act, s 38(3)(c)) 5
4.00B..................... Charges over the assets of approved benefit funds (Act s 38(3)(c)) 8
4.01A.................... Prohibited investments........................................................ 8
Part 9—Transfers and amalgamations of life insurance business 10
9.01....................... Copy of scheme for transfer etc. to be given to APRA..... 10
9.02....................... Notice of intention to apply for confirmation of scheme... 10
9.03....................... Application for confirmation of scheme............................ 10
9.04....................... Documents to be lodged with APRA............................... 11
Part 10—Provisions relating to policies 13
10.01..................... Assignment of life policy—prescribed form..................... 13
10.02..................... Notice of change of trustee of life policy.......................... 13
10.04..................... Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206(3)) 13
10.05..................... Interest on overdue premiums—prescribed terms............. 13
10.05A.................. Unclaimed money—statements......................................... 13
10.05AA............... Unclaimed money—interest payable................................. 14
10.05B................... Public notice of unclaimed moneys................................... 15
10.06..................... Calculation of net claim value of policy............................ 15
Part 11—Miscellaneous 16
11.01..................... Fee for inspection or copying of documents..................... 16
Part 13—Dictionary 17
13.02..................... Definition of superannuation policy—dictionary.............. 17
Part 14—Transitional arrangements 18
Division 14.1—Transitional arrangements arising out of the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 18
14.01..................... Arrangements................................................................... 18
Schedule 2—Modification of Division 4 of Part 10 of the Act (Surrender values, paid‑up policies and non‑forfeiture of policies) 19
Schedule 4—Forms 20
Form 2—Memorandum of transfer for assigning rights under a life policy 20
Life Insurance Act 1995................................................................................... 20
Form 3—Statement of unclaimed money 21
Life Insurance Act 1995................................................................................... 21
Form 4—Statement of money paid after the end of the calendar year 22
Life Insurance Act 1995................................................................................... 22
Form 5—Unclaimed money disk lodgment form 23
Life Insurance Act 1995................................................................................... 23
Schedule 5—Modifications of the Act in relation to friendly societies 24
Schedule 7—Approved bodies 29
These regulations are the Life Insurance Regulations 1995.
These Regulations commence on 1 July 1995.
Act means the Life Insurance Act 1995.
Friendly Societies Code has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
transfer date has the meaning given by section 2 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
2.01 Contract to pay annuity—term prescribed
For the purposes of paragraph 9(1)(d) of the Act, the term of 10 years is prescribed as the term that the term of an annuity paid under a contract must exceed for the contract to constitute a life policy.
2B.01 Eligible foreign life insurance company
(1) For paragraph 16ZD(1)(e) of the Act, the conditions are any of the following:
(a) the body corporate:
(i) is authorised to carry on life insurance business in the United States of America; and
(ii) is incorporated in the United States of America;
(b) the body corporate:
(i) is authorised to carry on life insurance business in New Zealand; and
(ii) is incorporated in New Zealand;
(c) the body corporate:
(i) is authorised to carry on life insurance business in Japan; and
(ii) is incorporated in Japan;
(d) the body corporate:
(i) is authorised to carry on life insurance business in Korea; and
(ii) is incorporated in Korea;
(e) the body corporate:
(i) is authorised to carry on life insurance business in China; and
(ii) is incorporated in China.
(2) In paragraph (1)(e), a reference to China does not include a reference to the following members of the World Trade Organization established by the World Trade Organization Agreement:
4.00 Notice of establishment of statutory fund
(1) A notice under paragraph 33(1)(d) of the Act of the establishment of a statutory fund must contain particulars of:
(a) the classes of life insurance business to be carried on by the company within the fund; and
(b) the categories of life insurance business to be carried on by the company within each of those classes; and
(c) the kinds of policies to be written by the company within those categories; and
(d) proposed financing arrangements for the writing of new life insurance business to which the fund relates; and
(e) projections of the life insurance business to which the fund relates for whichever is greater of the following periods:
(i) the period of the financing arrangements for that business; or
(ii) 10 years; and
(f) a statement of the accuracy of the particulars referred to in paragraph (e) by the appointed actuary of the company.
(2) For the purposes of subsection 33(2) of the Act, the notice must be given in writing within 14 days after establishment of the fund.
(3) This regulation does not apply to a life company that is a friendly society.
4.00A Charges over the assets of statutory funds: derivative contracts (Act, s 38(3)(c))
(1) A life company may give a charge over, or in relation to, an asset of a statutory fund if:
(a) the charge is given in relation to a derivative to which either of the following is a party:
(i) the life company;
(ii) another person (the agent) acting on behalf of, on the instructions of, on account of or for the benefit of the life company; and
(b) the charge complies with subregulation (1A), (1B) or (1C); and
(c) the life company has in place a risk management statement that sets out:
(i) policies for the use of derivatives that include an analysis of the risks associated with the use of derivatives within the investment strategy of the company; and
(ii) controls on the use of derivatives that take into consideration the expertise of staff; and
(iii) compliance processes to ensure that the controls are effective (for example, reporting procedures, internal and external audits and staff management procedures); and
(d) the investment to which the charge relates is made in accordance with the risk management statement.
(1A) A charge complies with this subregulation if it is given in order to comply with a requirement, in either of the following, that the performance of obligations in relation to the derivative be secured:
(a) rules governing the operation of an approved body (as defined in subregulation (2));
(b) a law of the Commonwealth, a State, a Territory or a foreign country (including a part of a foreign country) that applies to dealings in the derivative.
(1B) A charge complies with this subregulation if:
(a) it is given in favour of the agent; and
(b) the agent enters into an arrangement that is a derivative on behalf of, on the instructions of, on account of or for the benefit of the life company; and
(c) the agent is obliged under either of the following to keep the property of the life company separate from the property of the agent:
(i) rules governing the operation of an approved body (as defined in subregulation (2));
(ii) a law of the Commonwealth, a State, a Territory or a foreign country (including a part of a foreign country) that applies to dealings in the derivative; and
(d) the agent is under an obligation, or but for a netting‑off would be under an obligation, to transfer property to another entity in relation to the derivative; and
(e) the charge is given over an asset or assets of the statutory fund, to secure the performance of an obligation or obligations in relation to the derivative.
(1C) A charge complies with this subregulation if:
(a) the asset over which the charge is given is financial property; and
(b) the obligations secured by the financial property are any of the following:
(i) an obligation of the life company that relates to the derivative;
(ii) an obligation of the life company to pay interest on an obligation covered by subparagraph (i);
(iii) an obligation of the life company to pay costs and expenses incurred in connection with enforcing a charge given in respect of an obligation covered by subparagraph (i) or (ii); and
(c) the financial property is transferred or otherwise dealt with so as to be in the possession or under the control of:
(i) the secured person; or
(ii) another person (who is not the life company), on behalf of the secured person, under the terms of an arrangement evidenced in writing.
(1D) For the purposes of paragraph (1C)(c), financial property is taken not to be in the possession or control of a person mentioned in that paragraph if, under the charge, the life company is free to deal with the financial property in the ordinary course of business until the person’s interest in the financial property becomes fixed and enforceable.
(1E) Without limiting paragraph (1C)(c), financial property is taken to be in the possession of a person for the purposes of that paragraph if:
(a) in a case where there is an issuer of the financial property—the person is registered by, or on behalf of, the issuer as the registered owner of the financial property; or
(b) in a case where the financial property is intermediated financial property—the person is the person in whose name the intermediary maintains the account.
(1F) Without limiting paragraph (1C)(c), financial property is taken to be under the control of a person for the purposes of that paragraph if:
(a) the financial property is intermediated financial property; and
(b) the intermediary is not the life company (but may be the secured person or any other person); and
(c) there is an agreement in force between the intermediary and one or more other persons, one of which is the secured person or the life company; and
(d) the agreement has one or more of the following effects:
(i) the person in whose name the intermediary maintains the account is not able to transfer or otherwise deal with the financial property;
(ii) the intermediary must not comply with instructions given by the life company in relation to the financial property without seeking the consent of the secured person (or a person who has agreed to act on the instructions of the secured person);
(iii) the intermediary must comply, or must comply in one or more specified circumstances, with instructions (including instructions to debit the account) given by the secured person in relation to the intermediated financial property without seeking the consent of the life company (or any person who has agreed to act on the instructions of the life company).
(1G) Without limiting paragraph (1C)(c), the fact that the life company retains a right of one or more of the following kinds does not of itself stop that paragraph from being satisfied:
(a) right to receive and withdraw income in relation to the financial property;
(b) right to receive notices in relation to the financial property;
(c) right to vote in relation to the financial property;
(d) right to substitute other financial property that the parties agree is of equivalent value for the financial property;
(e) right to withdraw excess financial property;
(f) right to determine value of financial property.
approved body means a body mentioned in Schedule 7.
derivative means any of the following:
(a) a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);
(b) a foreign exchange contract (within the meaning of that Chapter);
(c) an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities;
but does not include any arrangement that is of a kind mentioned in subregulation 6(2) of the Payment Systems and Netting Regulations 2001.
Note: Subregulation 6(2) of the Payment Systems and Netting Regulations 2001 identifies obligations that are not eligible obligations in relation to a close‑out netting contract. The arrangements mentioned include credit facilities, reciprocal purchase agreements (otherwise known as repurchase agreements), sell‑buyback arrangements, securities loan arrangements, contracts of insurance and managed investment schemes.
financial property has the same meaning as in the Payment Systems and Netting Act 1998.
intermediary has the same meaning as in paragraph (h) of the definition of financial property in section 5 of the Payment Systems and Netting Act 1998.
intermediated financial property has the same meaning as in the Payment Systems and Netting Act 1998.
4.00B Charges over the assets of approved benefit funds (Act s 38(3)(c))
(1) This regulation applies to a friendly society whose approved benefit fund rules provide that the society may apply the assets of an approved benefit fund, or mortgage or charge those assets.
(2) The friendly society may apply the assets of an approved benefit fund, or mortgage or charge those assets, if the application, mortgage or charge is made for the advantage of the approved benefit fund, in accordance with the approved benefit fund rules.
(3) Subregulation (2) does not apply to a charge over, or in relation to, an asset of an approved benefit fund that satisfies the requirements of subregulation 4.00A(1).
4.01A Prohibited investments
For the purposes of paragraph 43(3)(d) of the Act, an investment of assets of a statutory fund of a life company in a subsidiary of that life company is prohibited if:
(a) the assets of the company that are invested in that subsidiary exceed twice the sum of:
(i) if the company is not an eligible foreign life insurance company:
(A) the assets of the statutory fund that are invested in the subsidiary; and
(B) the assets of any other statutory funds of the company that are invested in the subsidiary; or
(ii) if the company is an eligible foreign life insurance company:
(B) the assets of any other fund, approved by APRA, invested in the subsidiary; or
(b) the assets of the statutory fund that are invested in that subsidiary are re‑invested, whether directly or indirectly, through 1 or more interposed bodies corporate, trusts or partnerships, with a company that is related to the company (other than as a subsidiary).
For the purposes of paragraph 191(2)(a) of the Act, a copy of:
(a) the scheme; and
(b) each actuarial report on which the scheme is based;
must be given to APRA before a notice of intention to apply to the Court for confirmation of the scheme is published in accordance with regulation 9.02.
9.02 Notice of intention to apply for confirmation of scheme
(1) For the purposes of paragraph 191(2)(b) of the Act, an applicant to the Court for confirmation of a scheme must publish a notice of intention to make the application, in a form approved by APRA:
(b) in one or more newspapers, approved by APRA, circulating in each State and Territory in which there is a register of life policies that includes the relevant policy of an affected policy owner.
(2) A notice under subregulation (1) must:
(a) state that an affected policy owner may get a copy of the scheme from the place, within the times, and for the period, set out in subregulation (4); and
(b) give the address of each place at which a copy of the scheme may be obtained.
(3) The notice must be published before the scheme is released for public inspection under subregulation (4).
(4) A copy of the scheme must be open for public inspection from 9.00 a.m. until 5.00 p.m. every day (except weekends and public holidays), for a period of at least 15 days, at:
(a) an office of the applicant; or
(b) another location approved, in writing, by APRA;
in each State and Territory in which there is a register of life policies that includes the relevant policy of an affected policy owner:
Note 1: A life company must have a register of life policies for each State and Territory in which it carries on life insurance business: subsection 226 (1) of the Act.
Note 2: An affected policy owner is the owner of a policy that is referable to a statutory fund affected by a scheme: subsection 191 (1) of the Act.
9.03 Application for confirmation of scheme
(1) For the purposes of subsection 193(2) of the Act, an application to the Court for confirmation of a scheme may be made no earlier than whichever is the later of:
(a) the day after the day on which the period referred to in subregulation 9.02(4) ends; or
(b) unless the Court dispenses with the need for compliance with paragraph 191(2)(c) of the Act—15 days after the approved summary of the scheme has been given to every affected policy owner under that paragraph.
Note: The Court may dispense with the need to comply with paragraph 191(2)(c) of the Act in relation to a particular scheme if it is satisfied that, because of the nature of the scheme or the circumstances attending its preparation, it is not necessary that the paragraph be complied with: subsection 191(5) of the Act.
9.04 Documents to be lodged with APRA
(1) For the purposes of subsection 197(1) of the Act, a company to which life insurance business is transferred, or with whose life insurance business any part of the business of another company is amalgamated must give APRA the following documents:
(a) a statement of the nature and terms of the transfer or amalgamation;
(b) a certified copy of each of the following documents:
(i) the scheme providing for the transfer or amalgamation;
(ii) an actuarial report, or other report, on which the scheme, and the agreement or deed, are founded;
(iii) the agreement or deed under which the transfer or amalgamation is effected;
(iv) the Court order confirming the scheme;
(v) a statement of the assets and liabilities of each company associated with the transfer or amalgamation;
(c) a statutory declaration by the principal executive officer:
(i) setting out, in relation to the transfer or amalgamation:
(A) each payment made; and
(B) a reasonable estimate of each payment to be made; and
(ii) stating that he or she reasonably believes that no other payment has been made, or will be made, by, or with the knowledge of, a party to the transfer or amalgamation.
(2) For the purposes of subsection 197(2) of the Act, and subject to subregulation (3), the documents must be lodged within 30 days after the transfer or amalgamation is completed.
(3) A company may apply, in writing, to APRA, before the end of the period referred in subregulation (2), for an extension of the time in which to lodge the documents.
(4) If APRA believes that the company cannot reasonably provide the documents within the period referred to in subregulation (2), APRA must, within 14 days of receiving an application:
(a) give an extension, of no longer than 30 days, to the company, to provide the documents; and
(b) so inform the company in writing.
10.01 Assignment of life policy—prescribed form
For the purposes of paragraph 200(2)(a) of the Act, Form 2 in Schedule 4 is prescribed as the form of memorandum of transfer for the purpose of assigning rights under a life policy (other than a policy that is issued by a friendly society).
10.02 Notice of change of trustee of life policy
For the purposes of subsection 203(2) of the Act, a notice that a person is the trustee of a life policy must be in the form of a statutory declaration.
10.04 Division 4 of Part 10 of the Act to apply to certain life policies with modifications (Act, s 206(3))
Division 4 of Part 10 of the Act (relating to surrender values, paid‑up policies and non‑forfeiture of policies) applies to a class of life policies specified in an item in Schedule 2 subject to the modifications specified in that item.
10.05 Interest on overdue premiums—prescribed terms
For the purposes of subsection 210(3) of the Act, the least favourable terms on which interest may be charged on overdue premiums is the interest rate worked out by the following formula:
XYB is the mean, rounded to the lower 0.25%, of the 10 year Treasury Bond yields (as shown in figures supplied by the Reserve Bank of Australia) at the end of each of the 6 successive half financial years ended before the date of calculation.
10.05A Unclaimed money—statements
(1) For the purposes of this regulation:
(a) a statement that contains 50 or more items must be recorded on computer disk; and
(b) a statement that contains less than 50 items must be recorded either in writing or on computer disk.
(2) A statement under subsection 216(1) of the Act of unclaimed money as at the end of a calendar year:
(a) if it is in writing—must be in accordance with Form 3 in Schedule 4; or
(b) if it is recorded on computer disk—must contain particulars of the number and total value of unclaimed policies and particulars, for each policy for which money is unclaimed, of:
(i) the policy number; and
(ii) the full name of the life or lives insured; and
(iii) the last known address of the life or lives insured; and
(iv) the full name of the policy owner; and
(v) the last known address of the policy owner; and
(vi) the amount due to the policy owner; and
(vii) the date the amount became due; and
(viii) the State or Territory for which the policy is registered.
(3) A statement under subsection 216(4) of the Act of money paid between the end of the calendar year and the date on which the statement is given to ASIC:
(a) if it is in writing—must be in accordance with Form 4 in Schedule 4; or
(b) if it is recorded on computer disk—must contain particulars of the number and total value of policies claimed and particulars, for each policy for which money has been paid, of:
(ii) the full name of the claimant; and
(iii) the date of the claim; and
(iv) the date the claim was paid; and
(v) the amount paid.
(4) A statement recorded on computer disk must be accompanied by a lodgment form in accordance with Form 5 in Schedule 4.
(5) A life company must notify ASIC in writing if there is no unclaimed money.
10.05AA Unclaimed money—interest payable
(1) This regulation sets out how to work out the interest for paragraph 216(7A)(a) of the Act.
(b) ends on the 14th day after the Treasurer last authorised the unclaimed money to be paid under subsection 216(7) of the Act.
10.05B Public notice of unclaimed moneys
ASIC may publish, in any form, information contained in a statement given to ASIC for the purposes of section 216 of the Act, by including any or all of the particulars given in the statement in relation to the unclaimed moneys.
10.06 Calculation of net claim value of policy
(1) For the purposes of subsection 223(2) of the Act, the net claim value of a policy:
(a) that has matured; or
(b) under which the life insured has died;
is the amount payable in respect of the claim on the happening of the contingency, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.
(2) For the purposes of that subsection, the net claim value of a policy, other than a policy described in subregulation (1), at a particular time, is the amount payable in respect of the claim as if the policy had voluntarily been terminated at that time, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.
11.01 Fee for inspection or copying of documents
(1) For the purposes of subsection 243(2) of the Act, a fee of $10 is prescribed as the fee to inspect a financial statement or an annual statistical return given to APRA under subsection 118(2) of the Act.
(2) Subject to subregulation (3), for the purposes of that subsection, a fee of $1 a page is prescribed as the fee for copying the whole, or part of, a document referred to in subregulation (1).
(3) In relation to a particular request to copy documents of a company in respect of a financial year, if the fee payable under subregulation (2) would exceed $60, the maximum fee payable for that copying is $60.
13.02 Definition of superannuation policy—dictionary
For the purposes of paragraph (b) of the definition of superannuation policy in the Schedule to the Act, a life policy included in any of the following kinds of policies is declared to be a superannuation policy for the purposes of the Act:
(a) a policy of any of the following kinds that is maintained for the purposes of superannuation or retirement:
(i) an immediate annuity policy;
(ii) a deferred annuity policy;
(iii) an allocated annuity policy;
(b) a policy that is owned by the trustee of a scheme, being a scheme that is:
(i) an approved deposit fund; or
(ii) a pooled superannuation trust;
(c) an RSA (within the meaning of the Retirement Savings Accounts Act 1997).
Division 14.1—Transitional arrangements arising out of the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016
14.01 Arrangements
The amendments of these Regulations made by items 1 to 5 of Schedule 1 to the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016 apply to charges given on and after the commencement of this regulation.
Schedule 2—Modification of Division 4 of Part 10 of the Act (Surrender values, paid‑up policies and non‑forfeiture of policies)
(regulation 10.04)
Class of life policy
Description of policy within the class
Modification of application of Division 4 of Part 10 of the Act
Increased ordinary
An ordinary policy under which the contract of insurance (the original contract) is varied at the request of the policy owner, by increasing:
(a) both the amount of the sum insured and the amount of each premium; or
(b) if additional amounts of premium are paid—the amount of the sum insured.
Section 210 of the Act is taken to apply to an increase of the original contract as if the increase were a policy:
(a) that was effected on the date of the increase; and
(b) under which the sum insured is the amount of the increase; and
(c) under which the period for which premiums have been paid started on the date of the increase.
A policy that, immediately before the commencement of the Act, was an industrial policy within the meaning of subsection 4 (1) of the Life Insurance Act 1945 and that is treated as ordinary business under the Act.
Despite section 210 of the Act, section 101 of the Life Insurance Act 1945, as in force immediately before the commencement of the Act, continues to apply to policies to which that section applied at that time.
Form 2—Memorandum of transfer for assigning rights under a life policy
(regulation 10.01)
Signature of transferor’s witness
Full name of transferee
of transferee
of witness of transferee
Date of transfer of registration by the life company
Signature of principal executive (or authorised person) of the life company
Form 3—Statement of unclaimed money
(paragraph 10.05A(2)(a))
Life insured: surname, given names, address
Policy owner: surname, given names, address
Date amount became due
State where policy registered
(Principal Executive Officer of the life company or a person authorised by the Principal Executive Officer)
Form 4—Statement of money paid after the end of the calendar year
(paragraph 10.05A(3)(a))
Claimant: surname, given names
Form 5—Unclaimed money disk lodgment form
(subregulation 10.05A(4))
Unclaimed money for year ended:
Original or replacement:
Unclaimed policies at the end of the year:
Policies claimed since the end of the year:
Certification: The information contained on the accompanying disks is that required by section 216 of the Life Insurance Act 1995 as the statement of unclaimed money, and money paid after the end of the calendar year.
(regulation 2A.01)
1 Section 15
2 Paragraph 30(f)
(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.
3 Subsection 35(1)
4 Subsection 35(2)
Approved benefit fund rules
5 Subsections 35(3), (4) and (5)
6 Paragraph 36(b)
7 Paragraph 38(2)(c)
8 Subsection 38(7)
10 Part 4, Divisions 5 and 6
Division 5 Distribution of surplus in approved benefit fund
56 Distribution of surplus
(1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do 1 or more of the following:
(a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;
(b) transfer all or part of the surplus to another approved benefit fund of the society;
(c) transfer all or part of the surplus to the management fund of the society.
(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45(3).
(3) A distribution under subsection (1) must comply with any applicable prudential standard.
14 Sections 75 and 76
75 Financial records—friendly societies
A friendly society must keep such records of the income and outgoings of the management fund and each approved benefit fund of the society as will record properly the affairs and transactions of the society in respect of each fund.
15 Section 81
If a life company
(1) If a friendly society
16 Section 81
(2) However, unless Prudential Rules, prudential standards or reporting standards otherwise require, subsection (1) does not apply to the treatment of an asset of the management fund of the friendly society.
17 Paragraph 82(5)(c)
(c) be given to APRA:
(i) for financial statements prepared for subsection (1)—within the period required by subsection 118(3); and
(ii) in any other case—within 3 months after the time as at which they are prepared.
22 Subsection 134(4)
(4) A direction to a friendly society ceases to have effect if:
(a) an order is made for the winding‑up of the society; or
(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180(2), and APRA:
(i) is notified of the special resolution; and
(ii) gives written permission to the society for the direction to cease to have effect.
23 Subsection 150(9)
(9) A direction to a friendly society ceases to have effect if:
24 Subsection 198(1)
or policy document
25 Paragraph 201(1)(b)
or endorsed on the policy
26 Subsection 213(2)
omit everything after paragraph (b), insert
the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1)(a) and that the requirements of the rules are followed.
27 Subsection 213(3)
The company may endorse the policy
However, the company may register the applicant
28 Part 10, Division 7
29 Subsection 226(1)
(1) A friendly society must keep a register of members for each approved benefit fund of the society.
(1A) The register must include:
(a) the name and address of each member of the approved benefit fund; and
(b) the date of each member’s admission to membership; and
(c) for each membership terminated—the date and circumstances of the termination.
(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.
(1C) A society that, immediately before the transfer date, did not keep its register in parts as described in subsection (1B) must comply with that subsection:
(a) within 18 months starting on the transfer date; or
(b) a longer period that APRA, in writing, allows.
30 Section 227
31 Subsection 229(2)
32 Section 242
34 Schedule—Dictionary, after definition of life policy
management fund, for a friendly society, means the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund of the society.
35 Schedule—Dictionary, after definition of spouse
SSA has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
36 Schedule—Dictionary, after definition of trade union
transfer date has the meaning given by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.
Note: See the definition of approved body in subregulation 4.00A(2).
1 Approved bodies
Each body in the following table is an approved body for the purposes of regulation 4.00A.
ASX24 (formerly known as Sydney Futures Exchange)
ASX operated by ASX Limited
Athens Exchange Clearing House (Athex Clear)
BATS BZX Options Exchange
Budapesti Értéktozsde (Budapest Stock Exchange)
Cantor Clearinghouse, L.P
Cassa di Compensazione e Garanzia S.p.A (CCG)
CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (CCP .A)
CDSclear operated by LCH.Clearnet Group Ltd
CEGH Gas Exchange of Vienna Stock Exchange
CME Clearing Europe (CMECE)
Commodity Exchange (COMEX) operated by New York Mercantile Exchange, Inc.
Electronic Liquidity Exchange operated by ELX Futures LP
Enclear operated by LCH.Clearnet Group Ltd
Euronext Amsterdam Derivatives Regulated Market operated by Euronext Amsterdam NV
Euronext Amsterdam Securities Regulated Market operated by Euronext Amsterdam NV
Euronext Brussels Derivatives Regulated Market operated by Euronext Brussels SA/NV
Euronext Brussels Securities Regulated Market operated by Euronext Brussels SA/NV
Euronext Lisbon Derivatives Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
Euronext Lisbon Securities Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
Euronext London Securities Regulated Market operated by Euronext London Limited
Euronext Paris Derivatives Regulated Market by Euronext Paris S.A.
Euronext Paris Securities Regulated Market by Euronext Paris S.A.
Euronext Paris MATIF (Marché à Terme International de France) (XMAT)
Euronext Paris MONEP (Marche des Options Negociables de Paris) (XMON)
European Central Counterparty N.V (EuroCCP)
Forexclear operated by LCH.Clearnet Group Ltd
Hong Kong Exchange & Clearing Ltd
Hungarian Power Exchange operated by HUPX Ltd
ICAP Securities and Derivatives Exchange (ISDX)
ICE Clear Netherlands B.V.
ICE Clear Singapore (ICECA)
ICE Clear US, Inc
ICE Endex Derivatives B.V.
ICE Futures Canada, Inc
ICE Futures Europe (IEPA)
ICE Futures U.S., Inc
Italian Stock Exchange operated by Borsa Italiana S.p.A
KOSPI Market operated by the Korea Exchange
Montreal Climate Exchange (MCex)
NASDAQ Futures (NFX) operated by NASDAQ Futures, Inc.
NASDAQ OMX Commodities operated by NASDAQ OMX Oslo ASA
NASDAQ OMX Iceland hf.
NASDAQ OMX NLX Ltd
NASDAQ OMX Nordic Derivatives Markets operated by NASDAQ OMX Stockholm AB
NASDAQ OMX PHLX LLC (the Philadelphia Stock Exchange)
NASDAQ OMX PSX operated by NASDAQ OMX PHLX LLC
NASDAQ OMX Riga, AS (XRIS)
NASDAQ OMX Stockholm AB (XSTO)
NASDAQ OMX Tallinn, AS (XTAL)
NASDAQ OMX Vilnius, AB (XLIT)
New York Stock Exchange (NYSE) operated by the New York Stock Exchange LLC
Nodal Clear, LLC
NYMEX Emissions operated by New York Mercantile Exchange, Inc.
NYMEX operated by New York Mercantile Exchange, Inc.
NYSE MKT operated by NYSE MKT LLC
NYSE Amex Option operated by NYSE MKT LLC
NYSE Arca Equities operated by NYSE Arca Equities, Inc.
NYSE Arca Options operated by NYSE Arca Equities, Inc.
Osaka Exchange, Inc. (OSE)
Oslo Bors operated by Oslo Børs ASA
OTC Clearing Hong Kong Limited (OTC Clear)
Power Exchange Central Europe, a.s. (PXE)
Repoclear operated by LCH.Clearnet Group Ltd
SGX‑DT operated by the Singapore Exchange Derivatives Trading Limited
Singapore Exchange Derivatives Clearing Limited (SGXDC)
Singapore Exchange Securities Trading Limited (SGX‑ST) operated by the Singapore Exchange (SGX)
SIX x‑clear Ltd
Swapclear operated by LCH.Clearnet Group Ltd
Thailand Futures Exchange (TFEX) operated by the Thailand Futures Exchange Public Company Limited
The Chicago Mercantile Exchange (CME)
The Commodity Derivatives Market operated by the Johannesburg Stock Exchange Limited (formerly SAFEX)
The Derivatives market operated by Moscow Exchange MICEX‑RTS
The Equity and Bond market operated by Moscow Exchange MICEX‑RTS
The Equity Derivatives Market operated by the Johannesburg Stock Exchange Limited (formerly SAFEX)
The London Stock Exchange Derivatives Market
The Main Board operated by the New Zealand Exchange Ltd
The Main Market operated by the London Stock Exchange
The Official Market and Second Regulated Market operated by Wiener Börse AG
The stock exchange operated by NASDAQ OMX Armenia
Tokyo Financial Exchange, Inc (TFX)
Toronto Stock Exchange operated by TSX Inc.
Warsaw Stock Exchange (GPW)
A body that performs clearing house functions, in relation to an approved body that does not itself perform those functions, in accordance with the rules of the approved body or a law of the country where the approved body is situated
141, 1995
317, 1995
431, 1995
305, 1996
100, 1997
2 June 1997 (r 1 and Gazette 1997, No S202)
239, 1997
191, 1998
r 9 and 20: 30 June 1998
Remainder: 1 July 1998
1 July 1999 (r 2 and Gazette 1999, No S293)
11 Mar 2002 (r 2 and Gazette 2001, No GN42)
317, 2004
1 Jan 2005 (r 2)
342, 2007
8 Oct 2007 (
F2007L03937)
r 1–3 and Sch 1: 24 Sept 2007 (r 2(a))
Schedule 2: 1 Jan 2008
26 Feb 2010 (F2010L00391)
r 1–3 and Sch 1: 27 Feb 2010 (r. 2(a))
Sch 2: 26 Aug 2010
48, 2011
8 Apr 2011 (F2011L00588)
11 Dec 2012 (F2012L02401)
1 Mar 2013 (s 2(1)) and F2013L00297)
Sch 1 (items 7, 8): 18 June 2013
171, 2014
3 Nov 2014 (F2014L01468)
Sch 1 (items 6–8, 18): 12 Dec 2014 (s 2 items 2, 4)
Sch 1 (item 13): 15 Jan 2015 (s 2 item 3 and C2015G00020)
218, 2015
27 Nov 2015 (F2015L01859)
Sch 2: 20 Dec 2015 (s 2(1) item 3)
Sch 1 (items 3–9): 17 Dec 2015 (s 2(1) item 1)
Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016
9 May 2016 (F2016L00724)
Sch 1 (items 1–6) and Sch 3 (item 1): 1 June 2016 (s 2(1) item 1)
r 1.01........................................
am No 117, 2013; No 218, 2015
Part 2A......................................
ad No146, 1999
r 2A.01.....................................
rs No 226, 2015
r 2A.02.....................................
rep No 342, 2007
r 2A.03.....................................
Part 2B......................................
ad No 317, 2004
r 2B.01......................................
rs No 311, 2012
am No 171, 2014; No 218, 2015
am No 191, 1998
r 4.00........................................
ad No 317, 1995
r 4.00A.....................................
ad No 191, 1998
am No 19, 2002; F2016L00724
r. 4.00B.....................................
am No 342, 2007
rep No 48, 2011
r 4.01A.....................................
ad No 431, 1995
am No 317, 2004
r 4.01B......................................
ad No 305, 1996
am No 100, 1997; No 191, 1998
r 4.02........................................
r 9.01........................................
am No 191, 1998; No 146, 1999; No 226, 2015
r 9.02........................................
r 9.04........................................
r 10.01......................................
r 10.03......................................
rep No 191, 1998
rep No 148, 2002
r 10.05A...................................
r 10.05AA.................................
ad No 117, 2013
r 10.05B....................................
r 11.00......................................
am No 191, 1998; No 317, 2004
rep No 24, 2010
r 11.01......................................
r 11.02–11.04...........................
rs No 239, 1997
r 12.01......................................
r 13.01......................................
r 13.02......................................
am No 119, 1997; No 191, 1998
Part 14......................................
ad F2016L00724
Division 14.1
Division 14.1............................
r 14.01......................................
am No 191, 1998; No 146, 1999; No 317, 2004
am No 89, 1996; No 191, 1998: No 342, 2007
rs No 24, 2010
am No 191, 1998; No 146, 1999
am No 342, 2007; No 24, 2010; No 226, 2015
Schedule 6................................
rep No 226, 2015
ad No 19, 2002
am No 193, 2011
rs F2016L00724