Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p4
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 8245–10990

that are to be provided out of each fund; and
(ii)         either the proportion of the premium that is related to the benefits to be provided out of each fund and is to be credited to the fund, or the way in which that proportion is to be calculated.
17.         A notice under paragraph 15 must be accompanied by:
(a)          a document describing (in summary form) the reasons for the restructure and containing relevant extracts from any report by the Appointed Actuary on the proposed restructure under item 2 of Schedule 1 to Form 1 which deal with implications for policy owners; and
(b)          a revision to the policy document by way of endorsement or written notice setting out matters in subparagraphs 16(a) and 16(b).

Information to be lodged with APRA following the restructure
18.         If a restructure of statutory funds involves the establishment of a new statutory fund (the 'receiving fund'), the life company must give to APRA, within six weeks after the establishment of the receiving fund, a written notice setting out the following:
(a)          the nature and terms of the establishment of the receiving fund;
(b)          the nature and value of assets transferred from a transferring fund to the receiving fund; and
(c)          the kinds of policies that are referable to the receiving fund.
19.         The notice referred to in paragraph 18 must be accompanied by statements that the receiving fund has been established in accordance with section 52 of the Act, certified by:
(a)          the principal executive officer;
(b)          the Appointed Actuary; and
(c)          the Auditor.

Operational requirements

Consequences of transfer by way of endorsement of policy between statutory funds
20.         For the purposes of subsection 55(2) of the Act, where a policy is to be made referable to a statutory fund of a life company (the new fund) other than the statutory fund to which it is currently referable (the old fund), the life company must transfer assets from the old fund to the new fund of a value equivalent to the liabilities being transferred to the new fund from the old fund and must be satisfied after receiving advice from the Appointed Actuary, that the transfer of liabilities will not result in unfairness to either the owners of the policies that are to be transferred to the new fund or the owners of policies that will remain referable to the old fund (particularly having regard to the nature of the assets to be transferred).
21.         A notice mentioned in subsection 55(3) of the Act must:
(a)          be in writing;
(b)          set out:
(i)            the identifying details of the policy;
(ii)         the identity of all the statutory funds to which the policy is or has