Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:8_11:p2
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 8 cl 11 (pt 2/3)
Character Range: 290170–292706

then; and
 (b) that, apart from this item, would not be life insurance business (within the meaning of the amended Act);
APRA is taken, on the transfer date, to have made a declaration under section 12B of the amended Act that the business is to be treated as if it were life insurance business.

(7) The eligible benefit funds of the company are taken to be benefit funds established by the company in accordance with the requirements of the amended Act (as it applies subject to Part 2A of that Act).

(8) The existing benefit fund rules for the eligible benefit funds of the company are taken, on the transfer date, to have been approved under section 16L of the amended Act and to have come into force under section 16N of the amended Act on that date. This approval has effect subject to subitem (10).

(9) A provision of the existing benefit fund rules as so taken to be approved is not effective to the extent that the provision is inconsistent with:
 (a) the amended Act; or
 (b) any instrument made under the amended Act that is covered by the definition of this Act in the Schedule to the amended Act.

(10) If the existing benefit fund rules for an eligible benefit fund of the company are taken to have an approval by subitem (8), APRA may determine, in writing, that the approval ceases to have effect if:
 (a) the rules are inconsistent as mentioned in subitem (9); and
 (b) APRA considers that the inconsistency is contrary to the interests of any of the following persons:
 (i) owners of policies referable to the benefit fund;
 (ii) prospective owners of policies referable to the benefit fund.
A determination under this subitem can only be made during the period beginning on the day that is 18 months after the transfer date and ending on the day that is 30 months after the transfer date.

(11) If APRA makes a determination under subitem (10) in relation to an approval, the approval that those rules are taken to have by subitem (8) ceases to have effect on the day the determination is made.

(12) A reference in section 236 of the amended Act to a reviewable decision includes a reference to a decision to make a determination under subitem (10).

(13) Subject to subsection 77(6) of the amended Act, for the purposes of the amended Act, the financial year of the company is the period that, immediately before the transfer date, was the financial year of the company for the purposes of the Friendly Societies Code under which the company was then registered.

(14) APRA may give notice of any of the following