Document ID: chunk:federal_register_of_legislation:F2017L00435:body:0:p4
Version: federal_register_of_legislation:F2017L00435
Segment Type: other
Provision Reference: 
Character Range: 8430–11326

in accordance with the Lloyd's Security Trust Fund Rules.

Information
   19.        Lloyd's must ensure the trustee of a security trust fund is given enough information to allow the trustee to operate the trust according to its terms and the requirements of the Act.

   20.        Lloyd's must ensure there are arrangements that allow it to provide information, accounts, statements and actuarial reports required by the Act.

Records
21.         Lloyd's must ensure records that allow accounts and statements to be prepared and audited properly and conveniently are kept for 7 years after the completion of the transactions to which they relate.

22.         Lloyd's must give or cause to be given to APRA the accounts and statements mentioned in Attachment C in the form, for the periods and within the time mentioned in Attachment C.

23.         Lloyd's must ensure:

       (a)           the accounts and statements referred to in Attachment D are audited by an auditor who is approved by APRA; and

       (b)          an audit certificate is given to APRA in a form approved by APRA and within the time mentioned in Attachment D.

Notices
24.         Lloyd's must give or cause to be given to APRA written notice of the following matters:

       (a)          intention to change a trustee of a security trust fund;

       (b)          failure of a security trust fund to comply with paragraph 17; and

       (c)          default of more than 30 days in payment to the trustee of the security trust fund for its services.

25.         For the purposes of subparagraph 24(b), a breach of subparagraph 17(c) is taken to have occurred if, and only if:

       (a)          for a syndicate year of account in the new business fund—the deficiency is more than $1,000 and is also more than 5% of the funding requirement for the syndicate year of account;

       (b)          for any security trust funds other than the reserve fund—the deficiency is more than $500,000;

       (c)          for the reserve fund—the deficiency is more than $10,000.

Agreements
26.         Lloyd's must give or cause to be given to APRA on request a copy of every agreement about the operation of a security trust fund.

Review of APRA's decisions
27.         Part VI of the Act applies to a decision of APRA under this instrument.

Determinations made under previous instrument
28.         Any exercise of APRA's discretion under the Lloyd's Security Trust Fund Determination No 1 made on 9 June 2000 continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this instrument.

Attachment A – Security trust funds

Definitions
     1. In this Attachment, 'registered office' has the meaning given by the Corporations Act 2001.

Equitas fund
2.             The Equitas fund is a security trust fund in respect of the liabilities