Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p3
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 5627–8446

from the date the restructure has effect.
13.         The nature and value of assets to be transferred from a transferring fund to a receiving fund is to be determined by the life company, after receiving advice from the Appointed Actuary using a method that:
(a)          places a value on the liabilities that is consistent with the value being adopted for the assets;
(b)          considers the nature and value of the assets in aggregate and also in respect of each particular class of assets;
(c)          in view of the nature of the liabilities to be transferred to a receiving fund and those to remain in a transferring fund, has the objectives of:
(i)            facilitating the proper operation of the transferring fund and the receiving fund; and
(ii)         protecting the interests of the owners of the policies referable to the transferring fund and the receiving fund; and
(d)          is consistent with the method that was described in the Appointed Actuary's report that:
(i)            was lodged with APRA in relation to the application in accordance with Schedule 1 of Form 1; and
(ii)         was approved by APRA as part of its approval under paragraph 8.

When restructure has effect
14.         The restructure of statutory funds of a life company shall take effect from the date approved by APRA. On and from the time the restructure takes effect:
(a)          policies that, immediately before the restructure, were referable to a transferring fund become referable to a receiving fund;
(b)          policy liabilities and other liabilities that, immediately before the restructure, were referable to a transferring fund become referable to a receiving fund; and
(c)          assets that, immediately before the restructure, were assets of a transferring fund become assets of a receiving fund.

Notification of interested persons
15.         A life company that restructures a statutory fund must, within six weeks of the restructure having effect, give written notice of the restructure of the fund to the owner of every policy referable to any of the funds involved in the restructure.
16.         A notice under paragraph 15 must set out the following matters:
(a)          the name and identifying details of the funds involved in the restructure;
(b)          the date of the restructure;
(c)          the identifying details of each policy owner's policy that is referable to either the transferring fund or the receiving fund; and
(d)          where the benefits under the policy are to be provided out of more than one statutory fund:
(i)            the benefits under the policy 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