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LIFE INSURANCE ACT 1995 - SECT 16B

Definitions

             (1)  For the purposes of this Act:

"adequately adopted" , in relation to benefit fund rules or an amendment of benefit fund rules, has the meaning given by subsection (2).

"approved benefit fund" means a benefit fund for which there are approved benefit fund rules.

"approved benefit fund rules" means rules (as amended from time to time by amendments in force under section 16T) in relation to which the following conditions are satisfied:

                     (a)  an approval under section 16L is in force in relation to the rules; and

                     (b)  the rules are in force under section 16N.

"benefit fund" means a fund:

                     (a)  that is established to provide benefits in accordance with rules of a friendly society; and

                     (b)  that is established in the records of the friendly society.

"benefit fund rules" , in relation to a benefit fund, means the rules referred to in paragraph (a) of the definition of benefit fund .

"friendly society" has the meaning given by section 16C.

"jointly regulated friendly society" has the meaning given by subsection 16ZB(2).

             (2)  For the purposes of this Act, benefit fund rules of a company have, or an amendment of benefit fund rules of a company has, been adequately adopted if:

                     (a)  the rules have, or the amendment has, been adopted by or on behalf of the company, or by or on behalf of the members or a class of the members of the company, in a way set out in the prudential standards for the purposes of this subsection; and

                     (b)  APRA considers that adoption of the rules or the amendment in that way adequately takes into account the interests of members of the company.

APRA may consult ASIC in considering the matters referred to in paragraph (b).



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