Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 16C

What is a friendly society?

             (1)  For the purposes of this Act, a friendly society is a body:

                     (a)  that is registered as a company under the Corporations Act 2001 ; and

                     (b)  that is either:

                              (i)  taken to be registered under this Act because of item 11 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 ; or

                             (ii)  covered by a determination under subsection (2).

             (2)  APRA may, in writing, determine that a specified body that is registered as a company under the Corporations Act 2001 is a friendly society for the purposes of this Act.

Note:          A company may be specified by name, by inclusion in a specified class or in some other way.

             (3)  APRA may, in writing, vary or revoke a determination made under subsection (2).

             (4)  APRA must comply with any applicable requirements in the prudential standards relating to the circumstances in which the powers under subsections (2) and (3) may be exercised.

             (5)  If APRA:

                     (a)  makes a determination under subsection (2); or

                     (b)  varies or revokes a determination under subsection (3);

APRA must cause notice of that action to be published in the Gazette . If the action relates to a particular company, otherwise than because the company is included in a specified class of companies, APRA must also give the company written notice of the action.

             (6)  If APRA:

                     (a)  makes a determination under subsection (2); or

                     (b)  varies or revokes a determination under subsection (3);

APRA must also give notice of that action to ASIC.



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