Commonwealth Numbered Regulations

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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) REGULATIONS 1999 1999 NO. 144 - REG 33

Continued effect of certain prudential standards for friendly societies
(1)
This regulation applies to the following prudential standards for friendly societies, as in force under section 28 of the AFIC Code immediately before the transfer date:

(a)
Prudential Standard 6.1 (relating to risk management);

(b)
Prudential Standard 6.3C (relating to audit);

(c)
Prudential Standard 6.4A (relating to subsidiaries);

(d)
Prudential Standard 6.4C (relating to guarantees);

(e)
Prudential Standard 6.4D (relating to service contracts);

(f)
Prudential Standard 6.4E (relating to overseas trading);

(g)
Prudential Standard 6.7 (relating to non-benefit fund based funds management and associated market activities).

(2)
Each prudential standard continues to have effect for the purpose of the provisions of the Life Insurance Act 1995 applying to friendly societies.



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