EXPLANATORY STATEMENT
Life Insurance Act 1995
Variation of Prudential Rules Number 40
Subsection 252(1) of the Life Insurance Act 1995 (the “Life Act”) provides that the Australian Prudential Regulation Authority (“APRA”) may, in writing, make rules prescribing all matters required or permitted by the Life Act to be prescribed by Prudential Rules. Subsection 252(2) of the Life Act provides that such Prudential Rules are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901.
On 24 June 1999, the Chief Executive Officer of APRA, a delegate of APRA, made Prudential Rules No. 40 dealing with the approval of benefit fund rules under subsection 16L(2) and paragraph 16L(4)(b) of the Life Act.
Due to a typographical error, Prudential Rules No. 40 requires variation. In Prudential Rules No. 40, certain necessary words were unintentionally omitted from Rule 1(i). This variation to Prudential Rules No. 40 now corrects that error and is made in accordance with subsection 252(1) of the Life Act and subsection 33(3) of the Acts Interpretation Act 1901.
The variation to Prudential Rules No. 40 commences on the day that it is notified in the Gazette.