Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The prudential standards may provide that:
(a) a life company may apply to APRA to restructure its statutory funds by making one or more policies that are referable to a statutory fund or funds of the company become referable to another statutory fund or funds of the company (whether existing or proposed); and
(b) if the application is approved, the restructure is to take place.
(2) The fund, or each fund, to which the policies are referable before the restructure is a transferring fund , and the fund, or each fund, to which the policies will become referable after the restructure is a receiving fund .
(3) Without limiting the generality of subsection (1), the prudential standards may provide for the following:
(a) requirements for making the application;
(b) criteria for approving or refusing to approve the application;
(c) requirements to notify interested persons of the outcome of the application;
(d) matters connected with how the restructure takes place, including the following:
(i) policies becoming referable to a receiving fund or funds;
(ii) policy and other liabilities becoming referable to a receiving fund or funds;
(iii) assets of a transferring fund becoming assets of a receiving fund or funds;
(iv) the timing of the restructure;
(v) if a receiving fund is a proposed new statutory fund--the establishment of that fund;
(e) requirements for the company to give APRA information following the restructure.
(4) APRA cannot approve the application if it considers that:
(a) the restructure will result in unfairness to the owners of policies referable to a transferring fund or a receiving fund when those owners are viewed as a group; or
(b) immediately after the restructure:
(i) a transferring fund will not satisfy the prudential standards in relation to solvency; or
(ii) a receiving fund will not satisfy the prudential standards in relation to solvency; or
(c) the company is being wound up when the application is made.