Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The prudential standards may provide that:
(a) a life company may apply to APRA to terminate one or more of its statutory funds; and
(b) if the application is approved, the termination is to take place.
(2) 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 parties of the outcome of the application;
(d) matters connected with how the termination takes place, including the following:
(i) distribution or application of assets;
(ii) settling of liabilities;
(iii) the timing of the termination;
(e) requirements for the company to give APRA information following the termination.
(3) APRA cannot approve the application if it considers that:
(a) the termination will result in unfairness to the owners of policies referable to the fund or funds when those owners are viewed as a group; or
(b) the company is being wound up when the application is made.