(1)

This regulation applies in relation to a friendly society if:

(a)

immediately before the transfer date, AFIC, or an SSA, was taking enforcement action in relation to the friendly society under an AFIC Code or a Friendly Societies Code; and

(b)

on or after the transfer date, APRA continues the enforcement action in accordance with subregulation 42 (2); and

(c)

the friendly society is a transferring friendly society.

(2)

If:

(a)

the findings of the enforcement action include a finding that, before the transfer date, the friendly society had committed an offence against a provision of the relevant AFIC Code or Friendly Societies Code; and

(b)

APRA decides to take action in relation to the offence;

APRA is to take the action in accordance with the applied enforcement provisions of the relevant Code that relate to the offence.

Note
The provisions of the Life Insurance Act 1995 apply in relation to any offence committed on or after the transfer date by a friendly society. If the friendly society is a jointly regulated friendly society, the provisions of the Life Insurance Act 1995 apply in relation to the offence to the extent that it relates to the society's life insurance business, and the provisions of the National Health Act 1953 apply in relation to the offence to the extent that it relates to the society's health insurance business.