Treasury Laws Amendment (Financial Services Improved Consumer Protection) (Funeral Expenses Facilities) Regulations 2019 (F2019L01533)

Schedule 1   Funeral expenses facilities

Corporations Regulations 2001

4   Subregulation 7.6.01(7)

Insert:

friendly society funeral product means a financial product that is an account (however described):

(a) provided by:

(i) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or

(ii) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or

(iii) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society ; or

(iv) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory; and

(b) the sole purpose of which is to save money for the purpose of meeting the whole or a part of the expenses of and incidental to the funeral, burial or cremation of a person on the death of that person.

funeral services entity means an entity of one of the following kinds:

(a) a body corporate;

(b) a partnership;

(c) an unincorporated body;

(d) an individual;

(e) for a trust that has only one trustee - a trustee;

(f) for a trust that has more than one trustee - the trustees together;

that carries on a business in this jurisdiction of supplying:

(g) services for the care and preparation of human bodies for burial or cremation; and

(h) services for the arrangement, supervision or conduct of a funeral, burial or cremation; and

(i) products in connection with the services mentioned in paragraphs (g) and (h).