Prepaid Funerals Regulations 2015

Prepaid Funerals Regulations 2015

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Prepaid Funerals Act 2004 .

C. WARNER

Governor

By Her Excellency's Command,

Dr. VANESSA GOODWIN

Minister for Justice

1.   Short title

These regulations may be cited as the Prepaid Funerals Regulations 2015 .

2.   Commencement

These regulations take effect on 16 February 2015.

3.   Interpretation

In these regulations –

Act means the Prepaid Funerals Act 2004 ;

Catholic Development Fund means the Catholic Development Fund as administered by the Archbishop of the Roman Catholic Church in Tasmania;

life policy means a life policy, within the meaning of section 9 of the Life Insurance Act 1995 of the Commonwealth, issued by a company registered under section 21 of that Act.

4.   Exemption of deposit scheme and class of prepaid funeral agreements from certain provisions of Act

(1)  For the purpose of section 28(2)(b) of the Act –

(a) a life policy is a deposit scheme which is exempt from the application of the Act or any provision of the Act; and

(b) the Catholic Development Fund is a deposit scheme which is exempt from the application of the Act or any provision of the Act.

(2)  For the purpose of section 28(2)(c) of the Act –

(a) if any money paid under a prepaid funeral agreement is to be invested in a life policy, that agreement is one of a class of prepaid funeral agreements which is exempt from the application of section 5(1)(d) , section 8(1) and section 9 of the Act; and

(b) if any money paid under a prepaid funeral agreement is to be paid to the Catholic Development Fund, that agreement is one of a class of prepaid funeral agreements which is exempt from the application of section 5(1)(d) , section 8(1) and section 9 of the Act.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 4 February 2015

These regulations are administered in the Department of Justice.