Exemption of deposit scheme and class of prepaid funeral agreements from certain provisions of Act
4 Exemption of deposit scheme and class of prepaid funeral agreements from certain provisions of Act
For the purpose of section 28(2)(b) of the Act – a life policy is a deposit scheme which is exempt from the application of the Act or any provision of the Act; and the Catholic Development Fund is a deposit scheme which is exempt from the application of the Act or any provision of the Act.
For the purpose of section 28(2)(c) of the Act – 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 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.
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