This legislation is to ensure that funeral benefit businesses are operated in an efficient and appropriate manner.
Before a person enters into a funeral benefit agreement you must give the person a Client Care Statement in the approved form and there must be a 30 day cooling off period.
There is no requirement for you to be registered to offer funeral benefits.
Other than for an authorised entity, to enter into a funeral benefit agreement you must operate a trust fund account into which you must place all contributions. The trust account must be audited and a copy of the auditors report must be filed with the Department. The Act imposes restrictions as to how the monies in such accounts may be invested and applied.