Surplus allocation rules: Board determined distribution prioritises policyholders, sets member reserves, and mandates public surplus policy. The substituted section 28 establishes a surplus distribution regime distinguishing years tied to maintenance of statutory funds and other years, and separating participating and non participating policyholder treatment. The Board is empowered to set allocation percentages, to reserve a portion of residual surplus for members and to designate uses including dividends and bonus shares. Surplus for participating policyholders must be transferred to a participating policyholders fund and largely allocated to those policyholders; surplus for non participating policyholders is to be allocated to members. The Board must publish a surplus distribution policy on the Corporation's website at prescribed intervals.
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Provisions expressly mentioned in the judgment/order text.
Surplus allocation rules: Board determined distribution prioritises policyholders, sets member reserves, and mandates public surplus policy.
The substituted section 28 establishes a surplus distribution regime distinguishing years tied to maintenance of statutory funds and other years, and separating participating and non participating policyholder treatment. The Board is empowered to set allocation percentages, to reserve a portion of residual surplus for members and to designate uses including dividends and bonus shares. Surplus for participating policyholders must be transferred to a participating policyholders fund and largely allocated to those policyholders; surplus for non participating policyholders is to be allocated to members. The Board must publish a surplus distribution policy on the Corporation's website at prescribed intervals.
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