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CORPORATIONS ACT 2001 - SECT 885B

Requirements to be complied with for arrangements to be adequate

             (1)  The arrangements are adequate if, and only if, the Minister is satisfied that:

                     (a)  the compensation rules provide adequate coverage for Division 3 losses (see sections 885C and 885D); and

                     (b)  the compensation rules provide for adequate compensation to be paid in respect of Division 3 losses (see section 885E); and

                     (c)  the compensation rules deal adequately with how compensation in respect of Division 3 losses is to be paid (see section 885F); and

                     (d)  the compensation rules deal adequately with the making and determination of claims in respect of Division 3 losses, and with the notification of the outcome of such claims (see section 885G); and

                     (e)  the arrangements provide for an adequate source of funds for paying compensation in respect of Division 3 losses and in respect of any other losses covered by the arrangements (see section 885H); and

                      (f)  the arrangements include adequate arrangements for administration and monitoring (see section 885I); and

                     (g)  under the arrangements, potential claimants have reasonable and timely access to the compensation regime; and

                     (h)  if the licensee ceases (for whatever reason) to be required to have Division 3 arrangements, the rights of people to seek compensation under the arrangements, being rights that accrued while the licensee was required to have such arrangements, will be adequately protected.

             (2)  In considering the matters mentioned in subsection (1), the Minister must also have regard to the matters mentioned in section 885J.

             (3)  The matters that may be dealt with in compensation rules are not limited to matters mentioned in this section.



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