Commonwealth Consolidated Acts Commonwealth Consolidated Acts"affected policy owner" means the owner of a policy that is referable to a statutory fund affected by a scheme.
"approved summary" means a summary approved by APRA.
(2) An application for confirmation of a scheme may not be made unless:
(a) a copy of the scheme and each actuarial report (if any) on which the scheme is based have been given to APRA in accordance with the regulations; and
(b) notice of intention to make the application has been published in accordance with subsection (2A); and
(c) an approved summary of the scheme has been given to every affected policy owner in accordance with subsection (2E); and
(d) a copy of the scheme has been published in accordance with subsection (2F) for 15 days ; and
(e) any other requirements set out in regulations made for the purposes of this paragraph are satisfied.
(2A) A notice referred to in paragraph (2)(b) is published in accordance with this subsection if:
(a) the form of the notice is approved by APRA in accordance with subsection (2B); and
(b) the applicant publishes the notice in a manner that:
(i) unless subparagraph (ii) of this paragraph applies--results in the notice being accessible to the public and reasonably prominent; or
(ii) if a determination under subsection (2C) is in force--is specified in the determination; and
(ba) the notice is published after all of the documents referred to in paragraph (2)(a) have been given to APRA; and
(c) any other requirements set out in regulations made for the purposes of this paragraph are satisfied.
(2B) For the purposes of paragraph (2A)(a), APRA may approve, in writing, the form of a notice referred to in paragraph (2)(b).
(2C) For the purposes of subparagraph (2A)(b)(ii), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice referred to in paragraph (2)(b) may be published.
(2D) A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.
(2E) An approved summary referred to in paragraph (2)(c) is given in accordance with this subsection if:
(a) it is given after all of the documents referred to in paragraph (2)(a) have been given to APRA; and
(b) it is given at the same time as, or after, the notice referred to in paragraph (2)(b) is published.
(2F) A copy referred to in paragraph (2)(d) is published in accordance with this subsection if the applicant publishes the copy in a manner that results in the copy being accessible to the public and reasonably prominent.
(3) Without limiting the provision that may be made by the regulations for the purposes of paragraph (2A)(c), the notice referred to in that paragraph must include, in relation to each company affected by the scheme, details of the place and time at which an affected policy owner may obtain a copy of the scheme.
(4) An affected policy owner is entitled, on his or her request, to be provided by the company with one copy of the scheme free of charge.
(5) The Court may dispense with the need for compliance with
paragraph (2)(c) in relation to a particular scheme if it is satisfied
that, because of the nature of the scheme or the circumstances attending its
preparation, it is not necessary that the paragraph be complied with.