Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 (NO. 85, 2015) - SECT 37

             (1)  APRA must, in writing, approve the termination if it is satisfied that:

                     (a)  the insurer is not in the process of being wound up; and

                     (b)  each of its health benefits funds complies with prudential standards relating to capital adequacy or solvency that apply in relation to the funds; and

                     (c)  in relation to each of the funds, termination of the fund will not result in unfairness to the policy holders of the fund, when those policy holders are viewed as a group;

and is satisfied as to such other matters as are specified in APRA rules made for the purpose of this subsection.

             (2)  If APRA approves the termination, APRA:

                     (a)  may, in writing, appoint a person other than the applicant as the terminating manager of the funds; and

                     (b)  must give the insurer written notice:

                              (i)  of the approval of the termination; and

                             (ii)  if paragraph (a) applies--of the appointment of the terminating manager.

             (3)  If APRA refuses to approve the termination, APRA must give the insurer written notice of the refusal.

Note:          Refusals to approve terminations are reviewable under section 168.

             (4)  An approval under this section is not a legislative instrument.