Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 (NO. 85, 2015) - SECT 45

                   If the termination of the funds is completed and, on the completion, there are assets of those funds, then:

                     (a)  if the insurer is a for profit insurer--paragraph 40(1)(b) ceases to apply to the insurer; or

                     (b)  if the insurer is not a for profit insurer--the insurer is liable to pay to APRA an amount equal to the value of those assets.

Note:          Amounts received by APRA under paragraph (b) are required to be credited to the Risk Equalisation Special Account (see section 318-5 of the Private Health Insurance Act 2007 ).