(cf s 185 MACA)
(1) If the Minister is satisfied that a liquidator or provisional liquidator has been appointed in respect of an insurer, or that an insurer has been dissolved, the Minister may with the approval of the Treasurer, by order published in the Gazette, declare that the insurer is an insolvent insurer for the purposes of this Division.
(2) The Minister is to consult with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission before making an order under this section.
"Declared insolvent insurers" under the Insurance Protection Tax Act 2001 are also insolvent insurers for the purposes of this Division. See the definition of
"insolvent insurer" in section 9.33 of this Act.