Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Act 2015 (87 of 2015)

Schedule 1   Consequential amendments

Part 1   Amendments

Division 1   Main amendments

Australian Prudential Regulation Authority Act 1998

7   Subsection 54(3)

Repeal the subsection, substitute:

(3) However, payments of the following kinds must not be debited from the APRA Special Account:

(a) payments to meet entitlements described in section 54C (Purposes of the Financial Claims Scheme Special Account), and other payments referred to in that section;

(b) collapsed insurer assistance payments within the meaning of section 54H (Purposes of the Collapsed Insurer Special Account);

(c) payments described in subsection 318-10(1) of the Private Health Insurance Act 2007 (Purpose of the Risk Equalisation Special Account).

Note 1: APRA's administrative costs associated with making a payment referred to in paragraph (a), (b) or (c) may be debited from the APRA Special Account. However, the payment itself can be debited only from the Special Account referred to in that paragraph.

Note 2: In the case of APRA's administrative costs associated with making a payment referred to in paragraph (b), such costs may alternatively be debited from the Collapsed Insurer Special Account (see paragraph 54H(1)(c)).