Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1069F

Reporting compensation payments

  (1)   If the CSLR operator pays an amount of compensation:

  (a)   to a person under section   1063; and

  (b)   for a relevant AFCA determination that required payment of an amount by an entity or body (the AFCA member ) who is, or was, a member of the AFCA scheme;

the CSLR operator must, as soon as reasonably practicable, notify ASIC, in writing, of details about the AFCA member and the AFCA member's failure to pay the amount required by the relevant AFCA determination.

  (2)   If the CSLR operator:

  (a)   pays an amount of compensation:

  (i)   to a person under section   1063; and

  (ii)   for a relevant AFCA determination that required payment of an amount by another person (the AFCA member ) who is, or was, a member of the AFCA scheme; and

  (b)   becomes aware that the AFCA member is a Chapter   5 body corporate while the determination is in force;

the CSLR operator must, as soon as reasonably practicable, notify an officer of the Chapter   5 body corporate, in writing, of the amount of compensation paid.

Reporting revised claims, fees and costs estimates that exceed cap

  (3)   If a revised claims, fees and costs estimate for a levy period and a sub - sector comes into force that could cause the sub - sector levy cap for the levy period and the sub - sector to be exceeded (or further exceeded), the CSLR operator must notify the Minister of this as soon as practicable.

  (4)   A notice to the Minister under subsection   (3) must include the information (if any) prescribed by regulations made for the purposes of this subsection.