Commonwealth Consolidated Acts

FINANCIAL ACCOUNTABILITY REGIME ACT 2023 - SECT 9

ADIs and authorised NOHCs of ADIs

  (1)   A body corporate is an accountable entity if both of the following apply to the body corporate:

  (a)   it is an ADI or an authorised NOHC of an ADI;

  (b)   it is a constitutionally covered body.

Note:   For when a body corporate is a constitutionally covered body , see section   13.

  (2)   The ADI or authorised NOHC is an accountable entity from the start of the later of:

  (a)   the day that is 6 months after the commencement of this Act; and

  (b)   the day on which it becomes an ADI or authorised NOHC, as the case may be.

Other bodies corporate

  (3)   A body corporate is an accountable entity if both of the following apply to the body corporate:

  (a)   it is:

  (i)   a general insurer; or

  (ii)   an authorised NOHC of a general insurer; or

  (iii)   a life company; or

  (iv)   a registered NOHC of a life company; or

  (v)   a private health insurer; or

  (vi)   an RSE licensee;

  (b)   it is a constitutionally covered body.

  (4)   The body corporate is an accountable entity from the start of the later of:

  (a)   the day that is 18 months after the commencement of this Act; and

  (b)   the day on which it becomes a body corporate covered by the relevant subparagraph of paragraph   (3)(a).