If:

  (a)   the Operator has made a determination under section   29 to approve an application for redress by a person; and

  (b)   the person has been given an offer of redress and the person has accepted or declined the offer; and

  (c)   the Operator has reasonable grounds to believe that an institution identified in the application, or in the course of dealing with the application, may be connected with abuse of the person; and

  (d)   at the time the determination was made, the institution was not a participating institution or listed for a participating jurisdiction under section   164, 164A, 164B or 164C; and

  (e)   at a later time, the institution becomes a participating institution or is listed for a participating jurisdiction under section   164, 164A, 164B or 164C;

then the person (the reassessee ) may agree, by written notice given to the Operator, to have the Operator reassess the determination under this Part. The Operator must give notice of the reassessee's agreement to relevant institutions and participating jurisdictions. The reassessee may revoke the reassessee's agreement at any time before the Operator reassesses the determination. If the reassessee revokes the agreement, the Operator must give notice of the revocation to the relevant institutions and participating jurisdictions.

If the reassessee agrees to have the Operator reassess the determination, the Operator must reassess the determination and make a decision (the reassessment decision), in writing, affirming the determination or setting it aside and substituting a new determination. The Operator must give the reassessee notice of the reassessment decision.

If the Operator makes a reassessment decision to set aside the determination and substitute a new determination, the Operator must give the reassessee a new offer of redress. The reassessee may accept or decline the new offer of redress.

If the reassessee declines the new offer of redress, the current determination and anything done based on the current determination is not affected, and the new determination has no effect from the time the new offer of redress is declined.

If the reassessee accepts the new offer of redress, the new determination is taken to be the determination made by the Operator under section   29 and the new offer of redress, the reassessee's acceptance of the new offer and the acceptance document given by the reassessee are taken to have effect as provided by section   71K. The Operator must give relevant institutions and participating jurisdictions a notice stating certain matters relating to the reassessment decision.

Special rules apply if the reassessee dies before the new offer of redress is accepted, declined or withdrawn, or before the reassessment decision is made, or before the determination under section   29 is identified for reassessment. Division   4 deals with those cases.

The Operator must identify each determination made under section   29 that may be eligible for reassessment under this Part (see section   71R) and must take certain action in relation to each identified determination. Division   5 deals with this.

The reassessee may apply to the Operator for review of the reassessment decision (see Division   6 of this Part). Division   2 of Part   4 - 1 (with some modifications) applies in relation to the review.

If the Operator makes a reassessment decision that sets aside a determination made under section   29 in relation to a person and substitutes a new determination, the amount of funding contribution that a participating institution or funder of last resort may be liable to pay for a quarter may change. Division   7 deals with this.