Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe termination of the health benefits funds of a private health insurer is completed if:
(a) the period of 12 months referred to in subsection 40(4) has come to an end; and
(b) so far as possible having regard to the extent of the assets of the funds:
(i) the liabilities of the funds to the policy holders of the funds have been discharged; and
(ii) any collapsed insurer assistance payments (within the meaning of section 54H of the Australian Prudential Regulation Authority Act 1998 ) made by APRA, for the purposes of any of the funds, have been repaid to APRA; and
(iii) any other liabilities of the funds have been discharged.