Commonwealth Consolidated Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 - SECT 45

    If the termination of the funds is completed and, on the completion, there are assets of those funds, then:

  (a)   if the insurer is a for profit insurer--paragraph   40(1)(b) ceases to apply to the insurer; or

  (b)   if the insurer is not a for profit insurer--the insurer is liable to pay to APRA an amount equal to the value of those assets.

Note:   Amounts received by APRA under paragraph   (b) are required to be credited to the Risk Equalisation Special Account (see section   318 - 5 of the Private Health Insurance Act 2007 ).