Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 103F

  (1)   In determining the fair value for each share in a general insurer for the purposes of paragraph   103E(3)(a), the expert must:

  (a)   first, assess the value of the insurer as a whole, in accordance with the assumptions (if any) notified to the expert by the Minister for the valuation of the insurer; and

  (b)   then, allocate that value among the classes of shares in the insurer that:

  (i)   have been issued; or

  (ii)   APRA proposes to direct be issued (taking into account the relative financial risk, and voting and distribution rights, of the classes); and

  (c)   then, allocate the value of each class pro rata among the shares in that class that:

  (i)   have been issued; or

  (ii)   APRA proposes to direct be issued (without allowing a premium or applying a discount for particular shares in that class).

  (2)   The Minister may give the expert written notice of assumptions for the valuation of the company.

  (3)   The Minister may, by further written notice given to the expert, revoke, but not vary, notice of the assumptions.

  (4)   A notice given under subsection   (2) or (3) is not a legislative instrument.