Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZZMB

  (1)   For the purposes of paragraph   62ZZMA(1)(f), APRA may work out:

  (a)   an amount (the FCS payment amount ) that:

  (i)   is equal to or less than the FCS amount; and

  (ii)   APRA considers to be appropriate; and

  (b)   an amount (the administration payment amount ) that:

  (i)   is equal to or less than the administration amount; and

  (ii)   APRA considers to be appropriate; and

  (c)   the amount (the total payment amount ) that is the sum of the FCS payment amount and the administration payment amount.

  (2)   In working out the FCS payment amount and the administration payment amount, APRA must have regard to the following:

  (a)   the total value of the assets that will be transferred to the receiving body in accordance with the transfer of business;

  (b)   the total value of the liabilities that will be transferred from the declared general insurer to the receiving body in accordance with the transfer of business;

  (c)   any other matter that APRA considers appropriate.

  (3)   The FCS payment amount or the administration payment amount may be a nil amount.