Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.06

9.06. (1) In this Division:

"certified minimum contributions", in relation to a fund, means the minimum
contributions certified, in accordance with subregulation 9.10 (1) or 9.18
(9), in a funding and solvency certificate;

"declared date", in relation to a defined benefit fund that is technically
insolvent, means the date on which an actuary declares in writing in
accordance with paragraph 9.16 (1) (a) that the fund is technically insolvent;

"effective date", in relation to a funding and solvency certificate, means the
date specified in the certificate as the date on which the certificate takes
effect;

"expiry date", in relation to a funding and solvency certificate, means the
date specified in the certificate as the date on which the certificate
expires;

"minimum benefit index", in relation to a defined benefit fund, means the
index calculated in accordance with regulation 9.15;

"notifiable event", in relation to a defined benefit fund, means:

   (a)  an amendment of the governing rules of the fund in a way that affects
        the level, or method of calculation, of the benefits of the fund; or

   (b)  an event identified by an actuary, in accordance with paragraph 9.10
        (1) (c) or 9.18 (9) (b), in a funding and solvency certificate
        relating to the fund;

"period of technical insolvency", in relation to a defined benefit fund, means
the period starting on the declared date and ending:

   (a)  in the case where the responsible actuary is able to certify the
        solvency of the fund within 5 years of the declared date-on the
        effective date of the funding and solvency certificate in which the
        actuary so certifies; and

   (b)  in any other case-on the date 5 years after the declared date;

"responsible actuary", in relation to a defined benefit fund, means an actuary
who, under subregulation 9.19 (3), has accepted responsibility for the fund
during its period of technical insolvency;

"special funding and solvency certificate" means a funding and solvency
certificate referred to in subregulation 9.18 (2).

(2) In this Division, a reference to the solvency of a fund is to be read as a
reference to the minimum benefit index of the fund being certified in
accordance with this Division as not less than 1.

(3) In this Division, a reference to the technical insolvency of the fund is
to be read as a reference to the minimum benefit index of the fund not being
able to be certified in accordance with this Division as not less than 1.