Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.18

9.18. (1) In this regulation, "concluding date", in relation to a funding and
solvency certificate of a defined benefit fund, means whichever of the
following first occurs:

   (a)  the expiry date; or

   (b)  the date on which the certificate ceases to have effect under
        subregulation 9.12 (2).

(2) If a defined benefit fund is technically insolvent, the funding and
solvency certificate that the trustee is required to obtain under regulation 
9.09 must be a special funding and solvency certificate that complies with
this regulation.

(3) A special funding and solvency certificate takes effect from and including
the effective date to and including the concluding date.

(4) A special funding and solvency certificate (the "first special funding and
solvency certificate") must be obtained as soon as practicable after the date
on which a defined benefit fund becomes technically insolvent and not later
than 3 months after that date.

(5) The date on which the first special funding and solvency certificate
obtained under subregulation (2) takes effect must be a date that is not more
than 9 months earlier than the declared date.

(6) At least one further special funding and solvency certificate must be
obtained in each subsequent period of 12 months following the concluding date
of the first special funding and solvency certificate until the end of the
period of technical insolvency.

(7) Each further special funding and solvency certificate required under
subregulation (6) must be obtained not later than 3 months after the
concluding date of the previous special funding and solvency certificate.

(8) The date on which a further special funding and solvency certificate
required under subregulation (6) takes effect must be the date immediately
following the concluding date of the previous special funding and solvency
certificate.

(9) In a special funding and solvency certificate relating to a defined
benefit fund, an actuary must:

   (a)  specify the date on which the certificate takes effect, in accordance
        with subregulation (5) and (8); and

   (b)  identify any event relating to the fund that, if the event occurs
        during the period when the certificate is in force, should, in the
        opinion of the actuary, require the certificate to cease to have
        effect and a new certificate to be obtained; and

   (c)  specify the date on which the certificate expires, in accordance with
        subregulation (10); and

   (d)  certify the minimum contributions reasonably expected by the actuary
        to be required to secure the solvency of the fund at the end of the
        period of technical insolvency; and

   (e)  certify the improvement (if any) in the level of the minimum benefit
        index from its level at the effective date of the immediately
        preceding funding and solvency certificate relating to the fund.

(10) The date specified under paragraph (9) (c) as the date on which the
certificate expires must be a date that is 12 months after the effective date
of the certificate.