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General Insurance Reform Bill 2001

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1998-1999-2000-2001

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

THE SENATE

 

 

General Insurance Reform Bill 2001

 

 

Schedule of the amendments made by the Senate

 

 

 

 

 

(1)     Schedule 1, item 22, page 29 (lines 11 to 13), omit subsection (3A), substitute:

          (3A)  APRA may modify a prudential standard to replace particular requirements in the standard with an in-house capital adequacy model proposed by a general insurer, authorised NOHC or subsidiary of a general insurer for the purpose of setting its capital requirements. The in-house capital adequacy model proposed by the general insurer, authorised NOHC or subsidiary must comply with criteria set out in the prudential standards.

(2)     Schedule 1, item 23, page 37 (after line 21), after subsection 47(2), insert:

          (2A)  APRA must obtain the Treasurer’s written agreement before making a determination under subsection (1).

 

 

 

 

 

 

HARRY EVANS

Clerk of the Senate

 

 

The Senate

27 August 2001