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Wednesday, 22 August 2001
Page: 30010

Mr HOCKEY (Minister for Financial Services and Regulation) (6:20 PM) —We are not accepting this amendment to the General Insurance Reform Bill 2001. A class determination is disallowable under section 47(3) and therefore is adequately dealt with by the bill. Where a whole class of general insurers is exempt by the prudential standards, this is also covered under 47(3), where the prudential standard is already a disallowable instrument. However, an individual determination would have particular issues specific to the individual general insurer and should not rightly be a public instrument such as a disallowable instrument. In circumstances where particular prudential requirements are to be applied to an individual insurer, it is not usual for determinations to be disallowable instruments, obviously, because they may be commercially sensitive. When they are commercially sensitive and they are disallowable instruments, it can have quite a profound effect on the commercial viability of the organisation at that particular moment. Therefore the government is not in a position to accept this opposition amendment.