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Wednesday, 29 August 2001
Page: 30473

Bill returned from the Senate with amendments.

Ordered that the amendments be taken into consideration forthwith.

Senate's amendments—

(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).