Document ID: chunk:federal_register_of_legislation:C2015A00087:clause:2_16
Version: federal_register_of_legislation:C2015A00087
Segment Type: clause
Provision Reference: sch 2 cl 16
Character Range: 70618–72097

16  Crediting of Council money to special accounts
(1) Council money means all money held by the Council immediately before the transition time.
(2) Amounts equal to the following amounts must be credited to the Risk Equalisation Special Account after the transition time:
 (a) the amount (if any) that, immediately before the transition time, stood to the credit of the Risk Equalisation Trust Fund;
 (b) any amounts of Council money that, before the transition time, were required, by section 318‑5 of the PHI Act, to be paid to the Risk Equalisation Trust Fund but that had not been so paid by the transition time;
 (c) any other amount of Council money that consists of a repayment to the Council of a payment made, before the transition time, for the purpose of helping to meet liabilities as described in section 6 of the Private Health Insurance (Collapsed Insurer Levy) Act 2003.
(3) Amounts equal to the following amounts must be credited to the Collapsed Insurer Special Account after the transition time:
 (a) any amount of Council money that consists of collapsed insurer levy, or related late payment penalty, received by the Council before the transition time;
 (b) any amount of Council money that consists of the proceeds from investments made using collapsed insurer levy, or related late payment penalty.
(4) An amount equal to all Council money that is not covered by subitem (2) or (3) must be credited to the APRA Special Account after the transition time.