Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:2_62zog:p2
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 2 cl 62ZOG (pt 2/2)
Character Range: 170756–172909

that either have been issued or that the Insurance Act statutory manager proposes to issue (without allowing a premium or applying a discount for particular shares in that class).

Assumptions for valuation of company
 (4) The Minister may give the expert written notice of assumptions for the valuation of the company. The Minister may, by further written notice given to the expert, revoke, but not vary, notice of the assumptions. A notice under this subsection is not a legislative instrument.

Determining fair value of rights
 (5) In determining for the purposes of paragraph (2)(a) the amount that is, in the expert's opinion, the fair value for each right concerned, the expert must act in accordance with the assumptions (if any) notified to the expert by the Minister for the valuation of the right.

Assumptions for valuation of rights
 (6) The Minister may give the expert written notice of assumptions for the valuation of the rights concerned. The Minister may, by further written notice given to the expert, revoke, but not vary, notice of the assumptions. A notice under this subsection is not a legislative instrument.

Contravention does not invalidate act
 (7) A contravention of subsection (1), (2), (3), (5) or (9) does not affect the validity of anything done under section 62ZOF.

Exemption from subsection (1)
 (8) APRA may determine in writing that subsection (1) does not apply in relation to an act relating to shares or rights if APRA is satisfied that delaying the act to enable compliance with that subsection in relation to the act would detrimentally affect:
 (a) policyholders with:
 (i) if the company is a general insurer—the general insurer; or
 (ii) if the company is not a general insurer—the relevant general insurer mentioned in subsection 62ZOA(3); and
 (b) financial system stability in Australia.
 (9) APRA must:
 (a) publish a copy of a determination under subsection (8) in the Gazette; and
 (b) give a copy of a determination under subsection (8) to the Insurance Act statutory manager concerned (unless that manager is APRA).
 (10) A determination made under subsection (8) is not a legislative instrument.