Document ID: chunk:federal_register_of_legislation:F2021N00107:clause:1_23
Version: federal_register_of_legislation:F2021N00107
Segment Type: clause
Provision Reference: sch 1 cl 23
Character Range: 28975–30347

23  Reinsurance
 (1) The Licensee must maintain an appropriate level of reinsurance to limit its liability to pay compensation and other amounts under the SRC Act in accordance with the scope of this licence from an insurance company that is authorised by APRA to carry on insurance business under the Insurance Act 1973 (Cth) (Reinsurance Policy).
 (2) The excess of loss amount applicable under the Reinsurance Policy for any single event (Excess Amount) must not, unless the Commission directs otherwise, be higher than the Recommended Excess Amount.
 (3) The Licensee must:
 (a) if an amended reinsurance policy or a reinsurance policy from a new provider is obtained under clause 23(1), provide a copy of that reinsurance policy to the actuary and the Commission within 130 days of the start of the first Financial Year to which that reinsurance policy relates;
 (b) provide a copy of the current certificate of currency for the Reinsurance Policy to the Commission within 130 days of the start of the first Financial Year to which the certificate of currency relates;
 (c) notify the Commission of any increases to the Excess Amount in the Reinsurance Policy; and
 (d) only obtain a reinsurance policy under clause 23(1) with an excess of loss amount that exceeds the Recommended Excess Amount if the Commission provides prior approval.

Division 4—Sale conditions