Document ID: chunk:federal_register_of_legislation:F2016C00820:body:0:p13
Version: federal_register_of_legislation:F2016C00820
Segment Type: other
Provision Reference: 
Character Range: 31013–33765

a new calculation is made under subrule (1) in relation to a primary calculation made under rule 11 or 16 of the old rules, the new calculation must be made in accordance with those rules, as if a reference to the Council were a reference to APRA.
           Note:  The effect this subrule is that a new calculation in respect of the March quarter 2015 and any other prior quarter is to be made in accordance with the old rules no matter when the new calculation is made.

20.                  Application of new calculation to determine adjustment amount
(1)        If APRA makes a new calculation under rule 19, APRA must determine the adjustment amount in respect of the insurer for the quarter immediately following the calculation unless subrule (3) applies.
(2)        APRA must determine the adjustment amount by having regard to the difference between the amount paid as levy by the insurer or the amount debited from the Special Account and paid to the insurer and the amount that the new calculation demonstrates should have been paid as levy or paid to that insurer.
(3)        If APRA is satisfied that:
(a)                    the financial stability of a particular insurer would be unreasonably affected if the whole of the adjustment amount for that insurer were taken into account in one quarter; or
(b)                    the Special Account would be unreasonably affected if the total of adjustment amounts for all insurers to be debited from the Special Account in one quarter were taken into account in that quarter,
APRA may determine that an adjustment amount in respect of a particular insurer or particular insurers is to be applied over such number of quarters (proportional, or as otherwise decided by APRA) as APRA determines to be reasonable.
(4)        In this rule:
unreasonably affected means:
(a)                    in the case of an insurer, if a new calculation is made under this Part and the adjustment amount was to be taken into account under rule 13 in one quarter, the financial stability of the insurer would, in the opinion of APRA, be at risk; or
(b)                    in the case of the Special Account, if the total of the adjustment amounts to be taken into account in determining the amounts to be paid to insurers in a quarter under Part 3 would be greater than 1% of the amount, at the time the determination is made, of the State or Territory pool of the Special Account from which the payment is to be made.

Endnotes

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Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history