Document ID: chunk:federal_register_of_legislation:C2018A00118:clause:3_7
Version: federal_register_of_legislation:C2018A00118
Segment Type: clause
Provision Reference: sch 3 cl 7
Character Range: 35276–36066

7  Subsection 186C(3)
Repeal the subsection, substitute:
 (3) If:
 (a) the applicant is an individual; and
 (b) the application is by way of renewal;
the Inspector‑General must approve the application if the Inspector‑General is satisfied that the applicant:
 (c) has produced evidence in writing to the Inspector‑General that the applicant maintains:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered debt agreement administrator; and
 (d) does not owe more than the prescribed amount of notified estate charges.
Otherwise the Inspector‑General must refuse to approve the application.
Note: For notified estate charge, see subsection (5A).