Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p44
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 44/71)
Character Range: 503105–505981

insolvent on the date on which the declaration is made; and
 (b) deliver to the trustee a copy of the declaration of technical insolvency.
 (2) A defined benefit fund is, for the purposes of these regulations, taken to be technically insolvent on and from the declared date.

9.17  Technical insolvency—operating standard
  The trustee of a defined benefit fund that is taken to be technically insolvent for the purposes of these regulations must either:
 (a) initiate a program in accordance with this Division that is designed by a superannuation actuary to return the fund to a position that would enable the superannuation actuary to certify the solvency of the fund in a funding and solvency certificate in accordance with regulation 9.10 not later than 5 years after the date on which the technical insolvency commenced; or
 (b) initiate winding‑up proceedings in accordance with Division 9.4.

9.18  Technical insolvency program—special funding and solvency certificate
 (1) In this regulation, concluding date, in relation to a funding and solvency certificate of a defined benefit fund, means whichever of the following first occurs:
 (a) the expiry date; or
 (b) the date on which the certificate ceases to have effect under subregulation 9.12(2).
 (2) If a defined benefit fund is technically insolvent, the funding and solvency certificate that the trustee is required to obtain under regulation 9.09 must be a special funding and solvency certificate that complies with this regulation.
 (3) A special funding and solvency certificate takes effect from and including the effective date to and including the concluding date.
 (4) A special funding and solvency certificate (the first special funding and solvency certificate) must be obtained as soon as practicable after the date on which a defined benefit fund becomes technically insolvent and not later than 3 months after that date.
 (5) The date on which the first special funding and solvency certificate obtained under subregulation (2) takes effect must be a date that is not more than 9 months earlier than the declared date.
 (6) At least one further special funding and solvency certificate must be obtained in each subsequent period of 12 months following the concluding date of the first special funding and solvency certificate until the end of the period of technical insolvency.
 (7) Each further special funding and solvency certificate required under subregulation (6) must be obtained not later than 3 months after the concluding date of the previous special funding and solvency certificate.
 (8) The date on which a further special funding and solvency certificate required under subregulation (6) takes effect must be the date immediately following the concluding date of the previous special funding and solvency certificate.
 (9) In a special funding and solvency certificate relating to a