Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:2_96
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 2 cl 96
Character Range: 218951–219880

96  At the end of section 103A
Add:
 (2) Subsections (3) and (4) apply if:
 (a) APRA has given a recapitalisation direction to the general insurer under subsection 103B(1) (the primary recapitalisation direction); and
 (b) the general insurer is a subsidiary of a NOHC/NOHC subsidiary; and
 (c) the NOHC/NOHC subsidiary is a company that:
 (i) is registered under the Corporations Act 2001; and
 (ii) has a share capital; and
 (d) the NOHC/NOHC subsidiary does not have an Insurance Act statutory manager.
 (3) This Division applies to the NOHC/NOHC subsidiary in the same way that it does to a general insurer.
 (4) However, disregard the following provisions in applying this Division to the NOHC/NOHC subsidiary:
 (a) subsection 103B(1);
 (b) subsection 103C(1).
 (5) In this section:
NOHC/NOHC subsidiary means a body corporate that is any of the following:
 (a) an authorised NOHC;
 (b) a subsidiary of an authorised NOHC.