Document ID: chunk:federal_register_of_legislation:C2015A00087:clause:2_5
Version: federal_register_of_legislation:C2015A00087
Segment Type: clause
Provision Reference: sch 2 cl 5
Character Range: 58691–60078

5  Conversion to for profit status
(1) An approval that is in force under section 126‑42 of the PHI Act immediately before the transition time has effect from the transition time as if it were an approval by APRA under section 20 of the Prudential Supervision Act.
(2) If an application made to the Council before the transition time under section 126‑42 of the PHI Act has not been decided by the transition time, then:
 (a) the Prudential Supervision Act applies in relation to the application as if the application had been made under section 20 of the Prudential Supervision Act; and
 (b) if, before the transition time, the Council caused a notice to be published in relation to the application in accordance with paragraph 126‑42(4)(a) of the PHI Act, then APRA is taken to have complied with paragraph 20(4)(a) of the Prudential Supervision Act in relation to the application; and
 (c) if, before the transition time:
 (i) the Council gave the applicant a notice under paragraph 126‑42(4)(b) of the PHI Act requiring the applicant to provide further information; and
 (ii) that information has not been provided to the Council by the transition time;
  then the notice is taken to have been given by APRA under paragraph 20(4)(b) of the Prudential Supervision Act.

Division 2—Health benefits funds—restructures, mergers and acquisitions, and terminating and external management