Document ID: chunk:federal_register_of_legislation:C2025C00167:section:186c:p1
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 186C (pt 1/3)
Character Range: 626206–629280

186C  Inspector‑General must approve or refuse to approve registration application
 (1A) For the purposes of considering an application made under section 186B, the Inspector‑General must interview the applicant as soon as practicable after receiving the application.
 (1) Within 45 business days after interviewing the applicant, the Inspector‑General must:
 (a) approve the application; or
 (b) refuse to approve the application.

Approval of application made by an individual
 (2) If:
 (a) the applicant is an individual; and
 (b) the application is not by way of renewal;
the Inspector‑General must approve the application if the Inspector‑General is satisfied that the applicant:
 (c) passes the basic eligibility test; and
 (d) has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to debt agreements; and
 (e) has such qualifications and experience (if any) as are prescribed by the regulations; and
 (f) has produced evidence in writing to the Inspector‑General that the applicant has taken out:
 (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
 (g) is a fit and proper person.
Otherwise the Inspector‑General must refuse to approve the application.
 (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).

Approval of application made by a company
 (4) If:
 (a) the applicant is a company; and
 (b) the application is not by way of renewal;
the Inspector‑General must approve the application if the Inspector‑General is satisfied that:
 (c) the applicant passes the basic eligibility test; and
 (d) the applicant has the ability to satisfactorily perform the duties of an administrator in relation to debt agreements; and
 (e) the applicant has produced evidence in writing to the Inspector‑General that the applicant has taken out:
 (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
 (f) the applicant is a fit and proper person; and
 (g) each director of the company is a fit and proper person.
Otherwise the Inspector‑General must refuse to approve the application.