Document ID: chunk:federal_register_of_legislation:F2016C00820:body:0:p12
Version: federal_register_of_legislation:F2016C00820
Segment Type: other
Provision Reference: 
Character Range: 28461–31222

made of the amount to be paid by an insurer as levy for a quarter, for crediting to the Special Account, or an amount to be debited from the Special Account for payment to the insurer for the quarter:
(a)                    under rule 11 or 16; or
(b)                    under rule 11 or 16 of the old rules,
and APRA receives information (new information) on a matter mentioned in subrule 7 (2), or subrule 7 (2) of the old rules, as the case may be, that, if received earlier, would have affected the primary calculation under the relevant provision, APRA must make a new calculation of the amount that would have been the levy or would have been debited from  the Special Account in respect of that quarter taking account of the new information.
(2)        Unless subrule 3 applies, a new calculation may only be made if the new information is received by APRA:
(a)                    during or by the end of the first quarter following the financial year in which the particular quarter concerned occurs; or
(b)                    within the period for submitting the reporting document to APRA (under the Financial Sector (Collection of Data) Act 2001) which relates to the whole of the financial year in which the particular quarter occurs, where the reporting document is used by APRA for the purposes of preparing APRA's report under section 167 of the Private Health Insurance (Prudential Supervision) Act 2015 for that financial year.
                Note: Under subrule (2), new information could be considered for a calculation made for the September quarter of 2015 if the new information was received by APRA at any time until, and including, 30 September 2016 (unless APRA permitted a longer period for the giving of the reporting document referred to in paragraph 19(2)(b)).  This is because the insurer concerned has until the end of September 2016 to give APRA audited information to enable APRA to prepare its report under section 167 of the Private Health Insurance (Prudential Supervision) Act 2015 about the 2015-16 financial year.
(3)        A new calculation may be made as a result of new information received later than is allowed under subrule (2) if APRA is satisfied that:
(a)                    the new information demonstrates that, in preparing the reporting document referred to in paragraph 19(2)(b), the insurer made a significant error; and
(b)                    it is in the best interests of insurers generally, and good administration of the Special Account, that a further calculation be made.
(4)        Where a new calculation is made under subrule (1) in relation to a primary calculation made under rule 11 or 16 of the old rules, the new calculation must be made in accordance with those rules, as if a reference to