8Overview of Part

8 Overview of Part

(1) This Part sets out the pilot scheme. Division 2 provides for the Minister to make rules that apply to the application process and to determine criteria and procedures for making decisions as to the grant of licences.

(2) Division 3 provides for the application process.

(3) Under Division 4, the Minister:

(a) determines which applicants to license as FLICs and how much of the $40 million in concessional capital to allocate to each FLIC to raise during the licence period; and

(b) grants the licences.

(4) The conditions that attach to the scheme are set out in Division 6 (although section 22 provides for the Minister to determine further conditions of the scheme in a disallowable instrument).

(5) Division 7 sets out how a breach of a condition is to be dealt with.

(6) Division 8 deals with information and reporting requirements.

(7) Division 9 deals with a purported transfer of a licence and the allowable deduction percentage.