9Meaning of accountable entity

9 Meaning of accountable entity

ADIs and authorised NOHCs of ADIs (1) A body corporate is an accountable entity if both of the following apply to the body corporate: (a) it is an ADI or an authorised NOHC of an ADI; (b) it is a constitutionally covered body.

Note: For when a body corporate is a constitutionally covered body, see section 13.

(2) The ADI or authorised NOHC is an accountable entity from the start of the later of: (a) the day that is 6 months after the commencement of this Act; and (b) the day on which it becomes an ADI or authorised NOHC, as the case may be. Other bodies corporate (3) A body corporate is an accountable entity if both of the following apply to the body corporate: (a) it is: (i) a general insurer; or (ii) an authorised NOHC of a general insurer; or (iii) a life company; or (iv) a registered NOHC of a life company; or (v) a private health insurer; or (vi) an RSE licensee; (b) it is a constitutionally covered body. (4) The body corporate is an accountable entity from the start of the later of: (a) the day that is 18 months after the commencement of this Act; and (b) the day on which it becomes a body corporate covered by the relevant subparagraph of paragraph (3)(a).