Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001
79Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision
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79 Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision
(1) This section applies if:
(a) a company authorised under the Insurance Act 1973 to carry on insurance business had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and
(b) either:
(i) an amount is shown in those statements as the company’s unearned premiums provision as at the end of the accounting period; or
(ii) an amount is shown in those statements as the company’s outstanding claims provision as at the end of the accounting period.
(2) For the purposes of this Act, the financial statements are prima facie evidence of:
(a) if subparagraph (1)(b)(i) applies—the company’s unearned premiums provision as at the end of the accounting period; or
(b) if subparagraph (1)(b)(ii) applies—the company’s outstanding claims provision as at the end of the accounting period.
(3) APRA may certify that a document is a copy of the financial statements.
(4) This section applies to the certified copy as if it were the original.
160 Application
The amendments made by items 158 and 159 apply to financial sector entities (within the meaning of the Financial Sector (Collection of Data) Act 2001) that are companies authorised under the Insurance Act 1973 to carry on insurance business, or companies registered under the Life Insurance Act 1995, only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to the financial sector entities concerned.
162 Subsection 79A(1) (definition of protected document)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.
163 Subsection 79A(1) (definition of protected information)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.
164 Subsection 79A(2)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.
165 Subsection 79A(8)
Omit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.
Taxation Administration Act 1953
Section 79 - Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 - Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision | Zoe
166 Section 13L (paragraph (c) of the definition of financial institution)
Repeal the paragraph, substitute:
(c) a registered entity under the Financial Sector (Collection of Data) Act 2001.
Telecommunications (Consumer Protection and Service Standards) Act 1999
167 Paragraph 90(3)(d)
Omit “registered corporation within the meaning of the Financial Corporations Act 1974”, substitute “registered entity under the Financial Sector (Collection of Data) Act 2001”.
Schedule 3—Transitional provisions
1 Treatment of certain exemptions and determinations in connection with obligations of corporations to register
An exemption or determination by the Reserve Bank that was in force immediately before the commencement of this Schedule under paragraph 8(2)(l) of the Financial Corporations Act 1974 continues to have effect as if it were an exemption or determination by APRA under paragraph 7(2)(j) of the Financial Sector (Collection of Data) Act 2001.
2 Former Register of Corporations
On the commencement of this Schedule, the Register of Corporations that, immediately before that commencement, was kept by the Reserve Bank under subsection 9(9) of the Financial Corporations Act 1974 continues in existence as the Register of Entities kept by APRA under section 8 of the Financial Sector (Collection of Data) Act 2001.
3 Former list of registered corporations and categories
(1) On the commencement of this Schedule:
(a) the list (the former list) of registered corporations, divided into categories, that, immediately before that commencement, was prepared by the Reserve Bank under section 10 of the Financial Corporations Act 1974 continues in existence as a list (the new list) of the names of registered entities, divided into categories, kept by APRA under subsection 11(1) of the Financial Sector (Collection of Data) Act 2001; and
(b) a reference in any instrument having effect under an Act to a corporation included in a particular category in the former list is taken to be a reference to that corporation in its capacity as a registered entity included in the corresponding category in the new list.
(2) An obligation on the Reserve Bank to publish notice, or to notify a person, of a matter under section 10 of the Financial Corporations Act 1974, being an obligation that is undischarged as at the commencement of this Schedule, becomes, on that commencement, an obligation that APRA is to discharge in respect of the corresponding matter under section 11 of the Financial Sector (Collection of Data) Act 2001.
(3) A determination by the Reserve Bank that was in force under a provision of section 10 of the Financial Corporations Act 1974 immediately before the commencement of this Schedule continues to have effect, after that commencement, as if it were a determination by APRA under the corresponding provision of section 11 of the Financial Sector (Collection of Data) Act 2001.
(4) A request to the Reserve Bank under subsection 10(7) of the Financial Corporations Act 1974 that has not been dealt with by the commencement of this Schedule is, after that commencement, to be dealt with by APRA as if it were a request under subsection 11(7) of the Financial Sector (Collection of Data) Act 2001.
4 Definitions
In this Schedule:
APRA means the Australian Prudential Regulation Authority.