73DModified application of management capital standard for particular companies

73D Modified application of management capital standard for particular companies

(1) The Treasurer may make a written declaration that the management capital standard is to have effect, in relation to a particular life company, with the modifications specified in the declaration. The declaration has effect accordingly. (2) The Treasurer may only make a declaration under subsection (1) if he or she is satisfied that:

(a) in the particular circumstances of the company, compliance with some or all of the management capital standard is unnecessary or is likely to affect adversely the company’s ability to carry on its business in accordance with the best interests of owners of policies issued by the company or of shareholders of the company; and

(b) the making of the declaration is not likely to have an adverse effect on the interests of owners of policies issued by the company.