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Health Insurance (prudential standard) determination No. 3 of 2015 - HPS 110 - Capital Adequacy
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38. On the commencement of this Prudential Standard, a private health insurer that has any previously approved subordinated debt may treat it as having its full value for the purposes of this Prudential Standard, subject to paragraph 39.
39. From the earlier of:
(a) five years after the commencement of the capital adequacy standard made as Part 6 of the Private Health Insurance (Health Benefits Fund Administration) Rules 2007 on 31 March 2014; and
(b) four years before the maturity date of the subordinated debt;
the value of previously approved subordinated debt, for the purposes of this Prudential Standard, linearly decreases to zero over 48 months.