9How a restructure takes place

9 How a restructure takes place

If on the restructure date: (a) the Council has approved a restructure proposal of a health benefits fund conducted by a private health insurer; and (b) the insurer complies with the requirements of the Rules in relation to the restructure including, without limitation, the requirements under subrule 7(2) and 7(3); and (c) the insurer takes the steps required for establishment of any new fund(s) required for the restructure to come into effect; then: (d) the restructure takes place; and (e) the relevant policies of the transferring fund become referable to the receiving fund or funds in accordance with the restructure proposal; and (f) the liabilities incurred for the purposes of the transferring fund, including without limitation the policy liabilities, become treated as liabilities incurred for the purposes of the receiving fund or funds in accordance with the restructure proposal; and (g) the assets of the transferring fund become assets of the receiving fund or funds in accordance with the restructure proposal.