45Distribution of remaining assets after completion of the termination process

45 Distribution of remaining assets after completion of the termination process

If the termination of the funds is completed and, on the completion, there are assets of those funds, then: (a) if the insurer is a for profit insurer—paragraph 40(1)(b) ceases to apply to the insurer; or (b) if the insurer is not a for profit insurer—the insurer is liable to pay to APRA an amount equal to the value of those assets.

Note: Amounts received by APRA under paragraph (b) are required to be credited to the Risk Equalisation Special Account (see section 318‑5 of the Private Health Insurance Act 2007).