383Approval of new holding company as self-insurer

383 Approval of new holding company as self-insurer (1) If a self-insurer (***the subsidiary***) becomes an eligible subsidiary of another body corporate (***the*** ***holding company***), the Authority, in its discretion, and on the application and request of the subsidiary and the holding company, may, subject to subsection (2)*—* (a) approve the holding company as a self‑insurer; and (b) revoke the approval of the subsidiary as a self-insurer. (2) Subsection (1) does not apply unless the Authority is satisfied that no substantive change has occurred, and is not likely to occur, in relation to the operation or management of the subsidiary as a result of— (a) the subsidiary becoming an eligible subsidiary of the holding company; or (b) the approval of the holding company as a self-insurer. (3) If the Authority approves a holding company as a self-insurer under subsection (1)— (a) the holding company is approved as a self‑insurer with effect from the date determined by the Authority and notified to the holding company; and (b) the approval has effect only for the balance of the period for which the subsidiary was approved as a self-insurer.