Federal Register of Legislation - Australian Government

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No. 1 of 2009 Other/Charges, Fees & Factors as made
This instrument imposes a charge for certain services provided by APRA.
Administered by: Treasury
Registered 22 Jun 2009
Tabling HistoryDate
Tabled HR23-Jun-2009
Tabled Senate23-Jun-2009

Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2009

Internal Models-based Method for determining the Minimum Capital Requirement for general insurers

Australian Prudential Regulation Authority Act 1998

 

I, John Francis Laker, a delegate of APRA, under paragraphs 51(1) (a) and (b) of the Australian Prudential Regulation Authority Act 1998 FIX the charges specified in the Schedule.

 

This instrument takes effect on the first moment of the day next following the day it is registered on the Federal Register of Legislative Instruments.

 

Dated 18 June 2009

 

[Signed]

 

 

John Francis Laker

Chairman

Interpretation

In this Notice

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under

section 20 of the Legislative Instruments Act 2003.

 

 


Schedule – Charges for services and applications

 

Column 1

 

Nature of Services and Applications

Column 2


Amount of the charge

Column 3

 

Person required to pay the charge

Column 4

 

When the charge is required to be paid

Charges are fixed in respect of the following services and applications:

·     development of an appropriate policy framework and the establishment of the supervisory infrastructure and technical capacity required for implementing the Internal Models-based Method (IMB Method) for determining regulatory capital requirements; and

·     receipt and assessment of applications from general insurers seeking approval to use the IMB Method under Prudential Standard GPS 100 Capital Adequacy and Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups.

$302,500 (inclusive of GST) where the general insurer is the first general insurer within an insurance group seeking approval to use the IMB Method. 

 

This charge is non-refundable and is payable whether or not the general insurer eventually obtains approval for the use of the IMB Method.

 

A general insurer seeking approval to use the IMB Method. 

 

14 days after receipt of APRA’s invoice for the charge.

The invoice may be issued at any time after the date this instrument takes effect.

$60,500 (inclusive of GST) where the general insurer is not the first general insurer within an insurance group seeking approval to use the IMB Method.

 

This charge is non-refundable and is payable whether or not the general insurer eventually obtains approval for the use of the IMB Method.