Federal Register of Legislation - Australian Government

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Other/Charges, Fees & Factors as made
This instrument fixes charges to be paid in relation to: friendly society rules and rule amendment applications; applications for authorisation as a Private Health Insurer; transfer of business applications and applications to hold a Restricted Authorised Deposit-taking Institution (ADI) licence and progression to an ADI. It also repeals the Australian Prudential Regulation Authority Instrument fixing charges No. 5 of 2018.
Administered by: Treasury
Registered 05 Mar 2019
Tabling HistoryDate
Tabled HR02-Apr-2019
Tabled Senate02-Apr-2019

 

Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2019

 

Charges to be paid in relation to: friendly society rules and rule amendment applications; applications for authorisation as a Private Health Insurer; transfer of business applications and applications to hold a Restricted Authorised Deposit-taking Institution (ADI) licence and progression to an ADI.

Australian Prudential Regulation Authority Act 1998

 

I, Stephen Matthews, a delegate of APRA:

 

(a)       under paragraph 51(1)(b) of the Australian Prudential Regulation Authority Act 1998 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901 revoke Australian Prudential Regulation Authority Instrument fixing charges No. 5 of 2018 dated 7 June 2018; and

 

(b)       under paragraph 51(1)(b) of the Act fix the charges specified in the attached Schedule.

 

This instrument commences on the date of registration on the Federal Register of Legislation.

Dated:             27 February 2019                              

 

[Signed]

 

 

……………………………………

Stephen Matthews

Executive General Manager

 

Interpretation

 

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Banking Act 1959.  

 

APRA means the Australian Prudential Regulation Authority.

 

friendly society has the meaning given in Section 16C of the Life Insurance Act 1995 (the Life Act).

 

GI is short for general insurer and has the meaning given in Section 3 of the Insurance Act 1973.

 

LI is short for life company and has the meaning given in the Dictionary in the Schedule of the Life Act

 

private health insurer has the meaning given in the Dictionary in Schedule 1 of the Private Health Insurance Act 2007.


 

 

Schedule of charges

 

Item

Application for which the charge is imposed

Amount of  charge

(GST exempt)

Person required to pay the charge

When the charge is to be paid

1

Applications for approval of friendly society rules and rule amendments under sections 16L & 16Q of the Life Insurance Act 1995 (respectively).

$3,000

Applicant

On lodgement of the application

2

Application for authorisation as a private health insurer under Section 12 of the Private Health Insurance (Prudential Supervision) Act 2015.

$110,000

Applicant

On lodgement of the application

3

Applications for transfer of business approvals for:

 

(a)       GIs under Division 3A of Part III of the Insurance Act 1973;

 

(b)       LIs - including friendly societies under Part 9 of the Life Insurance Act 1995;

 

(c)       ADIs under section 10 of the Financial Sector (Business Transfer and Group Restructure) Act 1999; and

 

(d)       private health insurers under Section 33 of the Private Health Insurance (Prudential Supervision) Act 2015.

$11,000

Applicant[1]

On lodgement of the application

4

Application for authorisation as an ADI under Section 9 of the Banking Act 1959 – where the applicant applies to be authorised to hold a restricted ADI licence.

$80,000

Applicant

On lodgement of the application

5

Application for authorisation as an ADI under Section 9 of the Banking Act 1959 – where the applicant applies to progress from a restricted ADI to an ADI.

$30,000

Applicant

On lodgement of the application

 

In relation to the Schedule of charges above:

 

(a)          Each of the charges is  GST exempt (see Note 1 below);

 

(b)          Subject to paragraph (c) below, APRA may waive or refund, in whole or in part, any application charge set out in the Schedule of charges if APRA is satisfied that special circumstances apply which would make it unjust or oppressive to impose a part of the charge, or the full amount of the charge.  An example of a case where a waiver or refund may be justified is where an applicant applies for the wrong kind of authorisation by mistake, and withdraws the application before APRA has done any substantial amount of work considering the application;

 

(c)          No refund or waiver will be made if the application is unsuccessful or if APRA, in the course of processing the application, informs the applicant that the application will be unsuccessful (see Note 2 below) or if the application is withdrawn or not proceeded with by the applicant; and

 

(d)          An applicant seeking a refund or waiver of an application fee must apply in writing to APRA setting out details of the special circumstances that apply.

 

Note 1:     Division 81 of A New Tax System (Goods and Services Tax) Act 1999.

 

Note 2:      For the avoidance of doubt, it should be noted that the charge is payable in respect of every new application, even one that is made after the refusal or withdrawal of an earlier application for which the applicant also paid a fee.



[1] Section 10 of the Financial Sector (Transfer and Restructure) Act 1999 provides 2 regulated bodies of the same kind may apply in writing to APRA for approval of a transfer of business from one of the bodies to the other body. Section 33 of the Private Health Insurance (Prudential Supervision) Act 2015 provides both the transferee insurer and the transferor insurer apply jointly to APRA, in the approved form, for approval of the arrangement.