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.
[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.