Meaning of accountable entity
9 Meaning of accountable entity
ADIs and authorised NOHCs of ADIs
A body corporate is an accountable entity if both of the following apply to the body corporate:
it is an ADI or an authorised NOHC of an ADI;
it is a constitutionally covered body.
For when a body corporate is a constitutionally covered body, see section 13.
The ADI or authorised NOHC is an accountable entity from the start of the later of:
the day that is 6 months after the commencement of this Act; and
the day on which it becomes an ADI or authorised NOHC, as the case may be.
Other bodies corporate
A body corporate is an accountable entity if both of the following apply to the body corporate:
it is:
a general insurer; or
an authorised NOHC of a general insurer; or
a life company; or
a registered NOHC of a life company; or
a private health insurer; or
an RSE licensee;
it is a constitutionally covered body.
The body corporate is an accountable entity from the start of the later of:
the day that is 18 months after the commencement of this Act; and
the day on which it becomes a body corporate covered by the relevant subparagraph of paragraph (3)(a).
This Act’s bill:Explanatory memorandumSecond reading speech
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