Australian Prudential Regulation Authority instrument fixing charges No. 8 of 2006: Access to the NCPD by NCPD insurers during 2004-05 and 2005-06
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Australian Prudential Regulation Authority Act 1998 s 51(1)(a) and Acts Interpretation Act 1901 s 33(3)
- Background
Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2006 dated 10 February 2005[1] (the principal instrument) fixes, under paragraph 51(1)(a) of the Australian Prudential Regulation Authority Act 1998, an amount of charge payable on a voluntary basis by those general insurers who contribute data to and are entitled to receive information from the National Claims and Policies Database during each of the 2004-5 and 2005-6 financial years.
Subsequent to the registration of the principal instrument on the Federal Register of Legislative Instruments, two typographical errors were drawn to APRA’s attention by the Senate Standing Committee on Regulations and Ordinances.
Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to make, grant or issue any instrument the power shall, unless the contrary intention appears, be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument.
Purpose of the instrument
The purpose of the Australian Prudential Regulation Authority instrument fixing charges No. 8 of 2006 made on 8 August 2006 (the instrument) is to rectify the typographical errors identified by the Senate Standing Committee on Regulations and Ordinances.
Inadvertently, the principal instrument was dated “10 February 2005”. The date of the principal instrument should in fact be “10 February 2006”, being the date on which it was signed. Paragraph 1 of the Schedule of this instrument therefore omits the reference to “2005” in the principal instrument and substitutes “2006”.
In the principal instrument, the general interpretation section and the definitions in clause 7 of the Schedule contain two different definitions of “NCPD insurer”. The definition of “NCPD insurer” in clause 7 of the Schedule contains the correct definition. Paragraph 2 of the Schedule of this instrument therefore omits the definition of “NCPD insurer” in the general interpretation section and substitutes the definition of “NCPD insurer” which appears in clause 7 of the Schedule.
3. Consultation
As this instrument is of a minor and machinery nature and does not substantially alter existing arrangements, consultation was considered unnecessary.
[1] Federal Register of Legislative Instruments reference: F2006L00530