Northern Territory of Australia Treasurer Determination 1/2016 Application and Interpretation The provisions of this Determination apply with effect immediately. This Determination has been prepared by the Treasurer following consultation with the Motor Accidents (Compensation) Commission. Territory Insurance Office Determination 1/2014 will cease to have effect on and from the commencement of this Determination. In this Determination: means the Motor Accidents (Compensation) Commission Act 2014. “Act” means an Approved Deposit-taking Institution “ADI” means the Australian Prudential Regulation Authority. “APRA” Standards” means the Prudential Standards applied by APRA “APRA under the Insurance Act 1973 and the Banking Act 1959 as are amended and current from time to time. means the Motor Accidents (Compensation) Commission. “Commission” means Internal Capital Adequacy Assessment Process. “ICAAP” Fund” means the Motor Accidents (Compensation) Commission “MAC Fund. business” means the part of the business that relates to “MAC administration of the motor accident compensation scheme established by the Motor Accidents (Compensation) Act, the Motor Accidents (Compensation) Fund and any other related matters. Standards” means the prudential standards and “Prudential requirements that must be applied by the Commission in relation to the MAC business or relate to the performance of the Commission’s functions in relation to the MAC business as set out in clauses 2-4 of this Determination (subject to the qualifications, modifications, clarifications and additions as set out in Schedule 1).
Northern Territory of Australia Treasurer Determination 1/2016 Application and Interpretation The provisions of this Determination apply with effect immediately. This Determination has been prepared by the Treasurer following consultation with the Motor Accidents (Compensation) Commission. Territory Insurance Office Determination 1/2014 will cease to have effect on and from the commencement of this Determination. In this Determination: “Act” means the Motor Accidents (Compensation) Commission Act 2014. “ADI” means an Approved Deposit-taking Institution “APRA” means the Australian Prudential Regulation Authority. “APRA Standards” means the Prudential Standards applied by APRA under the Insurance Act 1973 and the Banking Act 1959 as are amended and current from time to time. “Commission” means the Motor Accidents (Compensation) Commission. “ICAAP” means Internal Capital Adequacy Assessment Process. “MAC Fund” means the Motor Accidents (Compensation) Commission Fund. “MAC business” means the part of the business that relates to administration of the motor accident compensation scheme established by the Motor Accidents (Compensation) Act, the Motor Accidents (Compensation) Fund and any other related matters. “Prudential Standards” means the prudential standards and requirements that must be applied by the Commission in relation to the MAC business or relate to the performance of the Commission’s functions in relation to the MAC business as set out in clauses 2-4 of this Determination (subject to the qualifications, modifications, clarifications and additions as set out in Schedule 1).
s70-2016.docx