Legislative Assembly for the ACT: 2002 Week 5 Hansard (9 May) . . Page.. 1393..
MR CORBELL (continuing):
There are requirements for prudent management, with disallowable criteria determined by the minister (including capital adequacy, the valuation of liabilities and effective risk management strategies and techniques);
Schemes will need to be approved by the minister, subject to criteria set out in a disallowable instrument;
There is a requirement for independent supervision of the scheme by an appointed auditor and actuary (at the trust's cost), subject to ministerial approval. This will include rights to require the provision of financial information on request, annual reports to trustees and the minister, and the power to suspend or revoke the scheme's authority to operate;
There is also a supervisory role for the Commissioner for Fair Trading, requiring notification to that office of all decisions on claims to the commissioner; and
Consumers will be afforded protection through the issue of fidelity certificates.
Mr Speaker, I am sure members will appreciate that the bill has been prepared within a short time frame. Work is continuing on the disallowable instruments setting out respectively criteria for applications for the approval of funds and their subsequent prudential management. I am hopeful that these will be available to members next week.
Mr Speaker, I believe that the bill proposes a constructive approach to the current crisis that has the potential to address the very direct impacts on builders, home buyers and, more generally, the economy of the ACT. I commend the bill to the Assembly.
Debate (on motion by Mr Humphries ) adjourned to the next sitting.
Withdrawal of notice
MR SPEAKER: Members, I wish to advise that, in accordance with standing order 111, Mr Wood has withdrawn notice No 5, executive business, standing in his name.
Districts Bill 2002
Mr Corbell , by leave, presented the bill and its explanatory memorandum.
Title read by Clerk.
MR CORBELL (Minister for Education, Youth and Family Services, Minister for Planning and Minister for Industrial Relations) (11.03): I move:
That this bill be agreed to in principle.
Mr Speaker, I am pleased to table the Districts Bill 2002. The Districts Bill 2002 will replace the Districts Act 1966. This bill will implement recommendations from a review of the Districts Act 1966.