Accident Compensation Act 2001

278A Annual financial condition report

(1)

The Corporation must—

(a)

prepare an annual report on its financial condition as soon as practicable after the end of each financial year; and

(b)

provide the report to the Minister.

(2)

The purpose of the report is to—

(a)

provide advice in relation to the Corporation’s operations, financial condition, and liabilities; and

(b)

discuss the implications of any material risks to the Corporation that have been identified in the report.

(3)

The report must—

(a)

be prepared in accordance with generally accepted practice within the insurance sector in New Zealand; and

(b)

contain the information required to achieve the purpose in subsection (2).

(4)

The Minister must—

(a)

provide a copy of the report to the Minister of Finance; and

(b)

after complying with paragraph (a) but within 5 working days after receiving the report from the Corporation or, if Parliament is not in session, as soon as possible after the commencement of the next session of Parliament, present the report to the House of Representatives.

Section 278A: inserted, on 3 March 2010, by section 43 of the Accident Compensation Amendment Act 2010 (2010 No 1).