(1) APRA must revoke (in writing) a general insurer's authorisation under section 12 if:
(a) the insurer asks (in writing) APRA to do so; and
(i) the insurer has no liabilities in respect of insurance business carried on by it in Australia; and
(ii) revoking the authorisation would not be contrary to the national interest.
(2) If APRA revokes a general insurer's authorisation, APRA must:
(a) give written notice to the insurer; and
(b) ensure that notice of the revocation is published in the Gazette .
(3) A revocation is not invalid merely because of a failure to
comply with subsection (2).