Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 18

  (1)   A body corporate may apply in writing to APRA for an authorisation (a NOHC authorisation ) under this section. The authorisation operates as an authorisation in relation to the body corporate and any general insurers that are subsidiaries of the body corporate from time to time.

Note 1:   The body corporate may want the authority because APRA may refuse to grant a subsidiary of the body corporate a section   12 authorisation unless the body corporate holds a NOHC authorisation (see subsection   12(3)).

Note 2:   The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975 , the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991 .

  (2)   APRA may require the body corporate to provide a statutory declaration in relation to information or documents provided in relation to the application.

  (2A)   APRA may, by legislative instrument, set criteria for the granting of an authorisation under this section.

  (3)   APRA may authorise an applicant if it considers it is appropriate to do so. The authorisation must be in writing.

  (4)   If APRA authorises an applicant, APRA must:

  (a)   give written notice to the applicant; and

  (b)   ensure that notice of the authorisation is published in the Gazette .

  (5)   The taking of an action is not invalid merely because of a failure to comply with subsection   (4).

  (6)   Part   VI applies to a refusal of APRA to authorise an applicant under this section.