Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 21

  (1)   APRA may revoke, in writing, a NOHC authorisation if APRA is satisfied that:

  (a)   the authorised NOHC has failed to comply with:

  (i)   a requirement of this Act (including the requirement to comply with the prudential standards) or of an instrument made for the purposes of this Act; or

  (ii)   a requirement of the Financial Sector (Collection of Data) Act 2001 ; or

  (iiaa)   a requirement of the Financial Accountability Regime Act 2023 ; or

  (iia)   a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations; or

  (iii)   a direction under this Act to the authorised NOHC; or

  (iv)   a condition of the authorisation; or

  (b)   it would be contrary to the national interest for the authorisation to remain in force; or

  (c)   the authorised NOHC has failed to pay:

  (i)   an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or

  (ii)   an amount of charge fixed under section   51 of the Australian Prudential Regulation Authority Act 1998 ; or

  (d)   it would be contrary to the interests of the policyholders of any general insurer who is a subsidiary of the authorised NOHC for the authorisation to remain in force; or

  (e)   the authorised NOHC has ceased to be a NOHC of any general insurer.

  (3)   Before revoking a NOHC authorisation, APRA must give written notice to the authorised NOHC advising it that:

  (a)   APRA is considering revoking the authorisation for the reasons specified; and

  (b)   the authorised NOHC may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given).

APRA must consider any submissions made by the authorised NOHC by that date.

  (4)   APRA may decide that subsection   (3) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be:

  (a)   contrary to the national interest; or

  (b)   contrary to the interests of the policyholders of any general insurer who is a subsidiary of the authorised NOHC concerned.

  (5)   If APRA revokes a body corporate's NOHC authorisation, APRA must:

  (a)   give written notice to the body corporate; and

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

  (6)   A revocation is not invalid merely because of a failure to comply with subsection   (5).

  (7)   Part   VI applies to a decision to revoke a NOHC authorisation.