Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 44

  (1)   On application by APRA, the Federal Court of Australia may, by order, disqualify a person from holding any appointment as a person referred to in subsection   (2), for a period that the Court considers appropriate, if the Court is satisfied that:

  (a)   any of the following applies:

  (i)   the person has failed to perform adequately and properly the functions and duties of such an appointment under this Act or the prudential standards;

  (ia)   the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023 ;

  (ii)   the person otherwise does not meet one or more of the criteria for fitness and propriety set out in the prudential standards;

  (iii)   the person does not meet the eligibility criteria for such an appointment as set out in the prudential standards; and

  (b)   the disqualification is justified.

  (2)   For the purposes of subsection   (1), the Court may disqualify a person from being or acting as an auditor or actuary of:

  (a)   a particular general insurer; or

  (b)   a class of general insurers; or

  (c)   any general insurer.

  (3)   In deciding whether it is satisfied as mentioned in paragraph   (1)(a), the Court may take into account:

  (a)   any matters specified in the regulations for the purposes of this paragraph; and

  (b)   any criteria for fitness and propriety set out in the prudential standards; and

  (c)   any other matters the Court considers relevant.

  (4)   In deciding whether the disqualification is justified as mentioned in paragraph   (1)(b), the Court may have regard to:

  (a)   the person's conduct in relation to the functions or duties that the person is required to perform under this Act, the prudential standards and the Financial Accountability Regime Act 2023 ; and

  (b)   any other matters the Court considers relevant.

  (5)   As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification:

  (a)   if the person is, or is acting as, an auditor or actuary of a general insurer--to be given to the general insurer concerned; and

  (b)   to be published in the Gazette .