Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62K

  (1)   APRA may apply to the Federal Court for an order that a general insurer be placed under judicial management.

  (2)   Subject to subsection   (3), a general insurer may apply to the Federal Court for an order that the general insurer be placed under judicial management.

  (3)   A general insurer may only apply if it has given APRA at least one month's notice in writing of its intention to apply.

  (4)   On an application by APRA, the general insurer is entitled to be heard.

  (5)   On an application by the general insurer, APRA is entitled to be heard.