Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZOB

  (1)   After the decision that an Insurance Act statutory manager will take control of a body corporate's business is made, APRA must give the body corporate written notice that the Insurance Act statutory manager will take, or is taking, control of the business.

Note:   Subsections   62ZOQ(4) and 62ZOZA(3) also require APRA to give notice of the taking of control.

  (2)   An Insurance Act statutory manager takes control of a body corporate's business:

  (a)   at the time specified in a notice under this section as the time when the Insurance Act statutory manager takes control of the business (which must not be earlier than the notice is given); or

  (b)   if a notice under this section does not specify a time as the time when the Insurance Act statutory manager takes control of the business--at the time the notice is given.

  (3)   A notice under subsection   (1) is not a legislative instrument.