Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZOO

             (1)  APRA may terminate the appointment of an administrator of a body corporate's business and either appoint another person as administrator of the body corporate's business or itself take control of the body corporate's business if:

                     (a)  the administrator contravenes a requirement of this Division; or

                     (b)  APRA considers such action necessary to:

                              (i)  facilitate the resolution of the body corporate, a relevant group of bodies corporate of which the body corporate is a member, or another member of such a group; or

                             (ii)  if the body corporate is a general insurer--protect the interests of policyholders of the general insurer; or

                            (iii)  promote financial system stability in Australia.

             (2)  If:

                     (a)  APRA is the statutory manager of a body corporate; and

                     (b)  the requirement in paragraph (1)(b) is satisfied;

it may cease to be the statutory manager of the body corporate and appoint a person as administrator of the body corporate's business.

             (3)  This section has effect subject to section 62ZOC.