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.