Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If it appears to APRA that:
(a) there has been a contravention of any of the provisions of:
(i) this Division; or
(ii) Division 2 or 4; or
(b) as a result of an enactment of an Act of the United Kingdom, a substantial change is made in the constitution, powers, rights or obligations of Lloyd's or of Lloyd's underwriters; or
(c) as a result of a making of a by - law by Lloyd's, the rights or obligations of Lloyd's underwriters are substantially changed;
APRA may, by written notice given to Lloyd's, give either or both of the following directions:
(d) a direction that Lloyd's underwriters must not issue policies or undertake liability under contracts of insurance;
(e) a direction that Lloyd's underwriters must not renew policies.
(2) If:
(a) a direction under subsection (1) has been in force for a period of more than 180 days; and
(b) Lloyd's requests APRA, in writing, to review the direction;
APRA must consider whether the direction should:
(c) remain in force; or
(d) be varied; or
(e) be revoked.
(3) In considering the matter referred to in subsection (2), APRA must have regard to:
(a) whether an investigation under Subdivision B of Division 4 is being, or has been, undertaken; and
(b) whether a determination under section 93 is in force; and
(c) such other matters (if any) as APRA considers relevant.
(4) If:
(a) a request is made under subsection (2) in relation to a direction; and
(b) the direction is still in force immediately before the end of the period of 30 days that began when the request was made;
the direction ceases to be in force at the end of that period.
(5) A Lloyd's underwriter must comply with a direction in force under subsection (1).
(6) A person who intentionally or recklessly contravenes subsection (5) commits an offence punishable on conviction by a fine not exceeding 200 penalty units.
(7) A copy of a notice under subsection (1) is to be published in the Gazette .