Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 28C

  (1)   APRA may revoke a NOHC registration if APRA is satisfied that:

  (a)   the registered NOHC has failed to comply with:

  (i)   a requirement of this Act or of an instrument made for the purposes of this Act; or

  (ii)   a requirement of the Financial Sector (Collection of Data) Act 2001 ; or

  (iiaa)   a requirement of the Financial Accountability Regime Act 2023 ; or

  (iia)   a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations; or

  (iii)   a direction under this Act to the registered NOHC; or

  (iv)   a condition of the registration; or

  (b)   it would be contrary to the public interest for the registration to remain in force; or

  (c)   the registered NOHC has failed to pay:

  (i)   an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or

  (ii)   an amount of charge fixed under section   51 of the Australian Prudential Regulation Authority Act 1998 ; or

  (d)   it would be contrary to the interests of the policy owners of any life company that is a subsidiary of the registered NOHC for the registration to remain in force; or

  (e)   the registered NOHC has ceased to be a NOHC of any life company.

  (2)   Before revoking a NOHC registration, APRA must give written notice to the registered NOHC advising it that:

  (a)   APRA is considering revoking the registration for the reasons specified; and

  (b)   the registered NOHC may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given).

APRA must consider any submissions made by the registered NOHC by that date.

  (3)   APRA may decide that subsection   (2) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be:

  (a)   contrary to the public interest; or

  (b)   contrary to the interests of the policy owners of any life company that is a subsidiary of the registered NOHC concerned.

  (4)   If APRA revokes a body corporate's NOHC registration, APRA must give written notice to the body corporate.

  (5)   Revocation under this section of the registration of a body corporate takes effect at the end of 7 days after APRA gives the body written notice of the revocation.