Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) This regulation applies to an approved insurer if—
(a) the insurer—
(i) contravenes the Act, section 112 (Compliance by insurers) or another provision of the Act; or
(ii) is unable to meet the insurer's current and expected liabilities under the Act; or
(iii) no longer has unlimited reinsurance for a single event to cover the insurer's expected liability under the Act; or
(iv) no longer has a place of business in the ACT; or
(v) fails to comply with a condition on the insurer's approval; and
(b) the Minister has given the insurer notice under regulation 80 (Notice of proposed action on insurer's approval).
(2) After considering any written representations made by the insurer within the period for representations stated in the notice, the Minister may—
(a) if the proposed action is to suspend the approval for a stated period—suspend the approval for not longer than the period, or do 1 or more of the things mentioned in paragraph (b); or
(b) if the proposed action is to do a thing mentioned in this paragraph—do 1 or more of the following:
(i) order the insurer to pay to the Territory a financial penalty of not more than $1 000;
(ii) impose a condition on the insurer's approval (for example, by including a condition providing for increased supervision of the insurer by the Minister);
(iii) censure the insurer;
(iv) order the insurer to take remedial action.
(3) The Minister must tell the insurer in writing about the decision—
(a) if the decision is to take action other than suspension—in a way that complies with the requirements of the code of practice in force under the Administrative Appeals Tribunal Act 1989 , section 25B (1); or
(b) if the decision is to suspend the insurer's approval—under regulation 83 (What if Minister decides to suspend or revoke insurer's approval?).
(4) In this regulation:
"proposed action"—see regulation 80 (Notice of proposed action on insurer's approval).