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FINANCIAL SECTOR REFORM (AMENDMENTS AND TRANSITIONAL PROVISIONS) ACT 1998 - SCHEDULE 8

Amendment of the Insurance Acquisitions and Takeovers Act 1991

 

1   Title

Omit " ownership and ".

2   Section 3 (paragraph (a) of the first dot point)

Repeal the paragraph.

3   Section 3 (paragraphs (b) and (c) of the first dot point)

Re - letter as paragraphs (a) and (b) respectively.

4   Section 4

Insert:

"APRA" means the Australian Prudential Regulation Authority.

5   Section 4 (definition of Commissioner )

Repeal the definition.

6   Section 4 (definition of reviewable decision )

Omit "2,".

7   Section 4 (definition of reviewable decision )

Omit "28,".

8   Section 4 (paragraph (b) of the definition of value )

Omit "the Commissioner" (wherever occurring), substitute "APRA".

9   Subsection 19(2)

Repeal the subsection.

10   Part 2

Repeal the Part.

11   Subsection 63(1)

Omit "2,".

12   Subsection 64(1)

Omit "2,".

13   Subsection 65(1)

Omit "2,".

14   Subsection 65(1)

Omit "28,".

15   Subsection 65(2)

Omit "2,".

16   Subsection 65(2)

Omit "28,".

17   Paragraphs 69(a) and (b)

Repeal the paragraphs, substitute:

  (a)   APRA; or

  (b)   an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998 .

18   Subsection 74(2) (paragraphs (a) and (b) of the definition of officer )

Repeal the paragraphs, substitute:

  (a)   APRA; or

  (b)   an APRA staff member, within the meaning of the Australian Prudential Regulation Authority Act 1998 .

19   Section 75

Repeal the section, substitute:

75   APRA Act secrecy provisions apply

    Section 56 of the Australian Prudential Regulation Authority Act 1998 prohibits certain disclosures of information received under this Act.

20   Subsection 77(1)

Omit "the Commissioner" (wherever occurring), substitute "APRA".

21   Subsection 77(3)

Omit "The Commissioner", substitute "APRA".

22   Paragraph 78(1)(a)

Omit "the Commissioner", substitute "APRA".

23   Subsection 78(3)

Omit "The Commissioner", substitute "APRA".

24   Paragraph 79(1)(a)

Omit "the Commissioner", substitute "APRA".

25   Subsection 79(3)

Omit "The Commissioner", substitute "APRA".

26   Subsection 81(2)

Repeal the subsection.

27   Subsection 82(2)

Omit "2,".




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