Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 19

  (1)   APRA may, at any time, by giving written notice to an authorised NOHC:

  (a)   impose conditions, or additional conditions, on the NOHC authorisation; and

  (b)   vary or revoke conditions imposed on the NOHC authorisation.

The conditions must relate to prudential matters.

  (2)   A condition may be expressed to have effect despite anything in the prudential standards.

  (3)   If APRA imposes, varies or revokes the conditions on a NOHC authorisation, APRA must:

  (a)   give written notice to the authorised NOHC; and

  (b)   ensure that notice of the imposition, variation or revocation of the conditions is published in the Gazette .

  (4)   The taking of an action is not invalid merely because of a failure to comply with subsection   (3).

  (5)   Part   VI applies to the following decisions made under this section:

  (a)   a decision to impose conditions, or additional conditions, on a NOHC authorisation;

  (b)   a decision to vary conditions imposed on a NOHC authorisation.