Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 22

  (1)   APRA must revoke (in writing) a body corporate's NOHC authorisation if:

  (a)   the body corporate asks (in writing) APRA to do so; and

  (b)   APRA is satisfied that revoking the authorisation would not be contrary to either:

  (i)   the national interest; or

  (ii)   the interests of the policyholders of any general insurer who is a subsidiary of the body corporate.

  (2)   If APRA revokes a body corporate's NOHC authorisation, APRA must:

  (a)   give written notice to the body corporate; and

  (b)   ensure that notice of the revocation is published in the Gazette .

  (3)   A revocation is not invalid merely because of a failure to comply with subsection   (2).