Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Part, Lloyd's underwriters are authorized to carry on insurance business.
(2) Where it appears to APRA that:
(a) there has been a contravention of any of the provisions of Division 2, 3 or 4;
(b) by reason of the enactment of an Act of the United Kingdom, a substantial change is made in the constitution, powers, rights or obligations of Lloyd's or of Lloyd's underwriters; or
(c) by reason of the making of a by - law by Lloyd's, the rights or obligations of Lloyd's underwriters are substantially changed;
APRA may, by notice in writing served on Lloyd's, require Lloyd's to show cause, within such period after service of the notice, not being less than 14 days, as APRA specifies in the notice, why this section should not cease to have effect.
(3) If Lloyd's fails to show cause to the satisfaction of APRA within the period specified in the notice, APRA may determine that this section is to cease to have effect upon:
(a) the expiration of the period of 3 months after the service of the notice by APRA; or
(b) where, within that period of 3 months:
(i) a request under subsection 63(2) is made in relation to the determination of APRA; or
(ii) proceedings are pending or have commenced in relation to the determination of APRA;
the expiration of the period determined in accordance with subsection (6);
whichever is the later.
(4) If APRA makes a determination under subsection (3), it must give notice of the determination by instrument in writing served on Lloyd's.
(5) Part VI applies to a determination of APRA under subsection (3).
(6) Where:
(a) a request under subsection 63(2) is made in relation to a determination of APRA under subsection (3); or
(b) within the period of 3 months after the service of the notice referred to in subsection (2), proceedings in a court are pending, or have commenced but have not been determined, in relation to the determination of APRA under subsection (3);
this section is to cease to have effect upon the expiration of:
(c) the period of 3 months after:
(i) the request under subsection 63(2) is made; or
(ii) if an application under subsection 63(7) is made in relation to the determination--the application is finally determined under the Administrative Review Tribunal Act 2024 and, if no appeal in the matter is made under section 172 of that Act, the time within which such an appeal may be made has expired;
(d) the period of 1 month after the day on which the proceedings referred to in paragraph (b) are determined or discontinued; or
(e) where an appeal is instituted in relation to those proceedings within the period of 1 month referred to in paragraph (d) and a period is determined under subsection (7)--the period so determined;
whichever is the later.
(7) A court in which an appeal referred to in paragraph (6)(e) is instituted may, having regard to the possibility of an appeal to the High Court, determine a period for the purposes of that subsection at the expiration of which this section is to cease to have effect.
(8) In subsections (6) and (7), appeal includes application for leave to appeal.
(9) For the purposes of this section, where an application for leave to appeal is granted, the application shall be deemed not to have been determined or discontinued so long as:
(a) the leave granted remains capable of being exercised; or
(b) an appeal instituted in pursuance of the leave is pending.
(10) Subject to any decision given or order made by virtue of Part VI or any order made by a court, this section ceases to have effect upon the expiration of the period upon the expiration of which it is, under subsection (3), to cease to have effect. APRA must then cause notice that this section has ceased to have effect to be published in the Gazette.