Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 179AZA

Reports to the Minister

  (1)   If the Minister requests APRA to give him or her a written report concerning the activities of Life Insurance Act statutory managers in respect of specified body corporates or in respect of a specified period, APRA must give the Minister such a written report within a reasonable time after the Minister requests it.

  (2)   If a Life Insurance Act statutory manager takes control of a body corporate's business during a financial year, or if there is an ultimate termination of control during a financial year, APRA must give the Minister a written report within a reasonable time after the end of the financial year concerning activities of all Life Insurance Act statutory managers and each ultimate termination of control that occurred during that financial year.

Requirement to publish notices in Gazette

  (3)   If APRA:

  (a)   takes control of a body corporate's business; or

  (b)   appoints an administrator of a body corporate's business; or

  (c)   makes an ultimate termination of control in respect of a body corporate's business;

APRA must publish notice of that fact in the Gazette . However, mere failure to publish such a notice does not affect the validity of the act.