Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may revoke (in writing) a company's registration under section 21 if APRA is satisfied that the company has no liabilities in respect of life insurance business carried on by it in Australia and that:
(a) the company has failed to comply with:
(i) a requirement of this Act or of an instrument made for the purposes of this Act; or
(ii) a requirement of the Financial Sector (Collection of Data) Act 2001 ; or
(iia) a requirement of the Financial Accountability Regime Act 2023 ; or
(iii) a requirement of a provision of another law of the Commonwealth, if the provision is specified in the regulations; or
(iv) a direction under this Act; or
(v) a condition of the company's registration; or
(b) it would be contrary to the public interest for the registration to remain in force; or
(c) the company has failed to pay:
(i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or
(ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998 ; or
(d) the company is insolvent and is unlikely to return to solvency within a reasonable period of time; or
(e) the company has inadequate capital and is unlikely to have adequate capital within a reasonable period of time; or
(f) the company has ceased to carry on life insurance business in Australia; or
(g) the company has not, within the period of 12 months after it was granted a registration, carried on life insurance business in Australia; or
(h) both of the following apply:
(i) the company is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution;
(ii) an authorisation (however described) for the company to carry on life insurance business in a foreign country has been revoked or otherwise withdrawn in that foreign country.
(2) Before revoking a company's registration, APRA must give written notice to the company advising it that:
(a) APRA is considering revoking the registration for the reasons specified; and
(b) the company may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given).
(3) To avoid doubt, APRA may give a notice under subsection (2) to a company even if, at the time the notice is given, APRA is not satisfied that the company has no liabilities in respect of life insurance business carried on by it in Australia.
(4) If APRA gives a notice under subsection (2) to a company, APRA must not revoke the company's registration until after the date specified in the notice, and after consideration of any submission, as mentioned in paragraph (2)(b).
(5) APRA may decide that subsection (2) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be contrary to the public interest.
(6) If APRA revokes a company's registration, APRA must:
(a) give written notice to the company; and
(b) ensure that notice of the revocation is published in the Gazette .
(7) A revocation is not invalid merely because of a failure to comply with subsection (6).