Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a life company has contravened this Part, APRA may give the company a written notice requiring the company, within a specified period, to take such action as is specified in the notice to remedy the contravention.
(2) The period specified in a notice must be a period ending not earlier than one month after the giving of the notice.
(3) The action to be specified in a notice is such action as APRA thinks appropriate and reasonable to overcome the effects of the contravention.
(4) At any time before the end of the period specified in a notice, APRA may extend the period by such further period as APRA thinks fit.
(5) A life company must comply with a notice under subsection (1).