Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a report by a terminating manager under section 47 includes a recommendation that an application be made under this section for the winding up of a private health insurer, APRA, or the terminating manager, may apply to the Federal Court for an order that the insurer be wound up.
(2) However, the terminating manager must not apply unless directed by APRA to apply.
(3) On an application under subsection (1), the Federal Court may make an order that the insurer be wound up if the Court is satisfied that it is in the financial interests of the policy holders of the health benefits funds conducted by the insurer that such an order be made.
(4) The winding up of the insurer is to be conducted in accordance with the Corporations Act 2001 .