INSURANCE ACT 1973 - SECT 106 Supply of information about issue and revocation of directions

INSURANCE ACT 1973 - SECT 106

Power to publish notice of directions in Gazette

  (1)   APRA may publish in the Gazette notice of any direction made under section   104. The notice must include the name of the general insurer, authorised NOHC or other body corporate given the direction and a summary of the direction.

Requirement to publish notice of revocation of certain directions in Gazette

  (2)   If APRA publishes notice of a direction made under section   104 and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation.

Requirement to provide information about direction to Minister

  (3)   If the Minister requests APRA to provide information about:

  (a)   any directions given under section   104 to a particular general insurer, authorised NOHC or other body corporate; or

  (b)   any directions given under section   104, during a specified period, to any general insurers, authorised NOHCs or other bodies corporate;

APRA must comply with the request.

Power to inform Minister of direction

  (4)   APRA may provide any information that it considers appropriate to the Minister about:

  (a)   any directions given under section   104 to any general insurer, authorised NOHC or other body corporate at any time; or

  (b)   any revocations of any such directions.

Requirement to inform Minister of revocation of direction if informed of making of direction

  (5)   If APRA provides the Minister with information about a direction and then later revokes the direction, APRA must notify the Minister of the revocation of the direction as soon as practicable after the revocation. Failure to notify the Minister does not affect the validity of the revocation.