INSURANCE ACT 1973 - SECT 13 Conditions on an authorisation

INSURANCE ACT 1973 - SECT 13

  (1)   APRA may, at any time, by giving written notice to a general insurer:

  (a)   impose conditions, or additional conditions, on the insurer's authorisation under section   12; or

  (b)   vary or revoke conditions imposed on the insurer's authorisation under section   12.

The conditions must relate to prudential matters.

  (2)   A condition may be expressed to have effect despite anything in the prudential standards.

  (3)   Without limiting the conditions that APRA may impose on an authorisation, APRA may make the authorisation conditional on a body corporate, of which the general insurer is a subsidiary, being an authorised NOHC.

  (4)   If APRA imposes, varies or revokes the conditions on a general insurer's authorisation, APRA must:

  (a)   give written notice to the insurer; and

  (b)   ensure that notice that the action has been taken is published in the Gazette .

  (5)   The taking of an action is not invalid merely because of a failure to comply with subsection   (4).

  (6)   Part   VI applies to the following decisions made under this section:

  (a)   a decision to impose conditions, or additional conditions, on an insurer's authorisation under section   12;

  (b)   a decision to vary conditions imposed on an insurer's authorisation under section   12.