INSURANCE ACT 1973 - SECT 16 When APRA must revoke a general insurer's authorisation

INSURANCE ACT 1973 - SECT 16

  (1)   APRA must revoke (in writing) a general insurer's authorisation under section   12 if:

  (a)   the insurer asks (in writing) APRA to do so; and

  (b)   APRA is satisfied that:

  (i)   the insurer has no liabilities in respect of insurance business carried on by it in Australia; and

  (ii)   revoking the authorisation would not be contrary to the national interest.

  (2)   If APRA revokes a general insurer's authorisation, APRA must:

  (a)   give written notice to the insurer; and

  (b)   ensure that notice of the revocation is published in the Gazette .

  (3)   A revocation is not invalid merely because of a failure to comply with subsection   (2).