Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 19

             (1)  APRA may, at any time, by giving written notice to an authorised NOHC:

                     (a)  impose conditions, or additional conditions, on the NOHC authorisation; and

                     (b)  vary or revoke conditions imposed on the NOHC authorisation.

The conditions must relate to prudential matters.

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

             (3)  If APRA imposes, varies or revokes the conditions on a NOHC authorisation, APRA must:

                     (a)  give written notice to the authorised NOHC; and

                     (b)  ensure that notice of the imposition, variation or revocation of the conditions is published in the Gazette .

             (4)  The taking of an action is not invalid merely because of a failure to comply with subsection (3).

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

                     (a)  a decision to impose conditions, or additional conditions, on a NOHC authorisation;

                     (b)  a decision to vary conditions imposed on a NOHC authorisation.