INSURANCE ACT 1973 - SECT 48 Referring matters to professional associations for auditors and actuaries

INSURANCE ACT 1973 - SECT 48

  (1)   If APRA is of the opinion that an auditor of a general insurer:

  (a)   has failed, whether within or outside Australia, to perform adequately and properly his or her duties or functions as an auditor under:

  (i)   this Act, the regulations or the prudential standards; or

  (ia)   the Financial Accountability Regime Act 2023 ; or

  (ii)   any other law of the Commonwealth, a State or a Territory; or

  (aa)   is disqualified under section   44 from being or acting as an auditor of the general insurer; or

  (b)   is otherwise not a fit and proper person to be the auditor of a general insurer;

APRA may refer the details of the matter to either or both of the following:

  (c)   the Companies Auditors Disciplinary Board established by Division   1 of Part   11 of the Australian Securities and Investments Commission Act 2001 ;

  (d)   those members of the professional association of the auditor whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the auditor.

  (2)   If APRA is of the opinion that an actuary of a general insurer:

  (a)   has failed, whether within or outside Australia, to perform adequately and properly his or her duties as an actuary under:

  (i)   this Act, the regulations or the prudential standards; or

  (ia)   the Financial Accountability Regime Act 2023 ; or

  (ii)   any other law of the Commonwealth, a State or a Territory; or

  (aa)   is disqualified under section   44 from being or acting as an actuary of the general insurer; or

  (b)   is otherwise not a fit and proper person to be the actuary of a general insurer;

APRA may refer the details of the matter to those members of the professional association of the actuary whom APRA believes will be involved in considering or taking any disciplinary or other action concerning the matter against the actuary.

  (3)   If APRA refers details of a matter under this section, APRA must also give written notice of the referral (including the nature of the matter) to the auditor or actuary.