INSURANCE ACT 1973 - SECT 62R Appointment of judicial manager

INSURANCE ACT 1973 - SECT 62R

  (1)   If the Federal Court orders the judicial management of a general insurer the Court must, by its order, appoint a judicial manager of the general insurer.

  (1A)   If, subsequent to that order, a situation arises where there is no judicial manager of the general insurer, or it appears to the Federal Court that it is likely that such a situation will arise, the Federal Court may appoint another judicial manager of the general insurer.

  (1B)   If the Federal Court appoints 2 or more judicial managers of a general insurer, or appoints one or more additional judicial managers of a general insurer:

  (a)   except to the extent (if any) specified in a declaration by the Federal Court under paragraph   (b), the functions and powers under this Act of a judicial manager of the general insurer may be performed or exercised by:

  (i)   all of the judicial managers of the general insurer acting jointly; or

  (ii)   each of the judicial managers of the general insurer acting individually; and

  (b)   at the time of appointment, the Federal Court may make a declaration for the purposes of paragraph   (a), specifying limits or conditions on the judicial managers' ability to perform functions and exercise powers jointly or individually; and

  (c)   treat a reference in this Act to a judicial manager as being a reference to whichever one or more of those judicial managers the case requires.

  (2)   The Federal Court may cancel the appointment of a judicial manager and appoint another person as judicial manager:

  (a)   on application by APRA; or

  (b)   of its own motion.

  (3)   APRA is entitled to be heard in proceedings before the Court for the cancellation of the appointment.