INSURANCE ACT 1973 - SECT 62ZZE APRA may advise Minister of its belief of insolvency
INSURANCE ACT 1973 - SECT 62ZZE
APRA may advise Minister of its belief of insolvency(1) This section applies if APRA believes that a particular general insurer:
(a) is insolvent as defined in section 95A of the Corporations Act 2001 ; or
(b) is a foreign general insurer and is unable to pay, from its assets in Australia (other than any assets or amount excluded by the prudential standards for the purposes of paragraph 28(b)), all its debts that are liabilities in Australia other than pre - authorisation liabilities, as and when those debts become due and payable.
Note: Section 116A deals with assets and liabilities in Australia.
(2) APRA may give the Minister written advice of APRA's
belief.