INSURANCE ACT 1973 - SECT 62ZZJ Determinations APRA must make on application
INSURANCE ACT 1973 - SECT 62ZZJ
Determinations APRA must make on applicationDetermination that person meets conditions prescribed
(1) Subsection (2) has effect if a person applies to APRA, in the approved form (if any), for a determination that the person meets the conditions prescribed by the regulations for the purposes of paragraph 62ZZF(3)(b) or 62ZZG(3)(b).
(2) APRA must determine in writing, as soon as reasonably practicable after the application is made, whether the person meets the conditions.
Determination that person may recover amount from insurer
(3) Subsection (4) has effect if a person applies to APRA, in the approved form (if any), for a determination that APRA is satisfied that any provision mentioned in subsection (4B) permits the person to recover an amount from a general insurer because of insurance cover the insurer provided under a protected policy:
(a) that the insurer issued before becoming a declared general insurer; or
(b) in respect of which liability was accepted by the insurer before becoming a declared general insurer.
(4) APRA must determine in writing, as soon as reasonably practicable after the application is made:
(a) whether APRA is satisfied that any provision mentioned in subsection (4B) permits the person to recover an amount from the general insurer because of the insurance cover; and
(b) what that amount (if any) is.
(4A) Without limiting subsection (4), the amount (if any) determined under subsection (4) may be an amount agreed to by APRA and the person.
(4B) The provisions are as follows:
(a) section 51 of the Insurance Contracts Act 1984 ;
(b) section 601AG of the Corporations Act 2001 ;
(c) any provision of any law specified in the regulations for the purposes of this paragraph.
Giving applicant notice of determination
(5) As soon as reasonably practicable after making a
determination under subsection (2) or (4), APRA must give the applicant
a copy of the determination.