INSURANCE ACT 1973 - SECT 86 Report of APRA or the inspector
INSURANCE ACT 1973 - SECT 86
Report of APRA or the inspector(a) may make one or more reports in writing to APRA during the investigation of the whole or a part of the affairs of the trust fund and must, if so directed in writing by APRA, make such reports as are specified in the direction; and
(b) must, on the completion or termination of the investigation, report in writing to APRA on the result of the investigation.
(2) APRA must, on the completion or termination of an investigation made by APRA, make a report in writing on the result of the investigation.
(3) A report made on the completion of the investigation must include:
(a) a statement of the opinion of APRA or the inspector in relation to the extent to which the fund constitutes an adequate security for the class of insurance liabilities secured by the fund; and
(b) the recommendations of APRA or the inspector in relation to the following:
(i) whether a notice should be given under subsection 93(2);
(ii) whether an application should be made under subsection 88(1).
(4) APRA or inspector must not include in a report:
(a) a recommendation relating to the institution of criminal proceedings; or
(b) a statement to the effect that, in APRA's or the inspector's opinion, a specified person has committed a criminal offence.
(5) If the inspector is of the opinion that criminal proceedings ought to be instituted or that a person has committed a criminal offence, the inspector must advise APRA, in writing of that opinion.
(6) APRA must give a copy of a report made by or given to APRA under this section to Lloyd's and the trustee of the fund concerned. This subsection has effect subject to subsection (7).
(a) must seek the advice of the Attorney - General before giving a copy of the report to Lloyd's or the trustee; and
(b) must not give a copy of the report to Lloyd's or the trustee if the Attorney - General advises APRA that, having regard to proceedings that have been or might be instituted, a copy of the report should not be given to Lloyd's or the trustee.
(8) If a copy of the report has been given to Lloyd's or the trustee, APRA may, if APRA considers that it is in the public interest to do so and after taking into consideration any advice APRA has received from the Attorney - General, cause the whole or some part of the report to be published.
(9) A court before which proceedings (whether under this Act or
otherwise) are brought against a person in respect of matters dealt with in a
report under this Division may order that a copy of the report be given to the
person.