Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 26

             (1)  If:

                     (a)  a company has been registered under this Act for at least 12 months; and

                     (b)  there are reasonable grounds for believing that the company is not carrying on life insurance business in Australia;

APRA may give the company a written notice requiring the company, within one month after the notice is given, to satisfy APRA that the company is carrying on life insurance business in Australia.

             (2)  If:

                     (a)  APRA has given a notice to a company under subsection (1); and

                     (b)  a period of one month has elapsed since the notice was given; and

                     (c)  APRA is not satisfied that the company is carrying on life insurance business in Australia;

APRA may cancel the registration of the company under this Act by giving the company written notice of cancellation.

             (3)  Cancellation under this section of the registration of a company takes effect at the end of 7 days after APRA gives the company written notice of cancellation.