Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The Authority may at any time, in its absolute discretion, by notice in writing to an approved insurer or self-insurer, revoke or suspend for the period specified in the notice the insurer's or self-insurer's approval under this Division.
(2) A notice under subsection (1) shall be accompanied by a statement of the Authority's reasons for revoking or suspending the approval.
(3) As soon as practicable after it revokes or suspends the approval of an approved insurer or self-insurer the Authority shall cause to be published in a newspaper circulating throughout the Territory a notice of that fact.
(4) The revocation under this section of an approval shall not:
(a) annul a policy of insurance issued before the revocation; or
(b) diminish or otherwise affect the liability of the insurer under a policy referred to in paragraph (a) or of an employer in relation to his or her status under this Act as a self-insurer before the revocation.
(5) For the purposes of this Act, an insurer or self-insurer whose approval is suspended under this section is not to be taken to be an approved insurer or self-insurer during the period of the suspension.