s 422
In forceInsolvent insurer declarations
Chapter 7MAI insurer licences
Part 7.10MAI insurer licences—insolvent insurers
422 Insolvent insurer declarations
(1)
The Minister may declare a licensed insurer, or former licensed insurer, to be an insolvent insurer (an insolvent insurer declaration) if—
(a)
the Minister is satisfied that—
(i)
a liquidator has been appointed for the licensed insurer or former licensed insurer; or
(ii)
the licensed insurer, or former licensed insurer, has been dissolved; and
(b)
the Minister has consulted—
(i)
APRA; and
(ii)
ASIC; and
(c)
the Treasurer approves the making of the declaration.
(2)
An insolvent insurer declaration is a notifiable instrument.
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