Insurance Act 1973

APRA may accept a written undertaking given by a person in connection with a matter in relation to which APRA has a function or power under this Act.

The person may withdraw or vary the undertaking at any time, but only with APRA’s consent.

If APRA considers that the person who gave the undertaking has breached any of its terms, APRA may apply to the Federal Court for an order under subsection (4).

If the Federal Court is satisfied that the person has breached a term of the undertaking, the Federal Court may make all or any of the following orders:

an order directing the person to comply with that term of the undertaking;

an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach;

any order that the Federal Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach;

any other order that the Federal Court considers appropriate.