Insurance Act 1973

APRA may, at any time, by giving written notice to a general insurer:

impose conditions, or additional conditions, on the insurer’s authorisation under section 12; or

vary or revoke conditions imposed on the insurer’s authorisation under section 12.

A condition may be expressed to have effect despite anything in the prudential standards.

Without limiting the conditions that APRA may impose on an authorisation, APRA may make the authorisation conditional on a body corporate, of which the general insurer is a subsidiary, being an authorised NOHC.

If APRA imposes, varies or revokes the conditions on a general insurer’s authorisation, APRA must:

give written notice to the insurer; and

ensure that notice that the action has been taken is published in the Gazette.

The taking of an action is not invalid merely because of a failure to comply with subsection (4).

Part VI applies to the following decisions made under this section:

a decision to impose conditions, or additional conditions, on an insurer’s authorisation under section 12;

a decision to vary conditions imposed on an insurer’s authorisation under section 12.