16
In forceWhen APRA must revoke a general insurer’s authorisation
Part IIIAuthorisation to carry on insurance business
Division 3Revocation of an authorisation
16 When APRA must revoke a general insurer’s authorisation
(1)
APRA must revoke (in writing) a general insurer’s authorisation under section 12 if:
(a)
the insurer asks (in writing) APRA to do so; and
(b)
APRA is satisfied that:
(i)
the insurer has no liabilities in respect of insurance business carried on by it in Australia; and
(ii)
revoking the authorisation would not be contrary to the national interest.
(2)
If APRA revokes a general insurer’s authorisation, APRA must:
(a)
give written notice to the insurer; and
(b)
ensure that notice of the revocation is published in the Gazette.
(3)
A revocation is not invalid merely because of a failure to comply with subsection (2).
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