22
In forceWhen APRA must revoke a NOHC authorisation
Part IIIAuthorisation to carry on insurance business
Division 4Authorisation to be a NOHC of a general insurer
22 When APRA must revoke a NOHC authorisation
(1)
APRA must revoke (in writing) a body corporate’s NOHC authorisation if:
(a)
the body corporate asks (in writing) APRA to do so; and
(b)
APRA is satisfied that revoking the authorisation would not be contrary to either:
(i)
the national interest; or
(ii)
the interests of the policyholders of any general insurer who is a subsidiary of the body corporate.
(2)
If APRA revokes a body corporate’s NOHC authorisation, APRA must:
(a)
give written notice to the body corporate; 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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