Insurance Act 1973

The inspector:

may make one or more reports in writing to APRA during the investigation of the whole or a part of the affairs of a body corporate and shall, if so directed in writing by APRA, make such reports as are specified in the direction; and

shall, on a completion or termination of the investigation, report in writing to APRA on the result of the investigation.

APRA must, on a completion or termination of an investigation made by APRA, make a report in writing on the result of the investigation.

A report made on the completion of the investigation shall include:

a statement of the opinion of APRA or the inspector in relation to the ability of the body corporate to meet its liabilities and the facts on which that opinion is based; and

if the investigation relates to the affairs of a body corporate that is associated with a body corporate (the authorised body corporate) that is a general insurer or authorised NOHC—a statement of the opinion of APRA or inspector in relation to the effect of the association on the ability of the authorised body corporate to meet its liabilities and the facts on which that opinion is based; and

the recommendations of APRA or the inspector with respect to:

if the body corporate is a general insurer or authorised NOHC—whether it should continue to be a general insurer or authorised NOHC; and

any recapitalisation directions that should be given to the body corporate; and

any directions that should be given to the body corporate under section 104; and

the question whether the affairs of the body corporate should be reorganized to enable it to meet its liabilities and continue to carry on business and, if so, the way in which they should be reorganized; and

such other matters affecting the body corporate or otherwise in the public interest in relation to the insurance or other business carried on by the body corporate as APRA or the inspector thinks fit.

A report made on the completion of the investigation may include statements of the opinion of APRA or the inspector in relation to the matters referred to in paragraphs (2)(a) and (b) and APRA’s or the inspector’s recommendations with respect to the matters referred to in paragraph (2)(c).

APRA or the inspector shall not include in a report a recommendation relating to the institution of criminal proceedings or a statement to the effect that, in APRA or the inspector’s opinion, a specified person has committed a criminal offence.

If the inspector is of the opinion that criminal proceedings ought to be instituted or that a person has committed a criminal offence, the inspector must advise APRA, in writing, of that opinion.

Subject to subsection (6), APRA shall give a copy of a report made by or to APRA under this section to the body corporate.

APRA shall seek the advice of the Attorney‑General before giving a copy of a report to the body corporate and shall not give a copy to the body corporate if the Attorney‑General advises APRA that, having regard to proceedings that have been or might be instituted, a copy of the report should not be so given.

Where a copy of a report has been given to the body corporate, APRA may, if APRA considers it is in the public interest to do so and after taking into consideration any advice APRA has received from the Attorney‑General, cause the whole or some part of the report to be published.

A court before which proceedings whether under this Act or otherwise are brought against a body corporate or other person in respect of matters dealt with in a report under this Part may order that a copy of the report be given to the body corporate or that person.