Termination of Insurance Act statutory manager’s appointment
62ZOO Termination of Insurance Act statutory manager’s appointment
APRA may terminate the appointment of an administrator of a body corporate’s business and either appoint another person as administrator of the body corporate’s business or itself take control of the body corporate’s business if:
the administrator contravenes a requirement of this Division; or
APRA considers such action necessary to:
facilitate the resolution of the body corporate, a relevant group of bodies corporate of which the body corporate is a member, or another member of such a group; or
if the body corporate is a general insurer—protect the interests of policyholders of the general insurer; or
promote financial system stability in Australia.
If:
APRA is the statutory manager of a body corporate; and
the requirement in paragraph (1)(b) is satisfied;
it may cease to be the statutory manager of the body corporate and appoint a person as administrator of the body corporate’s business.
This section has effect subject to section 62ZOC.
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