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.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.