Involving APRA in proposed appointment of external administrators of general insurers and NOHCs
62ZQ Involving APRA in proposed appointment of external administrators of general insurers and NOHCs
At least one week before a person other than APRA:
makes an application to a court under Chapter 5 of the Corporations Act 2001 for the appointment of an external administrator of a general insurer or of an authorised NOHC of a general insurer; or
makes another kind of application (whether or not to a court) for the appointment of an external administrator of a general insurer or of an authorised NOHC of a general insurer; or
appoints an external administrator of a general insurer or of an authorised NOHC of a general insurer (otherwise than as the result of an application made by another person);
the person must give APRA written notice that the person proposes to make the application or appointment.
If there is an approved form for the notice, the person must give the notice in the approved form.
Subsection (1) does not apply if APRA gives the person written notice, before the person makes the application or appointment, that APRA consents to the person making the application or appointment.
APRA is entitled to be heard on the application.
After receiving the notice, APRA may request the person to provide details of the proposed application.
Offence
A person (other than APRA) commits an offence if:
the person:
makes an application to a court under Chapter 5 of the Corporations Act 2001 for the appointment of an external administrator of a general insurer or of an authorised NOHC of a general insurer; or
makes another kind of application (whether or not to a court) for the appointment of an external administrator of a general insurer or of an authorised NOHC of a general insurer; or
appoints an external administrator of a general insurer or of an authorised NOHC of a general insurer (otherwise than as the result of an application made by another person); and
APRA did not give the person written notice, before the person made the application or appointment, of APRA’s consent to the person making the application or appointment, in accordance with subsection (3); and
at least one week before making the application or appointment:
if there is an approved form for the purposes of this paragraph—the person did not give APRA notice in the approved form indicating that the person proposed to make the application or appointment; or
otherwise—the person did not give APRA written notice indicating that the person proposed to make the application or appointment.
Penalty: 60 penalty units.
An offence against subsection (6) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.