62ZU
CurrentOrder to wind up general insurer on APRA’s application
Part VBJudicial management, statutory management, other external administration and winding up
Division 3Extra provisions for winding up general insurers
62ZU Order to wind up general insurer on APRA’s application
(1)
After an investigation of a general insurer has been made under Part V, APRA may apply to the Federal Court for an order that the general insurer be wound up.
(2)
The Federal Court may make the order if satisfied that it is in the interests of the general insurer’s policyholders.
(3)
To avoid doubt, subsection (1) applies whether or not an Insurance Act statutory manager is in control of:
(a)
unless paragraph (b) applies—the general insurer’s business; or
(b)
if the general insurer is a foreign general insurer—the Australian business assets and liabilities of the foreign general insurer.
This Act’s bill:Second reading speech
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