62ZZE
In forceAPRA may advise Minister of its belief of insolvency
Part VCFinancial claims scheme for policyholders with insolvent general insurers
Division 2Declaration of general insurer
62ZZE APRA may advise Minister of its belief of insolvency
(1)
This section applies if APRA believes that a particular general insurer:
(a)
is insolvent as defined in section 95A of the Corporations Act 2001; or
(b)
is a foreign general insurer and is unable to pay, from its assets in Australia (other than any assets or amount excluded by the prudential standards for the purposes of paragraph 28(b)), all its debts that are liabilities in Australia other than pre‑authorisation liabilities, as and when those debts become due and payable.
Note:
Section 116A deals with assets and liabilities in Australia.
(2)
APRA may give the Minister written advice of APRA’s belief.
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.