Document ID: chunk:federal_register_of_legislation:C2025C00157:section:62zoo
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 62ZOO
Character Range: 258899–259974

62ZOO  Termination of Insurance Act statutory manager's appointment
 (1) 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:
 (a) the administrator contravenes a requirement of this Division; or
 (b) APRA considers such action necessary to:
 (i) 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
 (ii) if the body corporate is a general insurer—protect the interests of policyholders of the general insurer; or
 (iii) promote financial system stability in Australia.
 (2) If:
 (a) APRA is the statutory manager of a body corporate; and
 (b) 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.
 (3) This section has effect subject to section 62ZOC.