Document ID: chunk:federal_register_of_legislation:C2025C00157:section:44
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 44
Character Range: 127040–129161

44  Court power of disqualification
 (1) On application by APRA, the Federal Court of Australia may, by order, disqualify a person from holding any appointment as a person referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that:
 (a) any of the following applies:
 (i) the person has failed to perform adequately and properly the functions and duties of such an appointment under this Act or the prudential standards;
 (ia) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023;
 (ii) the person otherwise does not meet one or more of the criteria for fitness and propriety set out in the prudential standards;
 (iii) the person does not meet the eligibility criteria for such an appointment as set out in the prudential standards; and
 (b) the disqualification is justified.
 (2) For the purposes of subsection (1), the Court may disqualify a person from being or acting as an auditor or actuary of:
 (a) a particular general insurer; or
 (b) a class of general insurers; or
 (c) any general insurer.
 (3) In deciding whether it is satisfied as mentioned in paragraph (1)(a), the Court may take into account:
 (a) any matters specified in the regulations for the purposes of this paragraph; and
 (b) any criteria for fitness and propriety set out in the prudential standards; and
 (c) any other matters the Court considers relevant.
 (4) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to:
 (a) the person's conduct in relation to the functions or duties that the person is required to perform under this Act, the prudential standards and the Financial Accountability Regime Act 2023; and
 (b) any other matters the Court considers relevant.
 (5) As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification:
 (a) if the person is, or is acting as, an auditor or actuary of a general insurer—to be given to the general insurer concerned; and
 (b) to be published in the Gazette.