Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_26
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 26
Character Range: 37228–38398

26  APRA may determine that a person is not a disqualified person

 (1) Despite section 25, APRA may determine (in writing) that a person is not a disqualified person. APRA may do so on its own initiative or on the application of the person.

 (2) However, APRA may only make the determination if it is satisfied that the person is highly unlikely to be a prudential risk to any general insurer or authorised NOHC.

 (3) The determination takes effect on the day on which it is made and APRA must as soon as practicable give a copy of the determination to the person concerned and to any affected general insurer or authorised NOHC.

 (4) If a person applies for a determination under this section, APRA must:
 (a) either make, or refuse to make, the determination; and
 (b) give the person written notice of the decision including, in the case of a refusal, the reasons for the refusal.

 (5) APRA may revoke a determination under this section by giving written notice to the person concerned and must give a copy of the notice to any affected general insurer or authorised NOHC.

 (6) Part VI applies to a refusal of APRA to make a determination under this section.