Document ID: chunk:federal_register_of_legislation:C2025C00157:section:104:p5
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 104 (pt 5/6)
Character Range: 416396–419023

in a way so as to ensure that:
 (i) a particular asset, or a particular class of assets, of the foreign general insurer is returned to the control (however described) of the part of the foreign general insurer's insurance business that is carried on in Australia; or
 (ii) a particular liability, or a particular class of liabilities, of the foreign general insurer ceases to be the responsibility (however described) of the part of the foreign general insurer's insurance business that is carried on in Australia;
 (b) a direction that the foreign general insurer not act in a way that has the result that:
 (i) a particular asset, or a particular class of assets, of the foreign general insurer ceases to be under the control (however described) of the part of the foreign general insurer's insurance business that is carried on in Australia; or
 (ii) a particular liability, or a particular class of liabilities, of the foreign general insurer becomes the responsibility (however described) of the part of the foreign general insurer's insurance business that is carried on in Australia.
 (4B) The kinds of direction that may be given as mentioned in subsection (3) are not limited by any other provision in this Part.
 (4C) The kinds of direction that may be given as mentioned in a particular paragraph of subsection (3) are not limited by any other paragraph of that subsection.
 (5) The direction may deal with the time by which, or period during which, it is to be complied with.

Body corporate and subsidiary have power to comply with direction
 (6) The body corporate has power to comply with the direction despite anything in its constitution or any contract or arrangement to which it is a party.
 (7) If the direction requires the body corporate to cause a subsidiary to do, or to refrain from doing, an act or thing:
 (a) the body corporate has power to cause the subsidiary to do, or to refrain from doing, the act or thing; and
 (b) the subsidiary has power to do, or to refrain from doing, the act or thing;
despite anything in the subsidiary's constitution or any contract or arrangement to which the subsidiary is a party.

Variation and revocation of directions
 (8) APRA may, by notice in writing to the body corporate, vary the direction if, at the time of the variation, it considers that the variation is necessary or appropriate.
 (9) APRA may, by notice in writing to the body corporate, revoke the direction if, at the time of the revocation, it considers that the direction is no longer necessary or appropriate.
 (10) Part VI applies to a decision to give a direction:
 (a) under subsection (1) as