Document ID: chunk:federal_register_of_legislation:C2009A00075:clause:1_82
Version: federal_register_of_legislation:C2009A00075
Segment Type: clause
Provision Reference: sch 1 cl 82
Character Range: 19186–20752

82  Subsections 132A(4) and (5)
Repeal the subsections, substitute:

Matters requiring notice as soon as practicable
 (4) If a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC becomes aware:
 (a) both:
 (i) that the body has breached or will breach a provision of this Act (other than a provision to which subsection (1) applies); and
 (ii) that the breach is or will be significant (see subsection (5)); or
 (b) of a matter that materially and adversely affects the body's financial position;
the body must give APRA a written report about the breach or matter as soon as practicable, and in any case no later than 10 business days, after becoming aware of the breach or matter.
 (5) For the purposes of subparagraph (4)(a)(ii), a breach of a provision is or will be significant if the breach is or will be significant having regard to one or more of the following:
 (a) the number or frequency of similar breaches;
 (b) the impact the breach has or will have on the body corporate's ability to conduct its business;
 (c) the extent to which the breach indicates that the body corporate's arrangements to ensure compliance with this Act might be inadequate;
 (d) the actual or potential financial loss arising or that will arise from the breach:
 (i) to the owners of policies issued by the body corporate, if it is a life company, or by a life company that is related to the body corporate; or
 (ii) to the body corporate;
 (e) any matters prescribed by the regulations for the purposes of this paragraph.