Document ID: chunk:federal_register_of_legislation:C2025C00173:section:60:p1
Version: federal_register_of_legislation:C2025C00173
Segment Type: section
Provision Reference: s 60 (pt 1/2)
Character Range: 84125–86759

60  Dealing with reports given to APRA

Deciding what to do in relation to a recommendation
 (1) For the purpose of deciding what to do in relation to a recommendation under subsection 59(3), APRA may:
 (a) request the external manager to provide further information on any matter; and
 (b) engage any person to assist it in evaluating assessments made, or projections relied on, by the external manager in relation to matters dealt with in the report.
APRA must have regard to the external manager's report, and to any additional information provided by the external manager or by any person engaged to assist APRA, in reaching its decision.

APRA to inform external manager if satisfied with a recommended course of action
 (2) If APRA is satisfied that a course of action recommended by the external manager under subsection 59(3) will, in the circumstances, be in the interests of the policy holders of the fund, APRA must, by written notice, inform the external manager to that effect.
Note: If APRA is satisfied with a recommendation that the external management cease, then the external management ends when notice is given under this subsection (see paragraph 62(2)(c)).

Additional steps to be taken by APRA if satisfied with certain kinds of recommended course of action
 (3) If the course of action in relation to which APRA is satisfied as mentioned in subsection (2) is a course of action specified in paragraph 59(4)(a), APRA must, in writing, direct the external manager to apply under subsection 61(1) to give effect to the course of action.
 (4) If the course of action in relation to which APRA is satisfied as mentioned in subsection (2) is termination of the funds of the private health insurer in question, APRA must, in writing, direct the external manager to apply under subsection 66(1) for the appointment of a terminating manager of the funds.
 (5) APRA rules may provide for what is to be done if the course of action in relation to which APRA is satisfied as mentioned in subsection (2) is a course of action that is not of a kind specified in subsection 59(4) or (5).

If APRA is not satisfied with a recommended course of action
 (6) If APRA is not satisfied as mentioned in subsection (2), APRA may take a different course of action that APRA is satisfied will, in the circumstances, be in the interests of policy holders of the fund.
 (7) The courses of action that APRA may take under subsection (6) include:
 (a) APRA applying to the Federal Court for an order or orders in relation to the responsible insurer for the fund implementing a scheme of arrangement concerning the business of the fund; and