Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:3_54
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 3 cl 54
Character Range: 342773–344019

54  Subsection 181(2)
Repeal the subsection, substitute:
 (2) APRA may only make an application if any of the following requirements are met:
 (a) APRA is satisfied that it is necessary or proper that the application be made, having regard to the conclusions reached by APRA as a result of any of the following situations:
 (i) APRA investigating the business of the life company under Division 3 of Part 7;
 (ii) APRA taking control of the life company's business under subsection 179AA(1);
 (iii) an administrator of the life company's business recommending to APRA under section 179AJ that APRA apply for the life company to be wound up;
 (b) if the life company is an eligible foreign life insurance company—APRA considers that any of the following requirements are met:
 (i) an application for the appointment of an external administrator of the eligible foreign life insurance company, or for a similar procedure in respect of the eligible foreign life insurance company, has been made in one or more foreign countries;
 (ii) an external administrator has been appointed to the eligible foreign life insurance company, or a similar appointment has been made in respect of the eligible foreign life insurance company, in a foreign country.