Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p20
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 48259–50954

section 121 of that Act, give directions to the body corporate with respect to the carrying on of its insurance business.
(2) Where a direction has been given to a body corporate under sub-section (1) and it appears at any time to the Commissioner that the direction is no longer necessary or should be varied, the Commissioner shall, by notice in writing served on the body corporate, revoke or vary the direction.
(3) Where a body corporate to which a direction has been given under sub-section (1) applies to the Commissioner, by notice in writing, for the direction to be revoked or varied, the Commissioner shall—
     (a) if it appears to him that the direction is no longer necessary or should be varied—revoke or vary the direction; or
     (b) in any other case—refuse to revoke or vary the direction,
and shall serve on the body corporate notice in writing of his decision.

(4) A prescribed body corporate that contravenes or fails to comply with a direction given to it under sub-section (1) is, in respect of each day during which it so contravenes or fails to comply with the direction (including the day of a conviction under this sub-section or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $20,000.
(5) Without limiting the directions that may be given to a body corporate under sub-section (1), the following directions may be given under that sub-section:
     (a) a direction that the body corporate shall not issue policies or undertake liability under contracts of insurance;
     (b) a direction that the body corporate shall not renew policies;
     (c) a direction that the body corporate shall not issue policies in respect of insurance business included in a class of insurance business specified in the direction or undertake liability under contracts of insurance included in a class of contracts of insurance so specified;
     (d) a direction that the body corporate shall not renew policies in respect of insurance business included in a class of insurance business specified in the direction;
     (e) a direction that the body corporate shall limit the amount of its premium income during a specified financial year, or the amount of its premium income in Australia during a specified financial year, to a specified amount.
(6) Part VI of the Insurance Act 1973 applies to a decision of the Commissioner under sub-section (1), and, for the purposes of the definition of "reviewable decision of the Treasurer or the Commissioner" in sub-section 63 (1) of that Act, that Part shall be deemed so to apply by virtue of that Act.
(7) The powers conferred on the Commissioner by this section are in addition to, and do not