Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_49n
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 49N
Character Range: 73235–74390

49N  Direction concerning value of assets

 (1) If APRA is not satisfied that a general insurer has worked out the value of an asset of the insurer in accordance with the prudential standards, APRA may give a written direction to the insurer that the asset's value is instead the value specified in the direction.

 (2) However, APRA may only give a direction if APRA has the Treasurer's written agreement to do so.

 (3) APRA may vary or revoke the direction, by giving written notice to the general insurer, if:
 (a) APRA considers that the direction should be varied or is no longer necessary; and
 (b) the Treasurer gives his or her written agreement.
APRA may do so on its own initiative or on the application of the insurer.

 (4) If a general insurer applies for a direction to be varied or revoked, APRA must:
 (a) either vary or revoke, or refuse to vary or revoke, the direction; and
 (b) give the insurer written notice of APRA's decision about varying or revoking the direction.

 (5) To avoid doubt, this section has effect for the purposes of this Division, the prudential standards and the Financial Sector (Collection of Data) Act 2001.