Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_16
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 17080–17778

16  When APRA must revoke a general insurer's authorisation

 (1) APRA must revoke (in writing) a general insurer's authorisation under section 12 if:
 (a) the insurer asks (in writing) APRA to do so; and
 (b) APRA is satisfied that:
 (i) the insurer has no liabilities in respect of insurance business carried on by it in Australia; and
 (ii) revoking the authorisation would not be contrary to the national interest.

 (2) If APRA revokes a general insurer's authorisation, APRA must:
 (a) give written notice to the insurer; and
 (b) ensure that notice of the revocation is published in the Gazette.

 (3) A revocation is not invalid merely because of a failure to comply with subsection (2).