Document ID: chunk:federal_register_of_legislation:F2024C01015:clause:1_3ab
Version: federal_register_of_legislation:F2024C01015
Segment Type: clause
Provision Reference: sch 1 cl 3AB
Character Range: 4652–6125

3AB  Revocation of approval
 (1) The Minister may revoke the approval of an approved insurer if the insurer contravenes:
 (a) a provision of this Act or of any regulations under this Act; or
 (b) a condition to which the insurer's approval is subject.
 (2) In deciding whether to revoke an approval under subsection (1), the Minister must consider:
 (a) the kind and seriousness of the contravention; and
 (b) whether the insurer has previously contravened a provision of this Act or of any regulations under this Act, or a condition to which the insurer's approval is subject (as the case may be).
 (3) The revocation of an approval does not affect:
 (a) a policy of insurance made with the approved insurer that is in force before the revocation; or
 (b) any liability of the insurer under that policy, or this Act, that was incurred before the revocation.
 (4) Subject to the Administrative Review Tribunal Act 2024, application may be made to the Administrative Review Tribunal for review of the decision of the Minister to revoke the approval of an insurer under subsection (1).
 (5) A revocation takes effect on the day on which:
 (a) the Minister gives written notice to the insurer of the revocation, and the reasons for it; or
 (b) if the insurer makes an application under subsection (4)—the insurer is given notice of a decision affirming the revocation.
 (6) Failure by the Minister to give the reasons for revocation does not make the revocation ineffective.