Document ID: chunk:federal_register_of_legislation:C2025C00135:section:88:p2
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 88 (pt 2/2)
Character Range: 184251–185704

the owners of policies issued by the body, if it is a life company, or by a life company that is related to the body; and
 (c) the person informs an auditor of the body that the body has informed APRA in writing of the contravention; and
 (d) the body has not done so.
Penalty: Imprisonment for 12 months.
 (3) If:
 (a) an auditor of a body corporate that is a life company, registered NOHC or subsidiary of a life company or registered NOHC has drawn to the attention of the body, or of the directors or an officer of the body, a matter that the auditor thinks requires action to be taken by the body or its directors:
 (i) to avoid a contravention of this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023; or
 (ii) to avoid prejudice to the interests of the owners of policies issued by the body, if it is a life company, or by a life company that is related to the body; and
 (b) the auditor is satisfied that there has been reasonable time for the taking of the action but the action has not been taken;
the auditor must inform APRA in writing of the matter referred to in paragraph (a).
 (4) If:
 (a) a person becomes subject to an obligation under subsection (2) or (3) to inform APRA of anything; and
 (b) before the person informs APRA, the person ceases to be an auditor of the body concerned;
the person remains subject to the obligation as if he or she were still an auditor of the body.