Document ID: chunk:federal_register_of_legislation:C2025C00157:section:49r:p1
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 49R (pt 1/2)
Character Range: 152449–154985

49R  APRA may direct removal of auditor or actuary
 (1) APRA may, if satisfied there is a ground under subsection (3), give a written direction to a body corporate that is a general insurer to end the appointment of a person as:
 (a) an auditor of the general insurer; or
 (b) the actuary of the general insurer.
 (2) APRA may, if satisfied there is a ground under subsection (3), give a written direction to a body corporate that is an authorised NOHC to end the appointment of a person as:
 (a) the auditor of the authorised NOHC; or
 (b) the actuary of the authorised NOHC.
 (3) The grounds for giving a direction to end a person's appointment are:
 (a) if the person is an auditor or the actuary of a general insurer—the person is disqualified from holding such an appointment under section 44; or
 (b) the person does not meet one or more of the criteria for fitness and propriety set out in the prudential standards.
 (4) Before directing a body corporate to end a person's appointment, APRA must:
 (a) give written notice to:
 (i) the body corporate; and
 (ii) the person; and
 (b) give the body corporate and the person a reasonable opportunity to make submissions on the matter.
 (5) The notice must include a statement that any submissions in response to the notice may be discussed by APRA with other persons as mentioned in paragraph (6)(b).
 (6) If a submission is made in response to the notice, APRA:
 (a) must have regard to the submission; and
 (b) may discuss any matter contained in the submission with any persons APRA considers appropriate for the purpose of assessing the truth of the matter.
 (7) A direction to end a person's appointment takes effect on the day specified in the direction, which must be at least 7 days after the direction is made.
 (8) If APRA directs a body corporate to end a person's appointment, APRA must give the body corporate and the person a copy of the direction.
 (9) The power of a body corporate to comply with a direction to end a person's appointment may be exercised on behalf of the body corporate:
 (a) by the Chair of the board of directors of the body corporate signing a written notice; or
 (b) by a majority of the directors of the body corporate (excluding any director who is the subject of the direction) jointly signing a written notice.
 (10) Subsection (9) does not by implication limit any other powers of a body corporate to end a person's appointment.
 (11) Part VI applies to a decision by APRA to give a direction under this section on the ground referred to in