Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_12
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 10953–12158

12  Obtaining an authorisation

 (1) A body corporate may apply in writing to APRA for an authorisation to carry on insurance business in Australia.

Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975, the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991.

 (1A) APRA may require the body corporate to provide a statutory declaration in relation to information or documents provided in relation to the application.

 (2) APRA may authorise an applicant to carry on insurance business in Australia. The authorisation must be in writing.

 (3) Without limiting the circumstances in which APRA may refuse an application, APRA may refuse an application if the applicant is a subsidiary of a NOHC that is not an authorised NOHC.

 (4) If APRA authorises an applicant, APRA must:
 (a) give written notice to the applicant; and
 (b) ensure that notice of the authorisation is published in the Gazette.

 (5) The taking of an action is not invalid merely because of a failure to comply with subsection (4).

 (6) Part VI applies to a refusal of APRA to authorise an applicant under this section.