Document ID: chunk:federal_register_of_legislation:C2005A00100:clause:1_27
Version: federal_register_of_legislation:C2005A00100
Segment Type: clause
Provision Reference: sch 1 cl 27
Character Range: 25246–26868

27  Subsection 52(1)
Repeal the subsection, substitute:

 (1) Where:
 (aa) it appears to APRA that a body corporate that is a general insurer or authorised NOHC:
 (i) is, or is likely to become, unable to meet its liabilities; or
 (ii) has contravened or failed to comply with a provision of this Act or the Financial Sector (Collection of Data) Act 2001 or a condition or direction applicable to it under this Act or that Act; or
 (ab) it appears to APRA that there is, or there may be, a risk to the security of a general insurer's or authorised NOHC's assets; or
 (a) it appears to APRA that there is, or there may be, a sudden deterioration in a general insurer's or authorised NOHC's financial condition; or
 (b) the Treasurer agrees, in writing, to the giving of a notice under this subsection;
APRA may, by notice in writing served on the body corporate, require it to show cause within such period after service of the notice, being not less than 14 days, as APRA specifies in the notice, why APRA should not:
 (c) investigate the whole or any part of the business of the body corporate; or
 (d) appoint a person to make such an investigation and report to APRA the results of his or her investigation.

Note: This amendment restates a provision of the Principal Act to incorporate the substance of two amendments of that provision that start on the same day and that interact. The amendments were made by item 36 of Schedule 1 to the General Insurance Reform Act 2001 and item 29 of Schedule 2 to the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001.

Judiciary Act 1903