Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_42
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 42
Character Range: 52395–53162

42  Revocation of approval

 (1) APRA may revoke an approval of a person's appointment under section 40 if APRA is satisfied that the person:
 (a) has failed to perform adequately and properly the functions and duties of the appointment under this Act or the prudential standards; or
 (b) does not meet one or more of the criteria for fitness and propriety set out in the prudential standards; or
 (c) does not meet the eligibility criteria for such an appointment as set out in the prudential standards.

 (2) The revocation must be in writing and takes effect on the day on which it is made.

 (3) APRA must give a copy of the revocation to the person and to the general insurer who made the appointment.

 (4) Part VI applies to a revocation under this section.