Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_36
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 36
Character Range: 47769–48552

36  Power to make a direction

 (1) If APRA is satisfied that a general insurer, authorised NOHC or a subsidiary of a general insurer or authorised NOHC:
 (a) has breached a prudential standard; or
 (b) is likely to breach a prudential standard in a way that is likely to give rise to a prudential risk;
APRA may (in writing) direct the insurer, NOHC or subsidiary to comply with all or a part of the standard within a specified time.

 (2) The general insurer, authorised NOHC or subsidiary must comply with the direction despite anything in its constitution or in any contract or arrangement to which it is a party.

 (3) APRA may revoke a direction that APRA considers is no longer necessary or appropriate by giving written notice to the insurer, NOHC or subsidiary concerned.