Document ID: chunk:federal_register_of_legislation:C2025C00157:section:74
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 74
Character Range: 337933–339958

74  APRA may direct that Lloyd's underwriters must not issue or renew policies
 (1) If it appears to APRA that:
 (a) there has been a contravention of any of the provisions of:
 (i) this Division; or
 (ii) Division 2 or 4; or
 (b) as a result of an enactment of an Act of the United Kingdom, a substantial change is made in the constitution, powers, rights or obligations of Lloyd's or of Lloyd's underwriters; or
 (c) as a result of a making of a by‑law by Lloyd's, the rights or obligations of Lloyd's underwriters are substantially changed;
APRA may, by written notice given to Lloyd's, give either or both of the following directions:
 (d) a direction that Lloyd's underwriters must not issue policies or undertake liability under contracts of insurance;
 (e) a direction that Lloyd's underwriters must not renew policies.
 (2) If:
 (a) a direction under subsection (1) has been in force for a period of more than 180 days; and
 (b) Lloyd's requests APRA, in writing, to review the direction;
APRA must consider whether the direction should:
 (c) remain in force; or
 (d) be varied; or
 (e) be revoked.
 (3) In considering the matter referred to in subsection (2), APRA must have regard to:
 (a) whether an investigation under Subdivision B of Division 4 is being, or has been, undertaken; and
 (b) whether a determination under section 93 is in force; and
 (c) such other matters (if any) as APRA considers relevant.
 (4) If:
 (a) a request is made under subsection (2) in relation to a direction; and
 (b) the direction is still in force immediately before the end of the period of 30 days that began when the request was made;
the direction ceases to be in force at the end of that period.
 (5) A Lloyd's underwriter must comply with a direction in force under subsection (1).
 (6) A person who intentionally or recklessly contravenes subsection (5) commits an offence punishable on conviction by a fine not exceeding 200 penalty units.
 (7) A copy of a notice under subsection (1) is to be published in the Gazette.