Document ID: chunk:federal_register_of_legislation:C2025C00157:section:32:p2
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 32 (pt 2/2)
Character Range: 107934–110069

subsidiary concerned.
 (3CA) APRA may vary or revoke a modification of a prudential standard and, if it revokes a modification, it may make under subsection (3A) a further modification of the standard in substitution for the previous modification. APRA must give written notice of a variation or revocation to the general insurer, authorised NOHC or subsidiary concerned.
 (3D) The prudential standards may provide for APRA to exercise powers and discretions under the standards, including but not limited to discretions to approve, impose, adjust or exclude specific prudential requirements in relation to the following:
 (a) a particular general insurer, authorised NOHC or subsidiary of a general insurer or authorised NOHC;
 (b) specified general insurers, authorised NOHCs or subsidiaries of general insurers or authorised NOHCs.
 (4) APRA may, in writing, vary or revoke a standard. However, APRA must not, under this subsection, vary or revoke a standard in a way described in subsection (3A).
 (4A) A standard referred to in paragraph (1)(e), or an instrument varying or revoking such a standard, has effect:
 (a) from the day on which the standard, variation or revocation is made; or
 (b) if the standard, variation or revocation specifies a later day—from that later day.
 (5) The following instruments made under this section are not legislative instruments:
 (a) a standard referred to in paragraph (1)(e);
 (b) an instrument varying or revoking a standard referred to in paragraph (1)(e);
 (c) a modification of a standard under subsection (3A);
 (d) an instrument varying or revoking a modification under subsection (3A).
 (5A) Otherwise, an instrument made under this section is a legislative instrument.
 (6) Despite section 14 of the Legislation Act 2003 and section 46AA of the Acts Interpretation Act 1901, the standards may make provision for or in relation to a matter by applying, adopting or incorporating any matter contained in an instrument or other writing as in force or existing from time to time.
 (7) Part VI applies to a decision to determine, vary or revoke a standard referred to in paragraph (1)(e).