Document ID: chunk:federal_register_of_legislation:C2009A00075:clause:1_136
Version: federal_register_of_legislation:C2009A00075
Segment Type: clause
Provision Reference: sch 1 cl 136
Character Range: 30419–32284

136  Subsection 230B(1)
Repeal the subsection, substitute:
 (1) APRA may give a body corporate that is a life company or a registered NOHC a direction of a kind specified in subsection (2) if APRA has reason to believe that:
 (a) the body corporate has contravened a provision of this Act or the Financial Sector (Collection of Data) Act 2001; or
 (b) the body corporate is likely to contravene this Act or the Financial Sector (Collection of Data) Act 2001, and such a contravention is likely to give rise to a prudential risk; or
 (c) the body corporate has contravened a condition or direction under this Act or the Financial Sector (Collection of Data) Act 2001; or
 (d) the direction is necessary in the interests of:
 (i) if the body corporate is a life company—policy owners or prospective policy owners of the life company; or
 (ii) if the body corporate is a registered NOHC—policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or
 (e) the body corporate is, or is about to become, unable to meet its liabilities; or
 (f) there is, or there might be, a material risk to the security of the body corporate's assets; or
 (g) there has been, or there might be, a sudden material deterioration in the body corporate's financial condition; or
 (h) the body corporate is conducting its affairs in an improper or financially unsound way; or
 (i) the failure to issue a direction would materially prejudice the interests of:
 (i) if the body corporate is a life company—policy owners or prospective policy owners of the life company; or
 (ii) if the body corporate is a registered NOHC—policy owners or prospective policy owners of any life company that is a subsidiary of the NOHC; or
 (j) the body corporate is conducting its affairs in a way that may cause or promote instability in the Australian financial system.