Document ID: chunk:federal_register_of_legislation:C2025C00157:section:52:p1
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 52 (pt 1/3)
Character Range: 159343–161873

52  Investigation of general insurer, authorised NOHC or subsidiary by APRA or inspector
 (1) Where:
 (aa) it appears to APRA that a body corporate that is a general insurer or authorised NOHC:
 (i) is, or is likely to become, unable to meet its liabilities; or
 (ii) has contravened or failed to comply with a provision of this Act or the Financial Sector (Collection of Data) Act 2001 or a condition or direction applicable to it under this Act or that Act; or
 (ab) it appears to APRA that there is, or there may be, a risk to the security of a general insurer's or authorised NOHC's assets; or
 (a) it appears to APRA that there is, or there may be, a sudden deterioration in a general insurer's or authorised NOHC's financial condition; or
 (b) it appears to APRA that information in its possession calls for the investigation of the whole or any part of the business of a general insurer or authorised NOHC;
APRA may, by notice in writing served on the body corporate, require it to show cause within such period after service of the notice, being not less than 14 days, as APRA specifies in the notice, why APRA should not:
 (c) investigate the whole or any part of the business of the body corporate; or
 (d) appoint a person to make such an investigation and report to APRA the results of his or her investigation.
 (1AA) A notice under subsection (1) must specify which of paragraphs 1(aa), (ab), (a) or (b) is being relied on to give the notice.
 (1AB) Despite subsection (1), APRA may specify a period of less than 14 days in a notice under that subsection if:
 (a) APRA considers that specifying the shorter period is necessary; and
 (b) the period specified is reasonable in the circumstances.
 (1A) If APRA has served, or is proposing to serve, a notice under subsection (1) on a body corporate, APRA may:
 (a) if the notice has been served—at any time; or
 (b) otherwise—at or about the time when the notice is served;
cause a written notice to be served under subsection (1C) on a body corporate that is a subsidiary of the first‑mentioned body corporate.
 (1B) If it appears to APRA that a body corporate that is a subsidiary of a body corporate that is a general insurer or authorised NOHC has contravened a provision of this Act or the Financial Sector (Collection of Data) Act 2001 or a condition or direction applicable to it under this Act or the Financial Sector (Collection of Data) Act 2001, APRA may cause a written notice to be served under subsection (1C) on the subsidiary.
 (1C) A notice referred to