Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Australian Prudential Regulation Authority Act 1998
1 Paragraph 3(2)(c)
Repeal the paragraph, substitute:
(c) a general insurer, authorised NOHC or subsidiary of a general insurer or authorised NOHC, within the meaning of the Insurance Act 1973 ;
1A After subsection 56(6)
Insert:
(6A) It is not an offence if the disclosure of protected information or the production of a protected document is to:
(a) an auditor who has provided, or is providing, professional services to a general insurer, authorised NOHC or a subsidiary of a general insurer or authorised NOHC; or
(b) an actuary who has provided, or is providing, professional services to a general insurer, authorised NOHC or a subsidiary of a general insurer or authorised NOHC;
and the disclosure is for the purposes of the performance of APRA's functions, or the exercise of APRA's powers, under a law of the Commonwealth or of a State or Territory.
Australian Securities and Investments Commission Act 2001
2 Subsections 216(3) and (6)
After "ASIC" (wherever occurring), insert "or APRA".
3 Paragraphs 218(3)(a) and (c)
After "ASIC" (wherever occurring), insert "or APRA".
4 Paragraph 223(1)(d)
After "ASIC", insert "or APRA".
5 Subsections 223(2) and (3)
After "ASIC" (wherever occurring), insert "or APRA".
6 Subsection 223(4)
After "ASIC's costs" (wherever occurring), insert "or APRA's costs".
7 Subsection 223(5)
After "ASIC" (wherever occurring), insert "or APRA".
8 Paragraph 462(3)(b)
Repeal the paragraph, substitute:
(b) the company's liabilities, worked out for the purpose of the prudential standards (within the meaning of that Act), exceed the company's assets worked out for that purpose.
9 Subsections 1292(1), (7), (9) and (10)
After "ASIC" (wherever occurring), insert "or APRA".
10 Subsection 1294(2)
After "ASIC", insert "and APRA".
Financial Sector (Collection of Data) Act 2001
11 Paragraph 5(4)(b)
Repeal the paragraph.
Financial Transactions Reports Act 1988
12 Subsection 3(1) (definition of insurer )
Omit all the words after "business".
Insurance Acquisitions and Takeovers Act 1991
13 Section 4 (paragraph (a) of the definition of book outstanding claims provision )
Omit "outstanding claims provision", substitute "outstanding claims liability (within the meaning of the prudential standards determined under that Act)".
14 Section 4 (paragraph (a) of the definition of book unearned premiums provision )
Omit "unearned premiums provision", substitute "premiums liability (within the meaning of the prudential standards determined under that Act)".
Seafarers Rehabilitation and Compensation Act 1992
15 Section 3 (definition of authorised insurer )
Omit "insurance company", substitute "insurer or Lloyd's underwriter".