Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 16

             (1)  APRA must revoke (in writing) a general insurer's authorisation under section 12 if:

                     (a)  the insurer asks (in writing) APRA to do so; and

                     (b)  APRA is satisfied that:

                              (i)  the insurer has no liabilities in respect of insurance business carried on by it in Australia; and

                             (ii)  revoking the authorisation would not be contrary to the national interest.

             (2)  If APRA revokes a general insurer's authorisation, APRA must:

                     (a)  give written notice to the insurer; and

                     (b)  ensure that notice of the revocation is published in the Gazette .

             (3)  A revocation is not invalid merely because of a failure to comply with subsection (2).