Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 22

             (1)  APRA may, at any time, impose conditions on the registration of a company.

          (1A)  Without limiting the conditions that APRA may impose on the registration, APRA may make the registration conditional on a body corporate, of which the company is a subsidiary, being a registered NOHC.

             (2)  APRA imposes conditions by giving the company concerned written notice of the imposition of the conditions and of their terms.

             (3)  If APRA thinks that a particular condition is no longer required or should be varied, APRA must, by written notice given to the company, revoke or vary the condition.

             (4)  If a company asks APRA, in writing, to revoke or vary a condition, APRA must act as follows:

                     (a)  if APRA thinks the condition is no longer necessary or should be varied, APRA must revoke or vary the condition accordingly;

                     (b)  in any other case, APRA must refuse to revoke or vary the condition.

             (5)  APRA must give a company written notice of a decision under subsection (4).