Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 22

             (1)  APRA must revoke (in writing) a body corporate's NOHC authorisation if:

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

                     (b)  APRA is satisfied that revoking the authorisation would not be contrary to either:

                              (i)  the national interest; or

                             (ii)  the interests of the policyholders of any general insurer who is a subsidiary of the body corporate.

             (2)  If APRA revokes a body corporate's NOHC authorisation, APRA must:

                     (a)  give written notice to the body corporate; 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).