Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A judicial manager appointed to manage a general insurer may apply to the Federal Court for an order cancelling the judicial management.
(2) Any other interested person may apply to the Federal Court for an order cancelling the judicial management of a general insurer.
(3) On an application under subsection (1) or (2), the Federal Court may cancel the order for the judicial management of the general insurer if it appears to the Court:
(a) that the purpose of the order has been fulfilled; or
(b) that for any reason it is undesirable that the order remain in force.
(4) Before applying to the Federal Court under subsection (1) or (2), the judicial manager or interested person must:
(a) inform APRA that he or she intends to make the application; and
(b) give APRA written details of the application.
(5) At the time when an order cancelling the judicial management of the general insurer comes into force:
(a) the judicial manager ceases to have the powers and functions of an officer of the general insurer; and
(b) the board of directors or other governing body of the general insurer starts to have those powers; and
(c) if the general insurer is a foreign general insurer and there is a person appointed as an agent of the general insurer for the purposes of section 118--the person starts to have the powers and functions of such an agent.
(6) APRA is entitled to be heard on any application made under
subsection (1) or (2).