Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 230D

Power to publish notice of directions in Gazette

  (1)   APRA may publish in the Gazette notice of any direction made under section   230B. The notice must include the name of the life company, registered NOHC or other body corporate given the direction and a summary of the direction.

Requirement to publish notice of revocation of certain directions in Gazette

  (2)   If APRA publishes notice of a direction made under section   230B and then later revokes the direction, APRA must publish in the Gazette notice of that revocation as soon as practicable after the revocation. Failure to publish notice of the revocation does not affect the validity of the revocation.

Requirement to provide information about direction to Minister

  (3)   If the Minister requests APRA to provide information about:

  (a)   any directions under section   230B in respect of a particular life company, registered NOHC or other body corporate; or

  (b)   any directions made during a specified period under section   230B in respect of any life companies, registered NOHCs or other bodies corporate;

APRA must comply with the request.

Power to inform Minister of direction

  (4)   APRA may provide any information that it considers appropriate to the Minister about any directions, or revocations of directions, made under section   230B, in respect of any life company, registered NOHC or other body corporate, at any time.

Requirement to inform Minister of revocation of direction if informed of making of direction

  (5)   If APRA provides the Minister with information about a direction and then later revokes the direction, APRA must notify the Minister of the revocation of the direction as soon as practicable after the revocation. Failure to notify the Minister does not affect the validity of the revocation.