Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 28B

  (1)   APRA may, at any time, by giving written notice to a registered NOHC:

  (a)   impose conditions, or additional conditions, on the NOHC registration; and

  (b)   vary or revoke conditions imposed on the NOHC registration.

The conditions must relate to prudential matters.

  (2)   A condition may be expressed to have effect despite anything in the prudential standards.

  (3)   If APRA imposes, varies or revokes the conditions on a NOHC registration, APRA must:

  (a)   give written notice to the registered NOHC; and

  (b)   ensure that notice that the action has been taken is published in the Gazette .

  (4)   The taking of an action is not invalid merely because of a failure to comply with subsection   (3).