Commonwealth Numbered Acts

PRIVATE HEALTH INSURANCE (PRUDENTIAL SUPERVISION) ACT 2015 (NO. 85, 2015) - SECT 120

             (1)  On application by APRA, the Federal Court may, by order, disqualify a person from being or acting as someone referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that:

                     (a)  the person is not a fit and proper person to be or act as such a person; and

                     (b)  the disqualification is justified.

             (2)  For the purposes of subsection (1), the Federal Court may disqualify a person from being or acting as an officer or appointed actuary of:

                     (a)  a particular private health insurer; or

                     (b)  a class of private health insurers; or

                     (c)  any private health insurer.

             (3)  In deciding whether paragraph (1)(a) is satisfied, the Federal Court may take into account:

                     (a)  any criteria for fitness and propriety set out in prudential standards; and

                     (b)  any other matters specified in prudential standards; and

                     (c)  any other matters the Court considers relevant.

             (4)  In deciding whether paragraph (1)(b) is satisfied, the Federal Court may have regard to:

                     (a)  if the application is for the person to be disqualified from being or acting as an officer--the person's conduct in relation to the management, business or property of any corporation; and

                     (b)  if the application is for the person to be disqualified from being or acting as an appointed actuary--the person's conduct, in relation to the person's functions or duties as an actuary, under any of the following:

                              (i)  this Act;

                             (ii)  the Private Health Insurance Act 2007 ;

                            (iii)  the Financial Sector (Collection of Data) Act 2001 ;

                            (iv)  the Insurance Act 1973 ;

                             (v)  the Life Insurance Act 1995 ;

                            (vi)  the Superannuation Industry (Supervision) Act 1993 ; and

                     (c)  in any case--any other matters the Court considers relevant.

             (5)  As soon as practicable after the Federal Court disqualifies a person under this section, APRA must cause particulars of the disqualification:

                     (a)  if the person is, or is acting as, an officer or appointed actuary of a private health insurer--to be given to the private health insurer concerned; and

                     (b)  to be published in the Gazette.