230BAPRA may give directions in certain circumstances

230B APRA may give directions in certain circumstances

(1) APRA may give a life company a direction of a kind specified in subsection (2) if APRA considers that:

(a) the company has contravened this Act or a condition referred to in subsection 22(1) or paragraph 125A(4)(a) or 125B(4)(a); or

(b) the direction is necessary in the interests of policy owners or prospective policy owners of the company.

The direction is to be by notice in writing given to the company. (2) The kinds of direction the life company may be given are as follows:

(a) a direction to comply with the whole or a part of this Act or with a condition referred to in paragraph (1)(a);

(b) a direction to order an audit of the affairs of the company, at the expense of the company, by an auditor chosen by APRA;

(c) a direction to order an actuarial investigation of the affairs of the company, at the expense of the company, by an actuary chosen by APRA;

(d) a direction to do all or any of the following:

(i) remove a director, secretary, executive officer or employee of the company from office;

(ii) ensure a director, secretary, executive officer or employee of the company does not take part in the management or conduct of the business of the company except as permitted by APRA;

(iii) appoint a person or persons as a director, secretary, executive officer or employee of the company for such term as APRA directs;

(e) a direction to remove any auditor of the company from office and appoint another auditor to hold office for such term as APRA directs;

(f) a direction to terminate the appointment of the appointed actuary of the company and to appoint another actuary to hold office for such term as APRA directs;

(g) a direction not to give any financial accommodation to any person;

(h) a direction not to issue any policy or collect any premium;

(i) a direction not to borrow any amount;

(j) a direction not to accept any payment on account of share capital, except payments in respect of calls that fell due before the direction was given;

(k) a direction not to repay any amount paid on shares;

(l) a direction not to pay a dividend on any shares;

(m) a direction not to discharge any policy or other liability;

(n) a direction not to transfer any asset of a statutory fund;

(o) a direction not to pay or transfer any amount to any person, or create an obligation (contingent or otherwise) to do so;

(p) a direction not to undertake any financial obligation (contingent or otherwise) on behalf of any other person;