16When APRA must revoke a general insurer’s authorisation

16 When APRA must revoke a general insurer’s authorisation

(1) APRA must revoke (in writing) a general insurer’s authorisation under section 12 if: (a) the insurer asks (in writing) APRA to do so; and (b) APRA is satisfied that: (i) the insurer has no liabilities in respect of insurance business carried on by it in Australia; and (ii) revoking the authorisation would not be contrary to the national interest. (2) If APRA revokes a general insurer’s authorisation, APRA must: (a) give written notice to the insurer; and (b) ensure that notice of the revocation is published in the Gazette. (3) A revocation is not invalid merely because of a failure to comply with subsection (2).