Insurance Act 1973
22When APRA must revoke a NOHC authorisation
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22 When APRA must revoke a NOHC authorisation
(1) APRA must revoke (in writing) a body corporate’s NOHC authorisation if: (a) the body corporate asks (in writing) APRA to do so; and (b) APRA is satisfied that revoking the authorisation would not be contrary to either: (i) the national interest; or (ii) the interests of the policyholders of any general insurer who is a subsidiary of the body corporate. (2) If APRA revokes a body corporate’s NOHC authorisation, APRA must: (a) give written notice to the body corporate; 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).