44Court power of disqualification

44 Court power of disqualification

(1) On application by APRA, the Federal Court of Australia may, by order, disqualify a person from holding any appointment as a person referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that: (a) any of the following applies: (i) the person has failed to perform adequately and properly the functions and duties of such an appointment under this Act or the prudential standards; (ia) the person has failed to comply with a requirement of the Financial Accountability Regime Act 2023; (ii) the person otherwise does not meet one or more of the criteria for fitness and propriety set out in the prudential standards; (iii) the person does not meet the eligibility criteria for such an appointment as set out in the prudential standards; and (b) the disqualification is justified. (2) For the purposes of subsection (1), the Court may disqualify a person from being or acting as an auditor or actuary of: (a) a particular general insurer; or (b) a class of general insurers; or (c) any general insurer. (3) In deciding whether it is satisfied as mentioned in paragraph (1)(a), the Court may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any criteria for fitness and propriety set out in the prudential standards; and (c) any other matters the Court considers relevant. (4) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to: (a) the person’s conduct in relation to the functions or duties that the person is required to perform under this Act, the prudential standards and the Financial Accountability Regime Act 2023; and (b) any other matters the Court considers relevant. (5) As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification: (a) if the person is, or is acting as, an auditor or actuary of a general insurer—to be given to the general insurer concerned; and (b) to be published in the Gazette.