Insurance Act 1973
74APRA may direct that Lloyd’s underwriters must not issue or renew policies
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74 APRA may direct that Lloyd’s underwriters must not issue or renew policies
(1) If it appears to APRA that: (a) there has been a contravention of any of the provisions of: (i) this Division; or (ii) Division 2 or 4; or (b) as a result of an enactment of an Act of the United Kingdom, a substantial change is made in the constitution, powers, rights or obligations of Lloyd’s or of Lloyd’s underwriters; or (c) as a result of a making of a by‑law by Lloyd’s, the rights or obligations of Lloyd’s underwriters are substantially changed; APRA may, by written notice given to Lloyd’s, give either or both of the following directions: (d) a direction that Lloyd’s underwriters must not issue policies or undertake liability under contracts of insurance; (e) a direction that Lloyd’s underwriters must not renew policies. (2) If: (a) a direction under subsection (1) has been in force for a period of more than 180 days; and (b) Lloyd’s requests APRA, in writing, to review the direction; APRA must consider whether the direction should: (c) remain in force; or (d) be varied; or (e) be revoked. (3) In considering the matter referred to in subsection (2), APRA must have regard to: (a) whether an investigation under Subdivision B of Division 4 is being, or has been, undertaken; and (b) whether a determination under section 93 is in force; and (c) such other matters (if any) as APRA considers relevant. (4) If: (a) a request is made under subsection (2) in relation to a direction; and (b) the direction is still in force immediately before the end of the period of 30 days that began when the request was made; the direction ceases to be in force at the end of that period. (5) A Lloyd’s underwriter must comply with a direction in force under subsection (1). (6) A person who intentionally or recklessly contravenes subsection (5) commits an offence punishable on conviction by a fine not exceeding 200 penalty units. (7) A copy of a notice under subsection (1) is to be published in the Gazette.