179AOTermination of Life Insurance Act statutory manager’s appointment

179AO Termination of Life Insurance Act statutory manager’s appointment

(1) APRA may terminate the appointment of an administrator of a body corporate’s business and either appoint another person as administrator of the body corporate’s business or itself take control of the body corporate’s business if: (a) the administrator contravenes a requirement of this Division; or (b) APRA considers such action necessary to: (i) facilitate the resolution of the body corporate, a relevant group of bodies corporate of which the body corporate is a member, or another member of such a group; or (ii) if the body corporate is a life company—protect the interests of policy owners of the life company; or (iii) promote financial system stability in Australia. (2) If: (a) APRA is the statutory manager of a body corporate; and (b) the requirement in paragraph (1)(b) is satisfied; it may cease to be the statutory manager of the body corporate and appoint a person as administrator of the body corporate’s business. (3) This section has effect subject to section 179AC.