Life Insurance Act 1995
49APRA may give notice
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49 APRA may give notice
(1) If a life company has contravened this Part, APRA may give the company a written notice requiring the company, within a specified period, to take such action as is specified in the notice to remedy the contravention. (2) The period specified in a notice must be a period ending not earlier than one month after the giving of the notice. (3) The action to be specified in a notice is such action as APRA thinks appropriate and reasonable to overcome the effects of the contravention. (4) At any time before the end of the period specified in a notice, APRA may extend the period by such further period as APRA thinks fit. (5) A life company must comply with a notice under subsection (1).