124Revocation or suspension of approval

124 Revocation or suspension of approval (1) The Authority may at any time, in its absolute discretion, by notice in writing to an approved insurer or self-insurer, revoke or suspend for the period specified in the notice the insurer's or self-insurer's approval under this Division.

Return to Work Act 1986 112 (2) A notice under subsection (1) shall be accompanied by a statement of the Authority's reasons for revoking or suspending the approval. (3) As soon as practicable after it revokes or suspends the approval of an approved insurer or self-insurer the Authority shall cause to be published in a newspaper circulating throughout the Territory a notice of that fact. (4) The revocation under this section of an approval shall not: (a) annul a policy of insurance issued before the revocation; or (b) diminish or otherwise affect the liability of the insurer under a policy referred to in paragraph (a) or of an employer in relation to his or her status under this Act as a self-insurer before the revocation. (5) For the purposes of this Act, an insurer or self-insurer whose approval is suspended under this section is not to be taken to be an approved insurer or self-insurer during the period of the suspension.