General Insurance Reform Act 2001 (Cth)

General Insurance Reform Act 2001 Act No. 119 of 2001 as amended This compilation was prepared on 18 July 2005 [This Act was amended by Act No. 37 of 2002; No. 100 of 2005] Amendment from Act No. 37 of 2002 [Schedule 4 (item 18) amended item 5 of Schedule 2 Schedule 4 (items 18) commenced immediately after 19 September 2001] Amendment from Act No. 100 of 2005 [Schedule 2 (item 19) amended item 41B of Schedule 1 Schedule 2 (item 19) commenced immediately after 1 July 2002] Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendment of the Insurance Act 1973 Schedule 2—Transitional provisions Schedule 3—Consequential amendment of other Acts Australian Prudential Regulation Authority Act 1998 Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Financial Sector (Collection of Data) Act 2001 Financial Transactions Reports Act 1988 Insurance Acquisitions and Takeovers Act 1991 Seafarers Rehabilitation and Compensation Act 1992 An Act to amend the Insurance Act 1973, and for related purposes [Assented to 19 September 2001] 1 Short title This Act may be cited as the General Insurance Reform Act 2001. 2 Commencement (1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. (2) Schedules 1 and 3 to this Act commence, or are taken to have commenced, on 1 July 2002. 3 Schedule(s) Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Amendment of the Insurance Act 1973 1 After section 2 Insert: 2A Main object of this Act (1) The main object of this Act is to protect the interests of policyholders and prospective policyholders under insurance policies (issued by general insurers and Lloyd's underwriters) in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry. (2) This Act, and the prudential standards determined by APRA under this Act, achieve this mainly by: (a) restricting who can carry on insurance business in Australia by requiring general insurers, and the directors and senior management of general insurers, to meet certain suitability requirements; and (b) imposing primary responsibility for protecting the interests of policyholders on the directors and senior management of general insurers; and (c) imposing on general insurers requirements to promote prudent management of their insurance business (including requirements concerning capital adequacy, the valuation of liabilities, reinsurance arrangements and the effectiveness of risk management strategies and techniques); and (d) providing for the prudential supervision of general insurers by APRA. (3) Generally, the provisions of this Act apply to general insurers. However, there are a number of special provisions that apply only to Lloyd's underwriters. 2 Subsection 3(1) (definition of actuary) Repeal the definition. 3 Subsection 3(1) Insert: authorised NOHC means a body corporate: (a) authorised under section 18; and (b) that is a NOHC of a general insurer or general insurers. 4 Subsection 3(1) (definition of bank or banker) Repeal the definition. 5 Subsection 3(1) (definition of floating charge) Repeal the definition. 6 Subsection 3(1) Insert: foreign general insurer means a body corporate that: (a) is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and (b) is authorised to carry on insurance business in a foreign country; and (c) is authorised under section 12 to carry on insurance business in Australia. 7 Subsection 3(1) Insert: general insurer has the meaning given by section 11. 8 Subsection 3(1) Insert: NOHC authorisation has the meaning given by section 18. 9 Subsection 3(1) Insert: NOHC or non‑operating holding company, in relation to a body corporate, means a body corporate: (a) of which the first body corporate is a subsidiary; and (b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and (c) that is incorporated in Australia. 10 Subsection 3(1) (definition of outstanding claims provision) Repeal the definition. 11 Subsection 3(1) (definition of premium) Repeal the definition. 12 Subsection 3(1) Insert: prudential matters, concerning a general insurer, authorised NOHC or a subsidiary of a general insurer or authorised NOHC, means matters relating to: (a) the conduct by the insurer, NOHC or subsidiary of any of its affairs in such a way as: (i) to keep itself in a sound financial position; or (ii) not to cause or promote instability in the Australian financial system; or (b) the conduct by the insurer, NOHC or subsidiary of any of its affairs with integrity, prudence and professional skill. 13 Subsection 3(1) Insert: prudential standard means a standard determined by APRA under section 32. 14 Subsection 3(1) Insert: senior manager of a general insurer means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the insurer. 15 Subsection 3(1) Insert: subsidiary has the meaning given by section 4. 16 Subsection 3(1) (definition of supervised body corporate) Repeal the definition. 17 At the end of section 3 Add: (4) A reference in this Act to a general insurer having no liabilities in respect of insurance business carried on by it in Australia includes a reference to a general insurer who has assigned, other than by an equitable assignment, all of its interests (including rights and benefits) under all contracts of insurance in respect of insurance business carried on by it in Australia to another general insurer. 18 Section 3A Repeal the section. 19 Section 4 Omit "bodies corporate are related to each other", substitute "a body corporate is a subsidiary of another body corporate". Note: The heading to section 4 is replaced by the heading "Meaning of subsidiary". 20 Subsections 5(2) to (4) Repeal the subsections, substitute: (2) This Act does not apply to or with respect to insurance business carried on by: (a) the Commonwealth (including the Territories); or (b) a body corporate prescribed by the regulations; or (c) a body corporate, being insurance business of a kind prescribed by the regulations. 21 Sections 6 and 7 Repeal the sections, substitute: 6 Act extends to external Territories This Act extends to every external Territory. 7 Determination that certain provisions do not apply (1) APRA may determine that all or specified provisions of this Act do not apply to a person while the determination is in force. (2) The determination may: (a) be expressed to apply to a particular person or to a class of persons; and (b) specify the period during which the determination is in force; and (c) be made subject to specified conditions. (3) A copy of the determination must be published in the Gazette and, on Gazette publication, has effect according to its terms. (4) APRA may, by determination published in the Gazette, vary or revoke a determination under this section. 7A Breach of condition of a determination (1) A person commits an offence if: (a) the person does an act or fails to do an act; and (b) doing the act or failing to do the act results in a breach of a condition to which a determination in force under subsection 7(1) is subject; and (c) the determination applies to the person. Maximum penalty: 60 penalty units. (2) An offence against this section is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above. 22 Part III Repeal the Part, substitute: Part III—Authorisation to carry on insurance business Division 1—Need to be authorised 9 Persons other than bodies corporate and Lloyd's underwriters carrying on insurance business (1) A person commits an offence if: (a) the person carries on insurance business in Australia; and (b) the person is not a body corporate or a Lloyd's underwriter; and (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the person (the effect of which is to allow the person to carry on insurance business without being authorised under the Act to do so). Maximum penalty: 60 penalty units. (2) An offence against subsection (1) is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 10 Bodies corporate and Lloyd's underwriters carrying on insurance business (1) A body corporate (other than a Lloyd's underwriter) commits an offence if: (a) the body corporate carries on insurance business in Australia; and (b) the body corporate is not a general insurer; and (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the body corporate (the effect of which is to exempt the body corporate from being authorised under the Act to carry on insurance business). Maximum penalty: 60 penalty units. (2) A Lloyd's underwriter commits an offence if: (a) the underwriter carries on any insurance business in Australia; and (b) the underwriter does so at any time after section 93 has ceased to have effect; and (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the underwriter (the effect of which is to exempt the underwriter from being authorised under the Act to carry on insurance business). Maximum penalty: 60 penalty units. (3) An offence against this section is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above. 11 Meaning of general insurer A general insurer is a body corporate that is authorised under section 12 to carry on insurance business in Australia. Note: General insurer includes a foreign general insurer (see the definition of foreign general insurer in subsection 3(1)). Division 2—Authorisation to carry on insurance business 12 Obtaining an authorisation (1) A body corporate may apply in writing to APRA for an authorisation to carry on insurance business in Australia. Note: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975, the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991. (1A) APRA may require the body corporate to provide a statutory declaration in relation to information or documents provided in relation to the application. (2) APRA may authorise an applicant to carry on insurance business in Australia. The authorisation must be in writing. (3) Without limiting the circumstances in which APRA may refuse an application, APRA may refuse an application if the applicant is a subsidiary of a NOHC that is not an authorised NOHC. (4) If APRA authorises an applicant, APRA must: (a) give written notice to the applicant; and (b) ensure that notice of the authorisation is published in the Gazette. (5) The taking of an action is not invalid merely because of a failure to comply with subsection (4). (6) Part VI applies to a refusal of APRA to authorise an applicant under this section. 13 Conditions on an authorisation (1) APRA may, at any time, by giving written notice to a general insurer: (a) impose conditions, or additional conditions, on the insurer's authorisation under section 12; or (b) vary or revoke conditions imposed on the insurer's authorisation under section 12. The conditions must relate to prudential matters. (2) A condition may be expressed to have effect despite anything in the prudential standards. (3) Without limiting the conditions that APRA may impose on an authorisation, APRA may make the authorisation conditional on a body corporate, of which the general insurer is a subsidiary, being an authorised NOHC. (4) If APRA imposes, varies or revokes the conditions on a general insurer's authorisation, APRA must: (a) give written notice to the insurer; and (b) ensure that notice that the action has been taken is published in the Gazette. (5) The taking of an action is not invalid merely because of a failure to comply with subsection (4). 14 Breach of authorisation conditions (1) A general insurer commits an offence if: (a) the insurer does an act or fails to do an act; and (b) doing the act or failing to do the act results in a contravention of a condition of the insurer's authorisation under section 12; and (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the insurer. Maximum penalty: 60 penalty units. (2) An offence against this section is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above. Division 3—Revocation of an authorisation 15 When APRA may revoke an authorisation (1) APRA may revoke (in writing) a general insurer's authorisation under section 12 if APRA is satisfied that the insurer has no liabilities in respect of insurance business carried on by it in Australia and that: (a) the insurer has failed to comply with: (i) a requirement of this Act (including the requirement to comply with the prudential standards) or of an instrument made for the purposes of this Act; or (ii) a requirement of the Financial Sector (Collection of Data) Act 2001; or (iii) a direction to the insurer under this Act; or (iv) a condition of the insurer's authorisation; or (b) it would be contrary to the national interest for the authorisation to remain in force; or (c) the insurer has failed to pay: (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or (ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or (d) the insurer is insolvent and is unlikely to return to solvency within a reasonable period of time; or (e) the insurer has inadequate capital and is unlikely to have adequate capital within a reasonable period of time; or (f) the insurer has ceased to carry on insurance business in Australia; or (g) the insurer has not, within the period of 12 months after it was granted an authority under this Part, carried on insurance business in Australia. (2) However, APRA may only revoke a general insurer's authorisation under this section if APRA has the Treasurer's written agreement to do so. (3) Before revoking a general insurer's authorisation, APRA must give written notice to the insurer advising it that: (a) APRA is considering revoking the authorisation for the reasons specified; and (b) the insurer may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given). (3A) To avoid doubt, APRA may give a notice under subsection (3) to a general insurer even if, at the time the notice is given, APRA is not satisfied that the insurer has no liabilities in respect of insurance business carried on by it in Australia. (3B) If APRA gives a notice under subsection (3) to a general insurer, APRA must not revoke the insurer's authorisation until after the date specified in the notice, and after consideration of any submission, as mentioned in paragraph (3)(b). (4) APRA may, with the Treasurer's written agreement, decide that subsection (3) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be contrary to the national interest. (5) If APRA revokes a general insurer's authorisation, APRA must: (a) give written notice to the insurer; and (b) ensure that notice of the revocation is published in the Gazette. (6) A revocation is not invalid merely because of a failure to comply with subsection (5). 16 When APRA must revoke a general insurer's authorisation (1) APRA must revoke (in writing) a general insurer's authorisation under section 12 if: (a) the insurer asks (in writing) APRA to do so; and (b) APRA is satisfied that: (i) the insurer has no liabilities in respect of insurance business carried on by it in Australia; and (ii) revoking the authorisation would not be contrary to the national interest. (2) If APRA revokes a general insurer's authorisation, APRA must: (a) give written notice to the insurer; and (b) ensure that notice of the revocation is published in the Gazette. (3) A revocation is not invalid merely because of a failure to comply with subsection (2). 17 Assignment of liabilities to enable revocation (1) If APRA considers that it would, under section 15, revoke a general insurer's authorisation if the insurer had no liabilities in respect of insurance business carried on by it in Australia, APRA may direct the insurer to arrange, subject to APRA's approval, to assign those liabilities to one or more other general insurers. The insurer must effect the assignment of the liabilities within the period specified in the direction and comply with such conditions relating to the assignment as are specified by APRA in the direction. (2) Subsection (1) has effect despite subsection 17B(1). Note: A general insurer who has asked APRA for a revocation under section 16 may, for the purpose of obtaining the revocation, make an application to the Federal Court under Division 3A for an order transferring the insurer's insurance business to another general insurer. (3) A general insurer must not assign its liabilities under this section, and a purported assignment under this section is of no effect, unless the assignment is approved by APRA under subsection (4). (4) APRA may only approve a proposed assignment of a general insurer's liabilities under this section if APRA is satisfied that the assignment is appropriate, having regard to: (a) the interests of the insurer's policyholders; and (b) the interests of the policyholders of the general insurer or insurers to whom the liabilities are to be assigned; and (c) the national interest; and (d) any other matter APRA considers relevant. The approval must be in writing and may be made subject to specified conditions. (4A) Where a general insurer (the first general insurer) accepts an assignment of liabilities from another general insurer (the second general insurer) approved by APRA under subsection 17(4), the following are taken to have occurred: (a) policies in respect of which liability is accepted by the first general insurer (the transferring policies) are to be treated for all purposes as if each policy had been transferred by novation from the second general insurer to the first general insurer; (b) a policyholder of a transferring policy is taken to have the same rights against the first general insurer as the person would have against that insurer had the person's policy been transferred by novation to the first general insurer; (c) the rights of the first general insurer against policyholders of transferring policies are the same as they would be had the transferring policies been transferred by novation to the first general insurer from the second general insurer. (5) If APRA approves an assignment, the general insurer must: (a) comply with the conditions on the approval; and (b) give reasonable notice (in writing) of the assignment to the insurer's policyholders; and (c) give APRA such written evidence of the assignment as APRA reasonably requires. (6) An assignment of liabilities under this section may include the assignment of any rights or benefits in connection with contracts of insurance in respect of the insurance business carried on in Australia by the general insurer concerned. (7) A direction under subsection (1) has effect despite anything in the Insurance Acquisitions and Takeovers Act 1991. (8) A general insurer commits an offence if: (a) the insurer does, or fails to do, an act; and (b) by doing or failing to do the act, the insurer fails to comply with a direction under this section. Maximum penalty: 60 penalty units. (9) An offence against subsection (8) is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above. Division 3A—Transfer and amalgamation of insurance business 17A Interpretation A reference in this Division to a body corporate affected by a scheme is a reference to a body corporate that is a party or proposed party to an agreement or deed by which the transfer or amalgamation provided for by the scheme is, or is to be, carried out. 17B Transfer or amalgamation of insurance business (1) No part of the insurance business of a general insurer may be: (a) transferred to another general insurer; or (b) amalgamated with the business of another general insurer; except under a scheme confirmed by the Federal Court. Note: A transfer or amalgamation of an insurance business may also require approval under the Insurance Acquisitions and Takeovers Act 1991. (2) The reference in paragraph (1)(a) to a general insurer includes a reference to a body corporate that is authorised under this Act but has not begun to carry on insurance business in Australia. (3) A scheme must set out: (a) the terms of the agreement or deed under which the proposed transfer or amalgamation is carried out; and (b) particulars of any other arrangements necessary to give effect to the scheme. (4) Subsection (1) does not require that a transfer or amalgamation of insurance business be made under a scheme approved by the Federal Court if: (a) immediately before the transfer or amalgamation, the insurance business is carried on outside Australia; and (b) the transfer or amalgamation will result in the insurance business being carried on outside Australia. 17C Steps to be taken before application for confirmation (1) In this section: affected policyholder means the holder of a policy affected by a scheme. approved summary means a summary approved by APRA. (2) An application for confirmation of a scheme may not be made unless: (a) a copy of the scheme and any actuarial report on which the scheme is based have been given to APRA in accordance with the prudential standards; and (b) notice of intention to make the application has been published by the applicant in accordance with the prudential standards; and (c) an approved summary of the scheme has been given to every affected policyholder. (3) Without limiting the provision that may be made by the prudential standards for the purposes of paragraph (2)(b), the notice referred to in that paragraph must include, in relation to each body corporate affected by the scheme, details of the place and time at which an affected policyholder may obtain a copy of the scheme. (4) An affected policyholder is entitled, on the person's request, to be provided by the company with one copy of the scheme free of charge. (5) The Federal Court may dispense with the need for compliance with paragraph (2)(c) in relation to a particular scheme if it is satisfied that, because of the nature of the scheme or the circumstances attending its preparation, it is not necessary that the paragraph be complied with. 17D Actuarial report on scheme (1) When a copy of a scheme has been given to APRA for the purpose of paragraph 17C(2)(a), APRA may arrange for an independent actuary to make a written report on the scheme. (2) APRA may give a copy of the report to each body corporate affected by the scheme. 17E Application to Court (1) Any of the bodies corporate affected by a scheme may apply to the Federal Court for confirmation of the scheme. (2) An application for confirmation must be made in accordance with the prudential standards. (3) APRA is entitled to be heard on an application. 17F Confirmation of scheme (1) The Federal Court may: (a) confirm a scheme without modification; or (b) confirm the scheme subject to such modifications as it thinks appropriate; or (c) refuse to confirm the scheme. (2) The Federal Court may make such orders as it thinks fit in relation to reinsurance. 17G Effect of confirmation etc. When a scheme is confirmed: (a) it becomes binding on all persons; and (b) it has effect in spite of anything in the constitution of any body corporate affected by the scheme; and (c) the body corporate on whose application the scheme was confirmed must cause a copy of the scheme to be lodged at an office of ASIC in every State and Territory in which a company affected by the scheme carried on business. 17H Costs of actuary's report (1) When a scheme is confirmed, the body corporate that applied for the confirmation becomes liable to pay to the Commonwealth an amount equal to the expenses reasonably incurred by APRA in obtaining a report under section 17D in relation to the scheme. (2) An amount due under subsection (1) may be recovered by the Commonwealth as a debt in any court of competent jurisdiction. 17I Documents to be lodged in case of transfer or amalgamation (1) If any part of the insurance business carried on by a general insurer is transferred to, or amalgamated with, the insurance business of another body corporate, the latter body corporate must give APRA such documents as are required by the prudential standards. (2) The documents must be lodged within the time fixed by the prudential standards or within such further time as APRA, in accordance with the prudential standards, allows. Division 4—Authorisation to be a NOHC of a general insurer 18 Authorisation to be a NOHC (1) A body corporate may apply in writing to APRA for an authorisation (a NOHC authorisation) under this section. The authorisation operates as an authorisation in relation to the body corporate and any general insurers that are subsidiaries of the body corporate from time to time. Note 1: The body corporate may want the authority because APRA may refuse to grant a subsidiary of the body corporate a section 12 authorisation unless the body corporate holds a NOHC authorisation (see subsection 12(3)). Note 2: The body corporate may also need to consider the implications of the Foreign Acquisitions and Takeovers Act 1975, the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991. (2) APRA may require the body corporate to provide a statutory declaration in relation to information or documents provided in relation to the application. (3) APRA may authorise an applicant if it considers it is appropriate to do so. The authorisation must be in writing. (4) If APRA authorises an applicant, APRA must: (a) give written notice to the applicant; and (b) ensure that notice of the authorisation is published in the Gazette. (5) The taking of an action is not invalid merely because of a failure to comply with subsection (4). (6) Part VI applies to a refusal of APRA to authorise an applicant under this section. 19 Conditions on a NOHC authorisation (1) APRA may, at any time, by giving written notice to an authorised NOHC: (a) impose conditions, or additional conditions, on the NOHC authorisation; and (b) vary or revoke conditions imposed on the NOHC authorisation. The conditions must relate to prudential matters. (2) A condition may be expressed to have effect despite anything in the prudential standards. (3) If APRA imposes, varies or revokes the conditions on a NOHC authorisation, APRA must: (a) give written notice to the authorised NOHC; and (b) ensure that notice of the imposition, variation or revocation of the conditions is published in the Gazette. (4) The taking of an action is not invalid merely because of a failure to comply with subsection (3). 20 Breach of conditions on a NOHC authorisation (1) An authorised NOHC commits an offence if: (a) the NOHC does an act or fails to do an act; and (b) doing the act or failing to do the act results in a contravention of a condition of the NOHC authorisation; and (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the NOHC. Maximum penalty: 60 penalty units. (2) An offence against this section is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code. Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above. 21 When APRA may revoke a NOHC authorisation (1) APRA may revoke, in writing, a NOHC authorisation if APRA is satisfied that: (a) the authorised NOHC has failed to comply with: (i) a requirement of this Act (including the requirement to comply with the prudential standards) or of an instrument made for the purposes of this Act; or (ii) a requirement of the Financial Sector (Collection of Data) Act 2001; or (iii) a direction to the authorised NOHC under this Act; or (iv) a condition of the authorisation; or (b) it would be contrary to the national interest for the authorisation to remain in force; or (c) the authorised NOHC has failed to pay: (i) an amount of levy or late penalty to which the Financial Institutions Supervisory Levies Collection Act 1998 applies; or (ii) an amount of charge fixed under section 51 of the Australian Prudential Regulation Authority Act 1998; or (d) it would be contrary to the interests of the policyholders of any general insurer who is a subsidiary of the authorised NOHC for the authorisation to remain in force; or (e) the authorised NOHC has ceased to be a NOHC of any general insurer. (2) However, APRA may only revoke a NOHC authorisation under this section if APRA has the Treasurer's written agreement to do so. (3) Before revoking a NOHC authorisation, APRA must give written notice to the authorised NOHC advising it that: (a) APRA is considering revoking the authorisation for the reasons specified; and (b) the authorised NOHC may make submissions about the revocation to APRA, in accordance with the notice, by a specified date (which must be at least 90 days after the notice is given). APRA must consider any submissions made by the authorised NOHC by that date. (4) APRA may, with the Treasurer's written agreement, decide that subsection (3) does not apply if APRA is satisfied that complying with that subsection could result in a delay in revocation that would be: (a) contrary to the national interest; or (b) contrary to the interests of the policyholders of any general insurer who is a subsidiary of the authorised NOHC concerned. (5) If APRA revokes a body corporate's NOHC authorisation, APRA must: (a) give written notice to the body corporate; and (b) ensure that notice of the revocation is published in the Gazette. (6) A revocation is not invalid merely because of a failure to comply with subsection (5). 22 When APRA must revoke a NOHC authorisation (1) APRA must revoke (in writing) a body corporate's NOHC authorisation if: (a) the body corporate asks (in writing) APRA to do so; and (b) APRA is satisfied that revoking the authorisation would not be contrary