Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 4   Amendment of the Life Insurance Act 1995

34   At the end of Part 6

Add:

Division 8 - APRA's power to make exemption orders

125A APRA's power to make specific exemption orders

(1) In this section:

provision to which this section applies means:

(a) section 76;

(b) section 82;

(c) section 83;

(d) section 93;

(e) section 113;

(f) any other provision of this Part prescribed by the regulations for the purposes of this definition.

(2) On an application made in accordance with subsection (5) in relation to a life company, APRA may make an order in writing relieving any of the following from a provision to which this section applies:

(a) the directors of the life company;

(b) the life company;

(c) the approved auditor of the life company;

(d) the appointed actuary of the life company.

(3) APRA must not make the order unless it considers it is appropriate to do so, having regard to any criteria specified in Prudential Rules for the purposes of this subsection.

(4) The order may:

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period.

(5) The application must be:

(a) authorised by a resolution of the directors of the life company; and

(b) in writing and signed by a director; and

(c) lodged with APRA.

(6) APRA must give the applicant written notice of:

(a) the making, revocation or suspension of the order; or

(b) its refusal to make the order.

(7) APRA must give ASIC notice of the making, revocation or suspension of the order.

125B APRA's power to make class exemption orders

(1) In this section:

provision to which this section applies means:

(a) section 76;

(b) section 82;

(c) section 83;

(d) section 93;

(e) section 113;

(f) any other provision of this Part prescribed by the regulations for the purposes of this definition.

(2) APRA may make an order in writing in respect of a specified class of life companies relieving any of the following from a provision to which this section applies:

(a) directors of life companies of that class;

(b) life companies of that class;

(c) approved auditors of life companies of that class;

(d) appointed actuaries of life companies of that class.

(3) APRA must not make the order unless it considers it is appropriate to do so, having regard to any criteria specified in Prudential Rules for the purposes of this subsection.

(4) The order may:

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period.

(5) Notice of the making, revocation or suspension of the order must be published in the Gazette.

(6) APRA must give ASIC notice of the making, revocation or suspension of the order.