Summary
Amends the:
Banking Act 1959
,
Insurance Act 1973
,
Life Insurance Act 1995
,
Superannuation Industry (Supervision) Act 1993
,
Retirement Savings Accounts Act 1997
,
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007
and
Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007
to introduce a court-based process for disqualifying an individual from operating an Australian Prudential Regulation Authority (APRA) regulated entity;
Banking Act 1959
,
Insurance Act 1973
and
Life Insurance Act 1995
in relation to APRA’s specific direction powers;
Superannuation Industry (Supervision) Act 1993
to incorporate a materiality test into the trigger for APRA to issue a direction to freeze assets of a superannuation entity;
Insurance Act 1973
,
Life Insurance Act 1995
and
Superannuation Industry (Supervision) Act 1993
to remove ministerial consent from administrative decisions made by APRA or the Australian Taxation Office (ATO) under those Acts; and
Banking Act 1959
,
Financial Sector (Collection of Data) Act 2001
,
Insurance Act 1973
,
Life Insurance Act 1995
and
Superannuation Industry (Supervision) Act 1993
to apply merits review to appropriate decisions made by APRA or the ATO. Also makes consequential amendments to other Acts.