Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 1   Streamlining prudential regulation

Part 1   Amendments commencing on Royal Assent

Insurance Act 1973

59   Subsections 32(4), (4A) and (5)

Repeal the subsections, substitute:

(4) APRA may, in writing, vary or revoke a standard. However, APRA must not, under this subsection, vary or revoke a standard in a way described in subsection (3A).

(4A) A standard referred to in paragraph (1)(e), or an instrument varying or revoking such a standard, has effect:

(a) from the day on which the standard, variation or revocation is made; or

(b) if the standard, variation or revocation specifies a later day - from that later day.

(5) The following instruments made under this section are not legislative instruments:

(a) a standard referred to in paragraph (1)(e);

(b) an instrument varying or revoking a standard referred to in paragraph (1)(e);

(c) a modification of a standard under subsection (3A);

(d) an instrument varying or revoking a modification under subsection (3A).

(5A) Otherwise, an instrument made under this section is a legislative instrument.