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

55   Subsections 7(3) and (4)

Repeal the subsections, substitute:

(3) APRA may, in writing, vary or revoke a determination under this section.

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

(a) a determination that applies to a particular person;

(b) an instrument varying or revoking a determination that applies to a particular person.

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