Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 1   Modernising business communications

Part 2   Virtual hearings and examinations

Australian Prudential Regulation Authority Act 1998

62   After section 58

Insert:

58A Proceedings at examination

(1) This section applies to the following:

(a) an examination under Division 2 of Part VIII of the Banking Act 1959 by an investigator appointed by APRA;

(b) an examination under subsection 55(1), 62C(1), 62C(2) or 81(2) of the Insurance Act 1973 by APRA or an inspector appointed by APRA;

(c) an investigation under Division 3 of Part 7 of the Life Insurance Act 1995 by APRA;

(d) an examination under Division 3 of Part 6 of the Private Health Insurance (Prudential Supervision) Act 2015 by an inspector appointed by APRA;

(e) an examination under Division 5 of Part 25 of the Superannuation Industry (Supervision) Act 1993 by APRA or an inspector appointed by APRA;

(f) an examination under Division 4 of Part 10 of the Retirement Savings Accounts Act 1997 by an inspector appointed by APRA.

(2) For the purposes of paragraph (1)(c), treat references in the following subsections to examination as references to investigation.

(3) APRA, the investigator or the inspector (as applicable) may decide to hold the examination:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry technology; or

(c) using virtual enquiry technology only.

(4) Subsection (5) applies if the examination is held:

(a) at one or more physical venues and using virtual enquiry technology; or

(b) using virtual enquiry technology only.

(5) APRA, the investigator or the inspector (as applicable) must ensure that the use of the virtual enquiry technology is reasonable.

(6) If the examination is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry technology; or

(c) using virtual enquiry technology only;

APRA, the investigator or the inspector (as applicable) may appoint a single place and time at which the examination is taken to have been held.

(7) This section applies to part of an examination in the same way that it applies to all of an examination.