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FINANCIAL INSTITUTIONS SUPERVISORY LEVIES COLLECTION ACT 1998No. 53, 1998 - SECT 12
Waiver of levy and late payment penalty
APRA, on behalf of the Commonwealth, may, if APRA considers it is appropriate
to do so, waive the payment of the whole or a part of an amount of levy or
late payment penalty that is payable by a levy paying entity.
Note: For
example, if levy is payable by a body corporate which has ceased to be
authorised under the Insurance Act 1973 to carry on an insurance business and
has ceased to be a life company, APRA may waive the payment of the levy if
APRA considers it appropriate to do so because payment of the levy would
prevent payment in full of claims under contracts of insurance made with the
body corporate.
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