Commonwealth Numbered Acts

LIFE INSURANCE ACT 1995 No. 4 of 1995 - SECT 121

121. (1) If the Commissioner thinks a document given to him or her for the
purposes of section 118:

   (a)  is incorrect, incomplete or misleading; or

   (b)  does not comply with this Act; the Commissioner may give the life
        company concerned written notice requiring the company to give the
        Commissioner such written explanations as are specified in the notice.

(2) The notice must specify the time within which the explanations are to be
given. The time to be specified must be not less than 14 days commencing on
the day on which the notice is given.

(3) If:

   (a)  the company fails to give any explanation in accordance with the
        notice; or

   (b)  after considering the explanations given by the company, the
        Commissioner still thinks that the document is incorrect, incomplete
        or misleading or does not comply with this Act; the Commissioner may
        give the company such written directions as the Commissioner thinks
        necessary for the variation of the document.

(4) Directions under subsection (3) must specify a period within which they
are to be complied with. The period specified must not be less than 14 days
commencing on the day on which the directions are given.

(5) A life company must comply with directions given under subsection (3) or
with such directions as varied under subsection (6) or (7).

(6) If, at any time, the Commissioner is satisfied that a direction is no
longer necessary or should be varied, the Commissioner must give the company
written notice revoking or varying the direction, as the case may be.

(7) If:

   (a)  a life company applies to the Commissioner to revoke or vary a
        direction; and

   (b)  the Commissioner thinks that the direction should be revoked or
        varied; the Commissioner must give the company written notice revoking
        or varying the direction as the case may be.