INSURANCE ACT 1973 - SECT 17B Transfer or amalgamation of insurance business

INSURANCE ACT 1973 - SECT 17B

  (1)   No part of the insurance business of a general insurer may be:

  (a)   transferred to another general insurer; or

  (b)   amalgamated with the business of another general insurer;

except under a scheme confirmed by the Federal Court.

Note:   A transfer or amalgamation of an insurance business may also require approval under the Insurance Acquisitions and Takeovers Act 1991 .

  (2)   The reference in paragraph   (1)(a) to a general insurer includes a reference to a body corporate that is authorised under this Act but has not begun to carry on insurance business in Australia.

  (3)   A scheme must set out:

  (a)   the terms of the agreement or deed under which the proposed transfer or amalgamation is carried out; and

  (b)   particulars of any other arrangements necessary to give effect to the scheme.

  (4)   Subsection   (1) does not require that a transfer or amalgamation of insurance business be made under a scheme approved by the Federal Court if:

  (a)   immediately before the transfer or amalgamation, the insurance business is carried on outside Australia; and

  (b)   the transfer or amalgamation will result in the insurance business being carried on outside Australia.