INSURANCE ACT 1973 - SECT 17C Steps to be taken before application for confirmation

INSURANCE ACT 1973 - SECT 17C

  (1)   In this section:

"affected policyholder" means the holder of a policy affected by a scheme.

"approved summary" means a summary approved by APRA.

  (2)   An application for confirmation of a scheme may not be made unless:

  (a)   a copy of the scheme and any actuarial report on which the scheme is based have been given to APRA in accordance with the prudential standards; and

  (b)   notice of intention to make the application has been published by the applicant in accordance with the prudential standards; and

  (c)   an approved summary of the scheme has been given to every affected policyholder.

  (3)   Without limiting the provision that may be made by the prudential standards for the purposes of paragraph   (2)(b), the notice referred to in that paragraph must include, in relation to each body corporate affected by the scheme, details of the place and time at which an affected policyholder may obtain a copy of the scheme.

  (4)   An affected policyholder is entitled, on the person's request, to be provided by the company with one copy of the scheme free of charge.

  (5)   The Federal Court may dispense with the need for compliance with paragraph   (2)(c) in relation to a particular scheme if it is satisfied that, because of the nature of the scheme or the circumstances attending its preparation, it is not necessary that the paragraph be complied with.