INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991

Table of Provisions

• Long Title

PART 1--PRELIMINARY

• 1 Short title  
• 2 Commencement  
• 3 Objects of Act and simplified outline of Act  
• 4 Interpretation  
• 5 What is contrary to the public interest  
• 6 Entering into an agreement or arrangement  
• 7 Associates  
• 8 Proposals to acquire shares or assets  
• 9 Meaning of entitled to acquire  
• 10 Meaning of interest in an asset  
• 11 Meaning of interest in a share  
• 12 Certain interests in shares to be disregarded  
• 13 Voting power  
• 14 Associate - inclusive control interest in a company  
• 15 Direct control interests in a company  
• 16 Power to appoint director  
• 17 Deemed notices--options  
• 17A Approved manner and form of giving notices  
• 18 Application of Act  
• 19 Severability  

PART 3--CONTROL--OF ACQUISITION OR LEASING OF ASSETS OF AUSTRALIAN-REGISTERED INSURANCE COMPANIES

Division 1--Interpretation

• 35 Interpretation  
• 36 Meaning of trigger proposal --proposals to acquire or lease assets of Australian - registered insurance companies  
• 37 When trigger proposal carried out  

Division 2--Notification

• 38 Compulsory notification of trigger proposal  
• 40 Trigger proposal must not be carried out before a go - ahead decision is given  

Division 3--Go-ahead decisions

• 41 Unconditional or conditional go - ahead decision  

Division 4--Permanent restraining orders and divestment orders

• 43 Permanent restraining order  
• 44 Divestment order  
• 45 Offence of contravening permanent restraining order or divestment order  
• 47 When orders come into operation  
• 48 Revocation of orders  

PART 4--CONTROL--OF AGREEMENTS RELATING TO THE DIRECTORATE OF AUSTRALIAN-REGISTERED INSURANCE COMPANIES

Division 1--Interpretation

• 49 Interpretation  
• 50 Meaning of trigger proposal --agreements relating to the directorate of Australian - registered insurance companies  
• 51 When trigger proposal carried out  

Division 2--Notification

• 52 Compulsory notification of trigger proposal  
• 54 Trigger proposal must not be carried out before a go - ahead decision is given  

Division 3--Go-ahead decisions

• 55 Unconditional or conditional go - ahead decision  

Division 4--Permanent restraining orders and divestment orders

• 57 Permanent restraining order  
• 58 Divestment order  
• 59 Offence of contravening permanent restraining order or divestment order  
• 61 When orders come into operation  
• 62 Revocation of orders  

PART 5--JUDICIAL--ENFORCEMENT OF MINISTERIAL ORDERS

• 63 Federal Court may enforce Ministerial orders  

PART 6--ANTI---AVOIDANCE

• 64 Anti - avoidance  

PART 8--REVIEW--OF DECISIONS

• 66 Reconsideration of reviewable decision  
• 67 Review of decisions by Administrative Appeals Tribunal  
• 68 Statements to accompany notification of decisions  

PART 9--MISCELLANEOUS

• 69 Delegation  
• 70 Concurrent operation of State/Territory laws  
• 71 Validity of acts done in contravention of this Act  
• 72 Minister's consent for criminal proceedings  
• 73 Minister may obtain information and documents  
• 75 APRA Act secrecy provisions apply  
• 76 Conduct by directors, employees and agents  
• 77 Company's financial statements to be prima facie evidence of value of its assets  
• 78 Company's financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance  
• 79 Company's financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision  
• 80 Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other  
• 81 Transitional--pre - commencement acquisitions etc.  
• 82 Regulations