Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 6 of 1992 as amended
This compilation was prepared on 27 February 2010
taking into account amendments up to Act No. 75 of 2009
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney‑General's Department, Canberra
Contents
Part 1--Preliminary 1
1............ Short title [see Note 1]....................................................................... 1
2............ Commencement [see Note 1].............................................................. 1
3............ Objects of Act and simplified outline of Act..................................... 1
4............ Interpretation...................................................................................... 2
5............ What is contrary to the public interest............................................... 8
6............ Entering into an agreement or arrangement......................................... 9
7............ Associates........................................................................................... 9
8............ Proposals to acquire shares or assets............................................... 10
9............ Meaning of entitled to acquire.......................................................... 11
10.......... Meaning of interest in an asset......................................................... 11
11.......... Meaning of interest in a share.......................................................... 12
12.......... Certain interests in shares to be disregarded..................................... 13
13.......... Voting power.................................................................................... 13
14.......... Associate‑inclusive control interest in a company........................... 14
15.......... Direct control interests in a company.............................................. 14
16.......... Power to appoint director................................................................ 15
17.......... Deemed notices--options................................................................ 16
18.......... Application of Act........................................................................... 16
19.......... Severability....................................................................................... 16
Part 3--Control of acquisition or leasing of assets of Australian‑registered insurance companies 17
Division 1--Interpretation 17
35.......... Interpretation.................................................................................... 17
36.......... Meaning of trigger proposal--proposals to acquire or lease assets of Australian‑registered insurance companies.......................................................................................................... 17
37.......... When trigger proposal carried out.................................................... 20
Division 2--Notification 21
38.......... Compulsory notification of trigger proposal.................................... 21
40.......... Trigger proposal must not be carried out before a go‑ahead decision is given 21
Division 3--Go‑ahead decisions 23
41.......... Unconditional or conditional go‑ahead decision............................... 23
Division 4--Permanent restraining orders and divestment orders 24
43.......... Permanent restraining order.............................................................. 24
44.......... Divestment order.............................................................................. 24
45.......... Offence of contravening permanent restraining order or divestment order 25
46.......... Publication of orders......................................................................... 25
47.......... When orders come into operation..................................................... 25
48.......... Revocation of orders......................................................................... 26
Part 4--Control of agreements relating to the directorate of Australian‑registered insurance companies 27
Division 1--Interpretation 27
49.......... Interpretation.................................................................................... 27
50.......... Meaning of trigger proposal--agreements relating to the directorate of Australian‑registered insurance companies.......................................................................................................... 27
51.......... When trigger proposal carried out.................................................... 28
Division 2--Notification 29
52.......... Compulsory notification of trigger proposal.................................... 29
54.......... Trigger proposal must not be carried out before a go‑ahead decision is given 29
Division 3--Go‑ahead decisions 31
55.......... Unconditional or conditional go‑ahead decision............................... 31
Division 4--Permanent restraining orders and divestment orders 32
57.......... Permanent restraining order.............................................................. 32
58.......... Divestment order.............................................................................. 32
59.......... Offence of contravening permanent restraining order or divestment order 33
60.......... Publication of orders......................................................................... 33
61.......... When orders come into operation..................................................... 33
62.......... Revocation of orders......................................................................... 33
Part 5--Judicial enforcement of Ministerial orders 34
63.......... Federal Court may enforce Ministerial orders.................................. 34
Part 6--Anti‑avoidance 36
64.......... Anti‑avoidance.................................................................................. 36
Part 7--Decision‑making principles 37
65.......... Decision‑making principles.............................................................. 37
Part 8--Review of decisions 38
66.......... Reconsideration of reviewable decision............................................ 38
67.......... Review of decisions by Administrative Appeals Tribunal.............. 38
68.......... Statements to accompany notification of decisions......................... 39
Part 9--Miscellaneous 41
69.......... Delegation......................................................................................... 41
70.......... Concurrent operation of State/Territory laws.................................. 41
71.......... Validity of acts done in contravention of this Act........................... 41
72.......... Minister's consent for criminal proceedings.................................... 41
73.......... Minister may obtain information and documents............................ 41
75.......... APRA Act secrecy provisions apply.............................................. 43
76.......... Conduct by directors, servants and agents....................................... 43
77.......... Company's financial statements to be prima facie evidence of value of its assets 45
78.......... Company's financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance........................................................................................... 45
79.......... Company's financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision................................................................................ 46
80.......... Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other 47
81.......... Transitional--pre‑commencement acquisitions etc.......................... 47
82.......... Regulations....................................................................................... 47
Part 10--Consequential amendments 49
83.......... Consequential amendments.............................................................. 49
Schedule--Consequential amendments 50
Notes 51
An Act relating to the control of Australian‑registered insurance companies, and for other purposes
Notes to
the
Insurance Acquisitions and Takeovers Act
1991 Note 1 The Insurance Acquisitions and Takeovers Act 1991 as
shown in this compilation comprises Act No. 6, 1992 amended as indicated
in the Tables below. For all relevant information pertaining to application, saving
or transitional provisions see Table A. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
6, 1992 |
6 Jan 1992 |
15 Mar 1992 (see Gazette 1992, No. S72) |
|
|
|
Life Insurance (Consequential Amendments and Repeals) Act 1995 |
5, 1995 |
23 Feb 1995 |
1 July 1995 (see s. 2 and Gazette 1995, No. GN24) |
-- |
|
107, 1997 |
30 June 1997 |
Schedule 6: Royal Assent (a) |
-- |
|
|
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 |
54, 1998 |
29 June 1998 |
Schedule 8: 1 July 1998 (see Gazette 1998, No. S316) (b) |
-- |
|
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 |
137, 2000 |
24 Nov 2000 |
Ss. 1‑3 and Schedule 1 (items 1, 4, 6,
7, 9-11, 32): Royal Assent |
Sch. 2 (items 418, 419) |
|
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 |
31, 2001 |
28 Apr 2001 |
Schedule 1 (item 29): 15 Dec 2001 (c) |
-- |
|
119, 2001 |
19 Sept 2001 |
Schedules 1 and 3: 1 July 2002 |
-- |
|
|
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 |
121, 2001 |
24 Sept 2001 |
Ss. 1-3: Royal Assent |
Sch. 2 (item 160) |
|
37, 2002 |
26 June 2002 |
Schedule 5: 27 June 2002 (d) |
-- |
|
|
Australian Prudential Regulation Authority Amendment Act 2003 |
42, 2003 |
24 June 2003 |
Ss. 1-3: Royal Assent |
Sch. 3 |
|
38, 2005 |
1 Apr 2005 |
Schedule 1 (item 218): 16 May 2005 |
-- |
|
|
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 |
154, 2007 |
24 Sept 2007 |
Schedule 4 (items 41, 42): Royal Assent |
-- |
|
Same‑Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 |
144, 2008 |
9 Dec 2008 |
Schedule 14 (items 112-119): 10 Dec 2008 |
Sch. 14 (item 119) |
|
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 |
75, 2009 |
27 Aug 2009 |
Schedule 1 (items 209-214): 27 Feb 2010 |
-- |
(a) The Insurance Acquisitions and Takeovers Act 1991 was amended by Schedule 6 only of the Financial Laws Amendment Act 1997, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(b) The Insurance Acquisitions and Takeovers Act 1991 was amended by Schedule 8 only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsection 2(2)(f) of which provides as follows:
(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:
(f) Schedule 8;
(c) The Insurance Acquisitions and Takeovers Act 1991 was amended by Schedule 1 (item 29) only of the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001, subsection 2(4) of which provides as follows:
(4) The remaining items of Schedule 1 to this Act commence on the day specified in subsection 2.2(2) of the Criminal Code.
(d) The Insurance Acquisitions and Takeovers Act 1991 was amended by Schedule 5 only of the Financial Sector Legislation Amendment Act (No. 1) 2002, subsection 2(1) (item 5) of which provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
5. Schedules 5 to 9 |
The day after the day on which this Act receives the Royal Assent |
27 June 2002 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Title...................................... |
am. No. 54, 1998 |
|
Part 1 |
|
|
S. 3...................................... |
am. No. 54, 1998; No. 37, 2002 |
|
S. 4 ..................................... |
am. No. 5, 1995; No. 54, 1998; Nos. 119 and 121, 2001; No. 37, 2002; No. 144, 2008; No. 75, 2009 |
|
S. 19.................................... |
am. No. 54, 1998 |
|
Part 2................................... |
rep. No. 54, 1998 |
|
Ss. 20-23............................ |
rep. No. 54, 1998 |
|
S. 24 ................................... |
am. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Note to s. 24 ....................... |
ad. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
S. 25 ................................... |
rep. No. 54, 1998 |
|
S. 26 ................................... |
am. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Note to s. 26 ....................... |
ad. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
S. 27 ................................... |
am. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Note to s. 27 ....................... |
ad. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Ss. 28-30 ........................... |
rep. No. 54, 1998 |
|
S. 31 ................................... |
am. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Note to s. 31 ....................... |
ad. No. 107, 1997 |
|
|
rep. No. 54, 1998 |
|
Ss. 32-34 ........................... |
rep. No. 54, 1998 |
|
Part 3 |
|
|
Division 1 |
|
|
S. 35 ................................... |
am. No. 37, 2002 |
|
S. 36 ................................... |
am. No. 5, 1995; No. 75, 2009 |
|
Division 2 |
|
|
Heading to Div. 2 of Part 3 . |
rs. No. 37, 2002 |
|
S. 38 ................................... |
am. No. 107, 1997 |
|
Note to s. 38 ....................... |
ad. No. 107, 1997 |
|
S. 39 ................................... |
rep. No. 37, 2002 |
|
S. 40 ................................... |
am. No. 107, 1997 |
|
|
rs. No. 37, 2002 |
|
Note to s. 40 ....................... |
ad. No. 107, 1997 |
|
|
rs. No. 37, 2002 |
|
Division 3 |
|
|
S. 41 ................................... |
am. No. 107, 1997; No. 37, 2002 |
|
Note to s. 41 ....................... |
ad. No. 107, 1997 |
|
Division 4 |
|
|
Heading to Div. 4 of Part 3 . |
rs. No. 37, 2002 |
|
S. 42 ................................... |
rep. No. 37, 2002 |
|
Heading to s. 45 ................. |
am. No. 37, 2002 |
|
S. 45 ................................... |
am. No. 107, 1997; No. 37, 2002 |
|
Note to s. 45 ....................... |
ad. No. 107, 1997 |
|
Ss. 46-48 ........................... |
am. No. 37, 2002 |
|
Part 4 |
|
|
Division 1 |
|
|
S. 49 ................................... |
am. No. 37, 2002 |
|
Division 2 |
|
|
Heading to Div. 2 of Part 4 . |
rs. No. 37, 2002 |
|
S. 52 ................................... |
am. No. 107, 1997 |
|
Note to s. 52 ....................... |
ad. No. 107, 1997 |
|
S. 53 ................................... |
rep. No. 37, 2002 |
|
S. 54 ................................... |
am. No. 107, 1997 |
|
|
rs. No. 37, 2002 |
|
Note to s. 54 ....................... |
ad. No. 107, 1997 |
|
|
rs. No. 37, 2002 |
|
Division 3 |
|
|
S. 55 ................................... |
am. No. 107, 1997; No. 37, 2002 |
|
Note to s. 55 ....................... |
ad. No. 107, 1997 |
|
Division 4 |
|
|
Heading to Div. 4 of Part 4 . |
rs. No. 37, 2002 |
|
S. 56 ................................... |
rep. No. 37, 2002 |
|
Heading to s. 59 ................. |
am. No. 37, 2002 |
|
S. 59 ................................... |
am. No. 107, 1997; No. 37, 2002 |
|
Note to s. 59 ....................... |
ad. No. 107, 1997 |
|
Ss. 60-62 ........................... |
am. No. 37, 2002 |
|
Part 5 |
|
|
S. 63.................................... |
am. No. 54, 1998 |
|
Part 6 |
|
|
S. 64.................................... |
am. No. 54, 1998 |
|
Part 7 |
|
|
S. 65.................................... |
am. No. 54, 1998; No. 154, 2007 |
|
Part 8 |
|
|
S. 67.................................... |
am. No. 38, 2005 |
|
Part 9 |
|
|
S. 69.................................... |
am. No. 54, 1998; No. 42, 2003 |
|
S. 73 ................................... |
am. No. 107, 1997; No. 137, 2000 |
|
Note to s. 73 ....................... |
ad. No. 107, 1997 |
|
S. 74 ................................... |
am. No. 107, 1997; No. 54, 1998 |
|
|
rep. No. 137, 2000 |
|
Note to s. 74 ....................... |
ad. No. 107, 1997 |
|
|
rep. No. 137, 2000 |
|
S. 75 ................................... |
am. No. 5, 1995 |
|
|
rs. No. 107, 1997; No. 54, 1998 |
|
S. 76 ................................... |
am. No. 31, 2001 |
|
Heading to s. 77 ................. |
am. No. 5, 1995 |
|
S. 77 ................................... |
am. No. 5, 1995; No. 54, 1998 |
|
|
rs. No. 121, 2001 |
|
|
am. No. 75, 2009 |
|
Heading to s. 78 ................. |
am. No. 5, 1995 |
|
|
rs. No. 121, 2001 |
|
S. 78 ................................... |
am. No. 5, 1995; No. 54, 1998 |
|
|
rs. No. 121, 2001 |
|
|
am. No. 75, 2009 |
|
S. 79.................................... |
am. No. 54, 1998 |
|
|
rs. No. 121, 2001 |
|
Ss. 81, 82............................ |
am. No. 54, 1998 |
Table A
Application, saving or transitional provisions
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 (No. 137, 2000)
Schedule 2
418 Transitional--pre‑commencement offences
(1) Despite the amendment or repeal of a provision by this Schedule, that provision continues to apply, after the commencement of this item, in relation to:
(a) an offence committed before the commencement of this item; or
(b) proceedings for an offence alleged to have been committed before the commencement of this item; or
(c) any matter connected with, or arising out of, such proceedings;
as if the amendment or repeal had not been made.
(2) Subitem (1) does not limit the operation of section 8 of the Acts Interpretation Act 1901.
419 Transitional--pre‑commencement notices
If:
(a) a provision in force immediately before the commencement of this item required that a notice set out the effect of one or more other provisions; and
(b) any or all of those other provisions are repealed by this Schedule; and
(c) the first‑mentioned provision is amended by this Schedule;
the amendment of the first‑mentioned provision by this Schedule does not affect the validity of such a notice that was given before the commencement of this item.
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 (No. 121, 2001)
Schedule 2
160 Application
The amendments made by items 158 and 159 apply to financial sector entities (within the meaning of the Financial Sector (Collection of Data) Act 2001) that are companies authorised under the Insurance Act 1973 to carry on insurance business, or companies registered under the Life Insurance Act 1995, only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to the financial sector entities concerned.
Australian Prudential Regulation Authority Amendment Act
2003
(No. 42,
2003)
Schedule 3
1 Definitions
In this Schedule:
amended Act means the Australian Prudential Regulation Authority Act 1998 as in force after the commencement of the amendments.
commencement of the amendments means the commencement of the amendments made by Schedule 1.
old Act means the Australian Prudential Regulation Authority Act 1998 as in force immediately before the commencement of the amendments.
2 APRA's corporate existence is continued
(1) The body corporate that was, immediately before the commencement of the amendments, the Australian Prudential Regulation Authority (APRA) continues in existence after that commencement by force of this item under the corporate structure provided for by the amended Act.
Note: Rights, liabilities and obligations as between APRA and other people, and things done by or on behalf of APRA, or in relation to APRA, are therefore not affected by the restructure of APRA.
(2) However, this does not imply that any person who, immediately before the commencement of the amendments, was a member of APRA's Board, or was APRA's Chief Executive Officer, continues to hold office after that commencement.
Note: These people cease to hold office on the commencement of the amendments because of the repeal of the provisions under which they were appointed.
3 Continued protection from liability
Section 58 of the old Act continues to apply in relation to conduct, before the commencement of the amendments, of APRA's Board, a member of APRA's Board or an agent of a member of APRA's Board.
Note: The reference to a member of APRA's Board covers APRA's Chief Executive Officer.
4 Continued effect of certain delegations
(1) A delegation in force, immediately before the commencement of the amendments, under subsection 15(1) or (2) of the old Act continues to have effect after that commencement as if it were a delegation under APRA's seal under that subsection of the amended Act. If the delegation was to one or more members of APRA's Board, it continues to have effect as if it were a delegation to any APRA member.
(2) A direction in force, immediately before the commencement of the amendments, under subsection 15(3) of the old Act continues to have effect after that commencement, in relation to a delegation to which subitem (1) applies, as if it were a direction given by APRA under that subsection of the amended Act.
(3) A delegation to one or more members of APRA's Board in force, immediately before the commencement of the amendments, under a provision amended by Schedule 2 continues to have effect after that commencement as if it were a delegation under the amended provision to any APRA member.
Note: Delegations in favour of APRA, or APRA staff members, are not affected by the Schedule 2 amendments.
5 Continued effect of determinations of terms and conditions for staff and consultants
A determination of terms and conditions in force, immediately before the commencement of the amendments, under subsection 45(2) or 47(2) of the old Act continues to have effect after that commencement as if it were a determination by APRA under that subsection of the amended Act.
6 Continued effect of approvals under paragraph 56(5)(b)
An approval in force, immediately before the commencement of the amendments, under paragraph 56(5)(b) of the old Act continues to have effect after that commencement as if it were an approval by APRA under that paragraph of the amended Act.
7 Continued or extended effect of certain regulations
(1) Regulations in force, immediately before the commencement of the amendments, under paragraph (k) of the definition of Act covered by this section in subsection 56(1) of the old Act continue to have effect after that commencement as if they were made under paragraph (o) of the definition of prudential regulation framework law in subsection 3(1) of the amended Act, but only as that paragraph applies for the purposes of section 56 of the amended Act.
(2) Regulations in force, immediately before the commencement of the amendments, under paragraph 56(5)(a) of the old Act have effect after that commencement (in addition to the effect they continue to have for that paragraph of the amended Act) as if they were also made under subsection 10A(1) of the amended Act.
8 Delegations by ASIC to APRA staff members
(1) Subsection 102(2A) of the Australian Securities and Investments Commission Act 2001 has effect after the commencement of the amendments as if the reference in that subsection to the Chief Executive Officer of APRA were instead a reference to APRA.
(2) For the purposes of that subsection as it continues to have effect, an agreement to a delegation, in force under that subsection immediately before the commencement of the amendments, continues to have effect after that commencement as if it were given by APRA.
Same‑Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 (No. 144, 2008)
Schedule 14
119 Transitional provision
If:
(a) apart from this item, a person would be an associate of another person for the purposes of a provision of the Insurance Acquisitions and Takeovers Act 1991 on the day on which the amendments made by this Part commence; and
(b) the persons would be associates only because of those amendments;
then, during the period of 6 months starting on that day, the provision does not apply to them as associates of each other for so long as the persons would otherwise have been associates of each other.