Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of the application of this Act to an Australian‑registered insurance company, a particular matter is taken to be contrary to the public interest if it is:
(a) likely to adversely affect the prudential conduct of the affairs of the company; or
(b) likely to result in an unsuitable person being in a position of influence over the company; or
(c) likely to unduly concentrate economic power in the Australian general insurance industry, in the Australian life insurance industry or in the Australian financial system; or
(d) contrary to the national interest.
(2) For the purposes of this section, a person is taken to be an unsuitable person to be in a position of influence over a company if the person is not a fit and proper person to be in such a position of influence.
(3) For the purposes of this section, a person is taken to be in a position of influence over a company if:
(a) the person, either alone or together with one or more associates, is in a position to control 15% or more of the voting power in the company; or
(b) one or more directors of the company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person acting alone or of the person acting together with one or more associates; or
(c) the person has power, either acting alone or together with one or more associates, to appoint or remove a director of the company; or
(d) the person is a director of the company; or
(e) the person takes part in the management of the company.