Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 197 (1) of the Act, a company to which life insurance business is transferred, or with whose life insurance business any part of the business of another company is amalgamated must give APRA the following documents:
(a) a statement of the nature and terms of the transfer or amalgamation;
(b) a certified copy of each of the following documents:
(i) the scheme providing for the transfer or amalgamation;
(ii) an actuarial report, or other report, on which the scheme, and the agreement or deed, are founded;
(iii) the agreement or deed under which the transfer or amalgamation is effected;
(iv) the Court order confirming the scheme;
(v) a statement of the assets and liabilities of each company associated with the transfer or amalgamation;
(c) a statutory declaration by the principal executive officer:
(i) setting out, in relation to the transfer or amalgamation:
(A) each payment made; and
(B) a reasonable estimate of each payment to be made; and
(ii) stating that he or she reasonably believes that no other payment has been made, or will be made, by, or with the knowledge of, a party to the transfer or amalgamation.
(2) For the purposes of subsection 197 (2) of the Act, and subject to subregulation (3), the documents must be lodged within 30 days after the transfer or amalgamation is completed.
(3) A company may apply, in writing, to APRA, before the end of the period referred in subregulation (2), for an extension of the time in which to lodge the documents.
(4) If APRA believes that the company cannot reasonably provide the documents within the period referred to in subregulation (2), APRA must, within 14 days of receiving an application:
(a) give an extension, of no longer than 30 days, to the company, to provide the documents; and
(b) so inform the company in writing.