Commonwealth Numbered Acts Commonwealth Numbered Acts(1) If the * terminating manager's report under section 149‑55 includes a recommendation that an application be made under this section for the winding up of a private health insurer, the Council, or the terminating manager, may apply to the Federal Court for an order that the insurer be wound up.
(2) However, the * terminating manager must not apply unless directed by the Council to apply.
(2A) On an application under subsection (1), the Federal Court may make an order that the insurer be wound up if the Court is satisfied that it is in the financial interests of the * policy holders of the * health benefits funds conducted by the insurer that such an order be made.
(3) The winding up of the insurer is to be conducted in accordance with the Corporations Act 2001 .