Document ID: chunk:federal_register_of_legislation:C2025C00135:section:179aa:p2
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 179AA (pt 2/3)
Character Range: 282681–285375

a life company (the relevant life company);
 (ii) a subsidiary of a registered NOHC of a life company (also the relevant life company);
 (iii) a subsidiary of a life company (also the relevant life company); and
 (b) the condition in subsection (5), (6) or (7) is satisfied; and
 (c) the target body corporate is incorporated in Australia; and
 (d) the target body corporate is not a body corporate of a kind specified in regulations (if any) made for the purposes of this paragraph.
 (4) The actions are as follows:
 (a) taking control of the business of the target body corporate;
 (b) appointing an administrator to take control of the business of the target body corporate.
 (5) The condition in this subsection is satisfied if:
 (a) either:
 (i) a Life Insurance Act statutory manager has taken control of the relevant life company; or
 (ii) the conditions in paragraphs (1)(a) and (b) are satisfied in relation to the relevant life company, and APRA intends that a Life Insurance Act statutory manager will take control of the relevant life company; and
 (b) APRA considers that the target body corporate provides services that are, or conducts business that is, essential to the capacity of the relevant life company to maintain its operations.
 (6) The condition in this subsection is satisfied if:
 (a) either:
 (i) a Life Insurance Act statutory manager has taken control of the relevant life company; or
 (ii) the conditions in paragraphs (1)(a) and (b) are satisfied in relation to the relevant life company, and APRA intends that a Life Insurance Act statutory manager will take control of the relevant life company; and
 (b) APRA considers that it is necessary for a Life Insurance Act statutory manager to take control of the target body corporate, in order to facilitate the resolution of any of the following:
 (i) the relevant life company;
 (ii) a registered NOHC of the relevant life company;
 (iii) a relevant group of bodies corporate of which the relevant life company is a member;
 (iv) a particular member or particular members of such a group.
 (7) The condition in this subsection is satisfied if:
 (a) there is an external administrator of the target body corporate, or APRA considers that, in the absence of external support:
 (i) the target body corporate may become unable to meet its obligations; or
 (ii) the target body corporate may suspend payment; and
 (b) APRA considers that it is necessary to take an action mentioned in subsection (4) in respect of the target body corporate in order to enable the relevant life company to maintain its operations, or in order to facilitate the resolution of any of the following:
 (i) the relevant life company;
 (ii) a