Document ID: chunk:federal_register_of_legislation:C2024C00606:section:25:p4
Version: federal_register_of_legislation:C2024C00606
Segment Type: section
Provision Reference: s 25 (pt 4/6)
Character Range: 46153–48860

company for the total transfer or partial transfer of its business to a body corporate (the original receiving body) (whether or not the transfer provided for in that determination has occurred); or
 (ii) a determination under section 25AA relating to the life insurance company for the transfer of the shares in the life insurance company to a body corporate (also the original receiving body) (whether or not the transfer provided for in that determination has occurred); and
 (b) the transferee is the original receiving body or is related to the original receiving body.

Transfer of business from general insurer
 (1E) APRA may make a written determination that there is to be a transfer of business from one general insurer to another general insurer, other than a transfer only of business of the transferring body that is not regulated business, if, and only if:
 (a) APRA is satisfied that:
 (i) the transferring body has contravened the Insurance Act 1973, any regulations or other instruments made under that Act or conditions imposed under that Act; or
 (ii) APRA has served on the transferring body a written notice under subsection 52(4) of the Insurance Act 1973 specifying matters into which an investigation under section 52 of that Act is to be made; or
 (iii) a judicial manager of the transferring body has recommended, under section 62ZI of the Insurance Act 1973, that the body's business be transferred to another general insurer; or
 (iv) there is an Insurance Act statutory manager of the transferring body under the Insurance Act 1973; and
 (b) APRA has considered the interests of policy owners of the transferring body (when viewed as a group) and considers that, having regard to those interests, it would be appropriate for the transfer to be made; and
 (c) APRA is satisfied that the transfer is appropriate, having regard to the interests of policy owners of the receiving body when viewed as a group; and
 (d) the conditions in subsection (2) exist.

Transfer of unregulated business from general insurer
 (1F) APRA may make a written determination that there is to be a transfer of only business that is not regulated business from a general insurer to a body corporate that is not an insurance company or life insurance company if, and only if:
 (a) APRA is satisfied that:
 (i) the transferring body has contravened the Insurance Act 1973, any regulations or other instruments made under that Act or conditions imposed under that Act; or
 (ii) APRA has served on the transferring body a written notice under subsection 52(4) of the Insurance Act 1973 specifying matters into which an investigation under section 52 of that Act is to be made; or
  (iii) a judicial manager