Document ID: chunk:federal_register_of_legislation:F2019L00398:schedule:1:p10
Version: federal_register_of_legislation:F2019L00398
Segment Type: schedule
Provision Reference: sch 1 (pt 10/18)
Character Range: 26494–29574

or groups' policies are to become referable to the receiving fund on the transfer date;

           (f)           for each receiving fund, specify the assets of, and liabilities incurred for the purposes of, a transferring fund which are to become assets of, and become treated as liabilities incurred for the purposes of, the receiving fund on the transfer date; and

           (g)          provide for carrying out the requirements under the general law for the transfer of the assets and liabilities which are to be transferred under the arrangement, including obtaining relevant third‑party consents, novations of agreement and execution and lodgement of documents for execution; and

           (h)          without limiting the generality of paragraph (g), in relation to each asset the transfer of which to a transferee insurer at law requires registration and the transfer of which will not be complete in law on the transfer date, impose on the transferor insurer obligations to:

              (i)            provide all such assistance in obtaining registration as the transferee may reasonably require whether before or after the transfer date, including, without limitation, provide assistance in responding to requisitions from a registrar of titles; and

              (ii)         from the transfer date until registration of the transferee's title, hold the asset on trust for the transferee on the terms set out in Schedule 1; and

           (i)            in relation to an asset which cannot be transferred under the general law, impose on the transferor insurer obligations to hold the asset on trust for the transferee insurer on the terms set out in Schedule 1; and

           (j)            without limiting the generality of paragraph (g)  in relation to each liability, the transfer of which will not be completed on the transfer date, impose on each transferee insurer obligations to:

              (i)            take all such steps as the transferor insurer may reasonably require, whether before or after the transfer date, to achieve transfer of the liability if such transfer is possible under the general law; and

              (ii)         indemnify the transferor insurer against any claims made on or after the transfer date which are allegedly based on the liability with the obligation to indemnify being conditional on the transferor insurer responding to the claim in such manner as the transferee insurer may reasonably require, including, without limitation, allowing the transferee insurer at its own expense to settle the claim, take over any litigation to defend the claim, or both; and

           (k)          without limiting the generality of paragraph (g), provide for access for each transferee insurer to such of the business records of the transferring fund as the transferee insurer may require to act as private health insurer for the transferred policies.

       (4)                   The specifications required by subrule (3) may be:
           (a)          by listing particular assets or liabilities; or