Document ID: chunk:federal_register_of_legislation:F2024L00195:reg:8:p1
Version: federal_register_of_legislation:F2024L00195
Segment Type: reg
Provision Reference: reg 8 (pt 1/2)
Character Range: 5312–7928

8  Documents to be given to APRA
 (1) For the purposes of subsection 197(1) of the Act, if any part of the life insurance business carried on by a life company is transferred to, or amalgamated with the life insurance business of, another company, the latter company 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) each actuarial report or other report (if any) on which the scheme, and the agreement or deed by which the transfer or amalgamation is carried out, are founded;
 (iii) the agreement or deed by which the transfer or amalgamation is carried out;
 (iv) the Court order confirming the scheme;
 (v) a statement of the assets and liabilities of each company affected by the scheme (within the meaning of section 189 of the Act);
 (c) a statutory declaration by the principal executive officer of the latter company:
 (i) setting out, in relation to the transfer or amalgamation, each payment made; and
 (ii) setting out, in relation to the transfer or amalgamation, a reasonable estimate of each payment to be made in the future; and
 (iii) stating that he or she reasonably believes that no other payment has been made, or will be made, in relation to the transfer or amalgamation, by, or with the knowledge of, a party to the agreement or deed by which the transfer or amalgamation is carried out.
 (2) For the purposes of subsection 197(2) of the Act, and subject to subsection (3) of this section, the documents must be given to APRA within 30 days after the transfer or amalgamation is completed.
 (3) A company may apply, in writing, to APRA, before the end of the 30 days referred in subsection (2), for an extension of the time in which to give the documents to APRA.
 (4) If APRA receives an application under subsection (3) from a company for an extension of time in which to give documents to APRA, APRA must, within 14 days after receiving the application:
 (a) either:
 (i) if APRA believes that, when the application was made, it was not reasonably possible for the company to give the documents to APRA within the 30 days referred to in subsection (2)—give the company an extension of time of no longer than 30 days; or
 (ii) otherwise—refuse the application; and
 (b) give the company written notice of APRA's decision on the application.
 (5) For the purposes of subparagraph (zt)(ii) of the definition of reviewable decision in subsection 236(1) of the Act, a decision to refuse an application under