Document ID: chunk:federal_register_of_legislation:C2025C00157:section:62u
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 62U
Character Range: 201020–202149

62U  Effect on external administrator of judicial manager managing general insurer
 (1) The appointment of an external administrator of a general insurer is terminated when the judicial management of the general insurer commences.
 (2) An external administrator of a general insurer must not be appointed while the general insurer is under judicial management.
 (3) If:
 (a) a person who ceased to be the external administrator of a general insurer under subsection (1); or
 (b) a purported external administrator of a general insurer appointed in contravention of subsection (2);
purports to act in relation to the general insurer's business while the general insurer is under judicial management, the purported act is invalid and of no effect.
 (4) As soon as possible after the Federal Court orders the judicial management of a general insurer and appoints a judicial manager, the judicial manager must inform the external administrator (if any) of the general insurer that the general insurer is under judicial management. However, failure to inform the external administrator does not affect the operation of this section.