Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:3_179aa:p3
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 3 cl 179AA (pt 3/3)
Character Range: 292503–294596

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 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.
 (8) If:
 (a) APRA is in control of a body corporate's business under this Subdivision—APRA is the Life Insurance Act statutory manager of the body corporate; or
 (b) an administrator appointed by APRA is in control of a body corporate's business under this Subdivision—the administrator is the Life Insurance Act statutory manager of the body corporate.
Note: This section and other provisions relating to statutory management do not apply to the aspects described in subsection 16ZE(3) of the business and management of an eligible foreign life insurance company.
 (9) If APRA appoints 2 or more Life Insurance Act statutory managers of a body corporate, or appoints one or more additional Life Insurance Act statutory managers of a body corporate:
 (a) the functions and powers under this Act of a Life Insurance Act statutory manager of the body corporate may be performed or exercised by:
 (i) all of the Life Insurance Act statutory managers of the body corporate acting jointly; or
 (ii) each of the Life Insurance Act statutory managers of the body corporate acting individually (except to the extent (if any) specified in a notice given by APRA under paragraph (b)); and
 (b) at the time of appointment, APRA may give all of the Life Insurance Act statutory managers of the body corporate a notice in writing for the purposes of subparagraph (a)(ii), specifying limits or conditions on their ability to perform functions and exercise powers individually; and
 (c) treat a reference in this Act to a Life Insurance Act statutory manager as being a reference to whichever one or more of those Life Insurance Act statutory managers the case requires.