Document ID: chunk:federal_register_of_legislation:F2018L00486:front:0:p4
Version: federal_register_of_legislation:F2018L00486
Segment Type: other
Provision Reference: 
Character Range: 8095–10992

an office of the insurer; or

(b)         another location approved by APRA in writing,

in each State and Territory in which an affected policyholder resides.

Application for Confirmation of Scheme[10]
    17.         An application to the Court for confirmation of a scheme may be made no earlier than:
(a)          the day after the day on which the period referred to in paragraph 16 ends; and

(b)         unless the Court dispenses with the need for compliance with paragraph 17C(2)(c) of the Act[11] — 15 days after the approved summary of the scheme has been given to every affected policyholder under that paragraph,

whichever is the later.

Documents to be Provided to APRA after the Court has Approved a Scheme[12]
    18.         An insurer to which insurance business is transferred, or with whose insurance business any part of the business of another insurer is amalgamated, 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)         an actuarial report, or other report, on which the scheme, and the agreement or deed, are founded;

           (iii)       the agreement or deed under which the transfer or amalgamation is effected;

           (iv)        the Court order confirming the scheme;

           (v)          a statement of the assets and liabilities of each insurer associated with the transfer or amalgamation, before and after the transfer or amalgamation;

       (c)         a statutory declaration by a Director:

           (i)            setting out, in relation to the transfer or amalgamation:

             -            each payment made; and

             -            a reasonable estimate of each payment to be made; and

           (ii)         stating that he or she reasonably believes that no other payment has been made, or will be made, by, or with the knowledge of, a party to the transfer or amalgamation.

    19.         The documents specified above must be lodged with APRA within 30 days after the transfer or amalgamation is completed.
    20.         An insurer may apply to APRA, in writing, before the end of the 30 day period, for an extension of the time in which to lodge the documents.  If APRA believes that the insurer cannot reasonably provide the documents within 30 days, APRA must, within 14 days of receiving an application for an extension, give a written extension of up to 30 days.[13]

Attachment

Transfer and Amalgamation of Insurance Business

(Part III, Division 3A of the Act)

Order  Task                                                                                                                   Reference in Standard  Insurance Act section