Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:5_7:p2
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 5 cl 7 (pt 2/3)
Character Range: 176417–178906

the transfer provided for in that determination has occurred); and
 (b) APRA has considered the interests of depositors of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and
 (c) the conditions in subsection (2) exist.

Transfer from a body corporate related to an ADI to another body

 (1B) APRA may make a written determination that there is to be a total transfer or partial transfer of business from a body corporate that is related to an ADI and is not an ADI, general insurer or life insurance company to another body corporate (the transferee). APRA may make the determination only if:
 (a) APRA is making, or has made within a reasonable period, a determination under subsection (1) or (1A) relating to the ADI for the total transfer or partial transfer of its business to a body corporate (the original receiving body) (whether or not the transfer provided for in that determination has occurred); and
 (b) the transferee is the original receiving body or is related to the original receiving body.

Transfer from one life insurance company to another

 (1C) APRA may make a written determination that there is to be a transfer of business from one life insurance company to another life insurance company, other than a transfer only of business of the transferring body that is not regulated business. APRA may make the determination only if:
 (a) APRA is satisfied that:
 (i) the transferring body has contravened the Life Insurance Act 1995, any regulations or other instruments made under that Act or conditions imposed under that Act; or
 (ii) APRA has given the transferring body a written notice under subsection 139(1) of the Life Insurance Act 1995 stating that APRA proposes to investigate life insurance business of the body; or
 (iii) a judicial manager of the transferring body has recommended, in accordance with subsection 175(2) of the Life Insurance Act 1995, that a compulsory transfer determination be made in relation to the body; and
 (b) APRA has considered the interests of policy owners of the transferring body (when viewed as a group) and considers that, having regard to their interests, it would be appropriate for the transfer to be made; and
 (c) APRA is satisfied that the transfer is appropriate, having regard to the interests of policy owners of the receiving body when viewed as a group; and
 (d) the conditions in subsection (2) exist.