Document ID: chunk:federal_register_of_legislation:C2025C00157:section:17b
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 17B
Character Range: 68687–69903

17B  Transfer or amalgamation of insurance business
 (1) No part of the insurance business of a general insurer may be:
 (a) transferred to another general insurer; or
 (b) amalgamated with the business of another general insurer;
except under a scheme confirmed by the Federal Court.
Note: A transfer or amalgamation of an insurance business may also require approval under the Insurance Acquisitions and Takeovers Act 1991.
 (2) The reference in paragraph (1)(a) to a general insurer includes a reference to a body corporate that is authorised under this Act but has not begun to carry on insurance business in Australia.
 (3) A scheme must set out:
 (a) the terms of the agreement or deed under which the proposed transfer or amalgamation is carried out; and
 (b) particulars of any other arrangements necessary to give effect to the scheme.
 (4) Subsection (1) does not require that a transfer or amalgamation of insurance business be made under a scheme approved by the Federal Court if:
 (a) immediately before the transfer or amalgamation, the insurance business is carried on outside Australia; and
 (b) the transfer or amalgamation will result in the insurance business being carried on outside Australia.