Document ID: chunk:federal_register_of_legislation:C2024C00606:section:25:p5
Version: federal_register_of_legislation:C2024C00606
Segment Type: section
Provision Reference: s 25 (pt 5/6)
Character Range: 48628–51350

(ii) APRA has served on the transferring body a written notice under subsection 52(4) of the Insurance Act 1973 specifying matters into which an investigation under section 52 of that Act is to be made; or
  (iii) a judicial manager of the transferring body has recommended, under section 62ZI of the Insurance Act 1973, that the body's business be transferred to another general insurer; or
 (iiia) there is an Insurance Act statutory manager of the transferring body under the Insurance Act 1973; or
 (iv) APRA has made a determination under subsection (1E) for the transfer of some or all of the transferring body's regulated business to another general insurer (whether or not the transfer has yet happened); 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 those 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 a general insurer to another body
 (1G) 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 a general insurer 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:
 (i) a determination under subsection (1E) or (1F) relating to the general insurer 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); or
 (ii) a determination under section 25AA relating to the general insurer for the transfer of the shares in the general insurer to a body corporate (also 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.

Common conditions for making a determination under this section
 (2) APRA may make a determination under this section only if:
 (d) APRA is satisfied that the board of directors of the receiving body has consented to the transfer; and
 (e) APRA is satisfied that the transfer is appropriate, having regard to:
 (ii) the interests of the financial sector as a whole; and
 (iii) any other matters that APRA considers relevant; and
 (f) where:
 (i) the transferring body is established in a State or Territory; and
 (ii) the receiving body is established in a State or Territory;
  APRA has considered whether legislation to facilitate the transfer that