Document ID: chunk:federal_register_of_legislation:C2025C00157:section:103c
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 103C
Character Range: 392416–394726

103C  Additional contents of a recapitalisation direction
 (1) A recapitalisation direction may direct a general insurer to issue:
 (a) shares, or rights to acquire shares, in the insurer; or
 (b) other capital instruments of a kind specified in the direction.
 (1A) If the recapitalisation direction is a direction to a NOHC/NOHC subsidiary under subsection 103B(1B), the direction may direct the NOHC/NOHC subsidiary to do any of the following:
 (a) issue:
 (i) shares, or rights to acquire shares, in the NOHC/NOHC subsidiary; or
 (ii) other capital instruments in the NOHC/NOHC subsidiary of a kind specified in the direction;
 (b) acquire:
 (i) shares, or rights to acquire shares, in the general insurer mentioned in subsection 103B(1A); or
 (ii) other capital instruments in the general insurer mentioned in subsection 103B(1A) of a kind specified in the direction;
 (c) acquire:
 (i) shares, or rights to acquire shares, in a specified body corporate covered by subsection (1B); or
 (ii) other capital instruments in a specified body corporate covered by subsection (1B), of a kind specified in the direction.
 (1B) This subsection covers a body corporate if:
 (a) the body corporate is a subsidiary of the NOHC/NOHC subsidiary; and
 (b) the general insurer is a subsidiary of the body corporate.
 (1C) Without limiting the generality of subsections (1), (1A) and (2), but subject to subsection (3), a direction referred to in those subsections may:
 (a) deal with some only of the matters referred to in those subsections; or
 (b) deal with a particular class or particular classes of those matters; or
 (c) make different provision with respect to different matters or different classes of matters.
 (2) A direction for the purposes of paragraph (1)(a) or subparagraph (1A)(a)(i), (1A)(b)(i) or (1A)(c)(i) may specify that the shares or rights must:
 (a) be of a kind specified in the direction; or
 (b) have the characteristics specified in the direction.
 (3) A direction for the purposes of paragraph (1)(b) or subparagraph (1A)(a)(ii), (1A)(b)(ii) or (1A)(c)(ii):
 (a) must not specify a kind of capital instrument unless that kind of capital instrument is specified in the regulations; and
 (b) may specify that the capital instruments must have the characteristics specified in the direction.