Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:3_62t
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 3 cl 62T
Character Range: 116669–117754

62T  Management vests in judicial manager

 (1) Subject to subsections (2) and (3), if the Federal Court has made an order placing a general insurer under judicial management, then, at the time the judicial management commences:
 (a) any person vested with the management of the general insurer immediately before that time is divested of that management; and
 (b) the management of the general insurer vests in the judicial manager appointed by the Court.

 (2) A general insurer may not issue policies without the leave of the Federal Court if the company is under judicial management.

 (3) To avoid doubt, if the general insurer is a foreign general insurer:
 (a) paragraphs (1)(a) and (b) do not apply to the extent that the management of the foreign general insurer relates to insurance business carried on outside Australia by the foreign general insurer; and
 (b) subsection (2) does not apply to the issue of policies in the course of insurance business carried on outside Australia by the foreign general insurer.

Note: Subsection (3) reflects the effect of section 62ZO.