Document ID: chunk:federal_register_of_legislation:C2025C00135:section:27a:p2
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 27A (pt 2/2)
Character Range: 104593–105950

(6) If APRA approves an assignment, the company must:
 (a) comply with the conditions on the approval; and
 (b) give reasonable notice (in writing) of the assignment to the company's policy owners; and
 (c) give APRA such written evidence of the assignment as APRA reasonably requires.
 (7) An assignment of liabilities under this section may include the assignment of any rights or benefits in connection with life policies in respect of the life insurance business carried on in Australia by the company concerned.
 (8) A direction under subsection (1) has effect despite anything in the Insurance Acquisitions and Takeovers Act 1991.
 (9) A company commits an offence if:
 (a) the company does, or fails to do, an act; and
 (b) by doing or failing to do the act, the company fails to comply with a direction under this section.
Penalty: 300 penalty units.
 (10) If an individual:
 (a) commits an offence against subsection (9) because of Part 2.4 of the Criminal Code; or
 (b) commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (9);
he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.
 (11) An offence against this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Division 2—Registration of NOHCs of life companies