Document ID: chunk:federal_register_of_legislation:C2025C00157:section:17:p2
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 17 (pt 2/2)
Character Range: 66599–68404

first general insurer from the second general insurer.
 (5) If APRA approves an assignment, the general insurer must:
 (a) comply with the conditions on the approval; and
 (b) give reasonable notice (in writing) of the assignment to the insurer's policyholders; and
 (c) give APRA such written evidence of the assignment as APRA reasonably requires.
 (6) An assignment of liabilities under this section may include the assignment of any rights or benefits in connection with contracts of insurance in respect of the insurance business carried on in Australia by the general insurer concerned.
 (7) A direction under subsection (1) has effect despite anything in the Insurance Acquisitions and Takeovers Act 1991.
 (8) A general insurer commits an offence if:
 (a) the insurer does, or fails to do, an act; and
 (b) by doing or failing to do the act, the insurer fails to comply with a direction under this section.
Penalty: 300 penalty units.
 (8A) If an individual:
 (a) commits an offence against subsection (8) 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 (8);
he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.
 (9) An offence against this section is an offence of strict liability.
Note 1: For strict liability, see section 6.1 of the Criminal Code.
Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
 (10) Part VI applies to the following decisions made under this section:
 (a) a decision to give a direction under subsection (1);
 (b) a refusal to approve a proposed assignment under subsection (4);
 (c) a decision to impose conditions on an approval.

Division 3A—Transfer and amalgamation of insurance business