Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 103A

  (1)   This Division applies to a general insurer that:

  (a)   is a company that:

  (i)   is registered under the Corporations Act 2001 ; and

  (ii)   has a share capital; and

  (b)   does not have a judicial manager.

  (2)   Subsections   (3) and (4) apply if:

  (a)   APRA has given a recapitalisation direction to the general insurer under subsection   103B(1) (the primary recapitalisation direction ); and

  (b)   the general insurer is a subsidiary of a NOHC/NOHC subsidiary; and

  (c)   the NOHC/NOHC subsidiary is a company that:

  (i)   is registered under the Corporations Act 2001 ; and

  (ii)   has a share capital; and

  (d)   the NOHC/NOHC subsidiary does not have an Insurance Act statutory manager.

  (3)   This Division applies to the NOHC/NOHC subsidiary in the same way that it does to a general insurer.

  (4)   However, disregard the following provisions in applying this Division to the NOHC/NOHC subsidiary:

  (a)   subsection   103B(1);

  (b)   subsection   103C(1).

  (5)   In this section:

"NOHC/NOHC subsidiary" means a body corporate that is any of the following:

  (a)   an authorised NOHC;

  (b)   a subsidiary of an authorised NOHC.