Commonwealth Consolidated Acts

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Transfer or amalgamation of insurance business

             (1)  No part of the insurance business of a general insurer may be:

                     (a)  transferred to another general insurer; or

                     (b)  amalgamated with the business of another general insurer;

except under a scheme confirmed by the Federal Court.

Note:          A transfer or amalgamation of an insurance business may also require approval under the Insurance Acquisitions and Takeovers Act 1991 .

             (2)  The reference in paragraph (1)(a) to a general insurer includes a reference to a body corporate that is authorised under this Act but has not begun to carry on insurance business in Australia.

             (3)  A scheme must set out:

                     (a)  the terms of the agreement or deed under which the proposed transfer or amalgamation is carried out; and

                     (b)  particulars of any other arrangements necessary to give effect to the scheme.

             (4)  Subsection (1) does not require that a transfer or amalgamation of insurance business be made under a scheme approved by the Federal Court if:

                     (a)  immediately before the transfer or amalgamation, the insurance business is carried on outside Australia; and

                     (b)  the transfer or amalgamation will result in the insurance business being carried on outside Australia.

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