Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZH

    Division   7A (Disclaimer of onerous property) of Part   5.6 of the Corporations Act 2001 applies in relation to the disclaimer of property of a general insurer by a judicial manager of the general insurer as if:

  (a)   the general insurer were a company for the purposes of that Division; and

  (b)   the judicial manager were the liquidator of the company; and

  (c)   a reference in that Division to the Court were a reference to the Federal Court; and

  (d)   subsection   568(10) of the Corporations Act 2001 were omitted; and

  (e)   the policyholders of the general insurer were the company's creditors for the purposes of subsections   568B(3) and 568E(5) of the Corporations Act 2001 .

Note:   One effect of this is that the judicial manager of a general insurer has essentially the same powers and duties relating to the disclaimer of property as a liquidator of a company.