Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), APRA is entitled to apply for an order that a life company be wound up.
(2) APRA may only make an application if any of the following requirements are met:
(a) APRA is satisfied that it is necessary or proper that the application be made, having regard to the conclusions reached by APRA as a result of any of the following situations:
(i) APRA investigating the business of the life company under Division 3 of Part 7;
(ii) APRA taking control of the life company's business under subsection 179AA(1);
(iii) an administrator of the life company's business recommending to APRA under section 179AJ that APRA apply for the life company to be wound up;
(b) if the life company is an eligible foreign life insurance company--APRA considers that any of the following requirements are met:
(i) an application for the appointment of an external administrator of the eligible foreign life insurance company, or for a similar procedure in respect of the eligible foreign life insurance company, has been made in one or more foreign countries;
(ii) an external administrator has been appointed to the eligible foreign life insurance company, or a similar appointment has been made in respect of the eligible foreign life insurance company, in a foreign country.
(3) On an application under subsection (1), the Court may make an order that a life company be wound up if the Court is satisfied that it is in the interests of the owners of policies issued by the company that such an order be made.
(4) To avoid doubt, subsection (1) applies whether or not a Life Insurance Act statutory manager is in control of:
(a) unless paragraph (b) applies--the life company's business; or
(b) if the life company is an eligible foreign life insurance company--the Australian business assets and liabilities of the eligible foreign life insurance company.