Commonwealth Numbered Acts

LIFE INSURANCE ACT 1995 No. 4 of 1995 - SECT 190

190. (1) No part of the life insurance business of a life company may be:

   (a)  transferred to another life company; or

   (b)  amalgamated with the business of another life company; except under a
        scheme confirmed by the Court.

(2) The reference in paragraph (1)(a) to a life company includes a reference
to a company that is registered under this Act but has not begun to carry on
life 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 to be 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 life
insurance business be made under a scheme approved by the Court if:

   (a)  immediately before the transfer or amalgamation, the business is
        referable to a statutory fund that relates only to life insurance
        business carried on outside Australia; and

   (b)  the transfer or amalgamation will result in the business becoming
        referable to a statutory fund that relates only to life insurance
        business carried on outside Australia.