Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 161C

Moratorium--Restrictions on exercise of third party property rights

  (1)   Section   440B of the Corporations Act 2001 applies during a period in which a life company is under judicial management in the same way it applies during the administration of a company.

  (2)   For the purposes of this section, treat the reference in paragraph   440B(2)(a) of the Corporations Act 2001 to the administrator's written consent as being a reference to the judicial manager's written consent.

  (3)   The judicial manager is not liable to an action or other proceedings for damages in respect of a refusal to give consent as mentioned in subsection   (2).

  (4)   This section applies despite sections   161, 161A and 161B.


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