Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 230AA

  (1)   This Subdivision applies to a life company that:

  (a)   is a company that:

  (i)   is registered under the Corporations Act 2001 ; and

  (ii)   has a share capital; and

  (b)   does not have a judicial manager.

  (2)   Subsections   (3) and (4) apply if:

  (a)   APRA has given a recapitalisation direction to the life company under subsection   230AB(1) (the primary recapitalisation direction ); and

  (b)   the life company is a subsidiary of a NOHC/NOHC subsidiary; and

  (c)   the NOHC/NOHC subsidiary is a company that:

  (i)   is registered under the Corporations Act 2001 ; and

  (ii)   has a share capital; and

  (d)   the NOHC/NOHC subsidiary does not have a Life Insurance Act statutory manager.

  (3)   This Subdivision applies to the NOHC/NOHC subsidiary in the same way that it does to a life company.

  (4)   However, disregard the following provisions in applying this Subdivision to the NOHC/NOHC subsidiary:

  (a)   subsection   230AB(1);

  (b)   subsection   230AC(1).

  (5)   In this section:

"NOHC/NOHC subsidiary" means a body corporate that is any of the following:

  (a)   a registered NOHC;

  (b)   a subsidiary of a registered NOHC.