Commonwealth Numbered Regulations - Explanatory Statements

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INSURANCE ACQUISITIONS AND TAKEOVERS (NOTICES) REGULATIONS 1992 NO. 68

Statutory Rules 1992 No. 68

Issued by the Authority of the Treasurer

Insurance Acquisitions and Takeovers Act 1991

Insurance Acquisitions and Takeovers (Notices) Regulations

Section 82 of the Insurance Acquisitions and Takeovers Act 1991 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

Parts 2, 3 and 4 of the Act provide for the prior notification of proposals to the Treasurer for the acquisition of an interest in, or control over, an Australian insurer and gives the Treasurer the power to, approve or approve with conditions, or prohibit, such proposals. The purpose of the Act is to provide the Treasurer with the power to examine transactions involving the transfer of ownership or control of insurance businesses in Australia, and to stop these from proceeding if he considers that they would be contrary to the public interest.

The purpose of these regulations is to specify the types and format of information required of persons wishing to acquire a significant level of interest in, or control over, an Australian insurer.

Regulation 1 cites the regulations as the Insurance Acquisitions and Takeovers (Notices) Regulations.

Regulation 2 provides that the regulations will come into effect on the date of commencement of the Act.

Regulation 3 explains references to 'the Act' in these regulations.

Regulation 4 identifies the forms which should be used to notify the Minister of an intention to carry out any transaction which will involve the transfer of a substantial interest in, or control over, an Australian insurer.

Regulation 5 sets out requirements regarding the submission of supporting documents which must accompany a notification.

Regulation 6 sets out particular requirements regarding the submission of supporting documents where the notification only concerns a change in the constituent document of a company.

Attached to the proposed Regulations are schedules which set out the format and type of the information which must be provided by persons notifying an intention to acquire a substantial interest in, or control over, an Australian insurer.

Insurance and Superannuation Commission
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