36CRestructure approvals—issued by Minister

36C Restructure approvals—issued by Minister

(1) The Minister must, in writing, issue a restructure approval if the Minister is satisfied that: (a) application for the approval has been made by an operating body in accordance with section 36B; and (b) the restructure arrangement would improve the operating body’s ability to meet its prudential requirements; and (c) the approval should be issued, having regard to: (i) the interests of the depositors or policy owners of the operating body; and (ii) the interests of the financial sector as a whole; and (iii) any other matters considered relevant. (2) The approval must include the following: (a) a statement describing the restructure arrangement; (b) the restructure instrument; (c) any conditions imposed under section 36E. (3) The approval authorises APRA to issue one or more internal transfer certificates under section 36M. (4) In this section:

prudential requirements, in relation to an operating body, means requirements applying to the body under the following prudential standards determined by APRA:

(a) if the body is an ADI—standards in force under section 11AF of the Banking Act 1959;
(b) if the body is a life insurance company—standards in force under section 230A of the Life Insurance Act 1995;
(c) if the body is a general insurer—standards in force under section 32 of the Insurance Act 1973.