36Meaning of trigger proposal—proposals to acquire or lease assets of Australian‑registered insurance companies

#### 36 Meaning of trigger proposal—proposals to acquire or lease assets of Australian‑registered insurance companies If any of the following paragraphs applies: (a) both of the following conditions are satisfied: (i) one or more persons propose to acquire assets of an Australian‑registered insurance company under a non‑arm’s length transaction; (ii) the sum of: (A) the value of the assets proposed to be acquired; and (B) the total value of any assets of the company acquired by the persons or their associates under non‑arm’s length transactions in the 12‑month period before the date of the proposed acquisition; is 15% or more of the total book value of the assets of the company as at that date; (b) both of the following conditions are satisfied: (i) one or more persons propose to enter into a non‑arm’s length arrangement relating to the leasing or letting on hire of, or the granting of other rights to use, assets of an Australian‑registered insurance company; (ii) the sum of: (A) the value of the assets concerned; and (B) if the persons or their associates have entered into one or more non‑arm’s length arrangements relating to the leasing or letting on hire of, or the granting of other rights to use, assets of the company, being arrangements entered into in the 12‑month period before the date when the proposed arrangement referred to in subparagraph (i) will be entered into—the total value of those assets; is 15% or more of the total book value of the assets of the company as at that date; (c) all of the following conditions are satisfied: (i) one or more persons propose to acquire any or all of the interests, rights or benefits of an Australian‑registered insurance company under one or more contracts of life insurance where the company is the insurer; (ii) the company is registered under section 21 of the Life Insurance Act 1995; (iii) the sum of: (A) the total net liabilities in respect of those contracts; and (B) if the persons or their associates have acquired any or all of the interests, rights or benefits of the company under one or more contracts of life insurance where the company is the insurer, being acquisitions that occurred in the 12‑month period before the date of the proposed acquisition referred to in subparagraph (i)—the total net liabilities in respect of those contracts; is 15% or more of the total book net liabilities in respect of all of the company’s contracts of life insurance as at that date; (d) all of the following conditions are satisfied: (i) one or more persons propose to acquire any or all of the interests, rights or benefits of an Australian‑registered insurance company under one or more contracts of insurance where the company is the insurer; (ii) the company is authorised under the Insurance Act 1973 to carry on insurance business; (iii) the sum of: (A) any reduction in the company’s unearned premiums provision resulting from the acquisition; and (B) if the persons or their associates have acquired any or all of the interests, rights or benefits of the company under one or more contracts of insurance where the company is the insurer, being acquisitions that occurred in the 12‑month period before the date of the proposed acquisition referred to in subparagraph (i)—the total of any reductions in the company’s unearned premiums provision resulting from those acquisitions; is 15% or more of the company’s book unearned premiums provision as at that date; (e) all of the following conditions are satisfied: (i) one or more persons propose to acquire any or all of the interests, rights or benefits of an Australian‑registered insurance company under one or more contracts of insurance where the company is the insurer; (ii) the company is authorised under the Insurance Act 1973 to carry on insurance business; (iii) the sum of: (A) any reduction in the company’s outstanding claims provision resulting from the acquisition; and (B) if the persons or their associates have acquired any or all of the interests, rights or benefits of the company under one or more contracts of insurance where the company is the insurer, being acquisitions that occurred in the 12‑month period before the date of the proposed acquisition referred to in subparagraph (i)—the total of any reductions in the company’s outstanding claims provision resulting from those acquisitions; is 15% or more of the company’s book outstanding claims provision as at that date; the proposal is a trigger proposal for the purposes of this Part.