103CAdditional contents of a recapitalisation direction

#### 103C Additional contents of a recapitalisation direction (1) A recapitalisation direction may direct a general insurer to issue: (a) shares, or rights to acquire shares, in the insurer; or (b) other capital instruments of a kind specified in the direction. (1A) If the recapitalisation direction is a direction to a NOHC/NOHC subsidiary under subsection 103B(1B), the direction may direct the NOHC/NOHC subsidiary to do any of the following: (a) issue: (i) shares, or rights to acquire shares, in the NOHC/NOHC subsidiary; or (ii) other capital instruments in the NOHC/NOHC subsidiary of a kind specified in the direction; (b) acquire: (i) shares, or rights to acquire shares, in the general insurer mentioned in subsection 103B(1A); or (ii) other capital instruments in the general insurer mentioned in subsection 103B(1A) of a kind specified in the direction; (c) acquire: (i) shares, or rights to acquire shares, in a specified body corporate covered by subsection (1B); or (ii) other capital instruments in a specified body corporate covered by subsection (1B), of a kind specified in the direction. (1B) This subsection covers a body corporate if: (a) the body corporate is a subsidiary of the NOHC/NOHC subsidiary; and (b) the general insurer is a subsidiary of the body corporate. (1C) Without limiting the generality of subsections (1), (1A) and (2), but subject to subsection (3), a direction referred to in those subsections may: (a) deal with some only of the matters referred to in those subsections; or (b) deal with a particular class or particular classes of those matters; or (c) make different provision with respect to different matters or different classes of matters. (2) A direction for the purposes of paragraph (1)(a) or subparagraph (1A)(a)(i), (1A)(b)(i) or (1A)(c)(i) may specify that the shares or rights must: (a) be of a kind specified in the direction; or (b) have the characteristics specified in the direction. (3) A direction for the purposes of paragraph (1)(b) or subparagraph (1A)(a)(ii), (1A)(b)(ii) or (1A)(c)(ii): (a) must not specify a kind of capital instrument unless that kind of capital instrument is specified in the regulations; and (b) may specify that the capital instruments must have the characteristics specified in the direction.