190Transfer or amalgamation of life insurance business

190 Transfer or amalgamation of life insurance business

(1) No part of the life insurance business of a life company may be: (a) transferred to another life company; or (b) amalgamated with the business of another life company; except under a scheme confirmed by the Court. (2) The reference in paragraph (1)(a) to a life company includes a reference to a company that is registered under section 21 but has not begun to carry on life insurance business in Australia. (3) A scheme must set out: (a) the terms of the agreement or deed under which the proposed transfer or amalgamation is to be carried out; and (b) particulars of any other arrangements necessary to give effect to the scheme. (4) Subsection (1) does not require that a transfer or amalgamation of life insurance business be made under a scheme approved by the Court if: (a) immediately before the transfer or amalgamation, the business is referable to a statutory fund that relates only to life insurance business carried on outside Australia; and (b) the transfer or amalgamation will result in the business becoming referable to a statutory fund that relates only to life insurance business carried on outside Australia. (5) Subsection (1) does not require that a transfer of life insurance business be made under a scheme approved by the Court if the transfer is a transfer of business made under the Financial Sector (Transfer and Restructure) Act 1999.