Sentry Life Assurance Ltd v Life Insurance Commissioner [1983] FCA 230

CATCHWORDS

2 4 Life Insurance ~- Life insurance company - Stautory funds - Surplus - Participating and non-participating policies - Contributions to fund of shareholders' funds - Distribution of surplus to shareholders - Surplus derived from participating policies - Meaning ~ Calculation - Real source of surplus - Proper bases of accounts.

Life Insurance Act, 1945, ss.37, 38, 48, 50, 69

Sentry Life Assurance Limited v. Life Insurance Commissioner No. G128 of 1982

Morling, Fitzgerald, Beaumont, Jud.

29 August, 1983

Sydney.

.. Za

IN THE FEDERAL COURT OF AUSTRALIA ) ) NEW SOUTH WALES DISTRICT REGISTRY ) ) )

GENERAL DIVISION No. G128 of 1982

ON APPEAL from the Administrative Appeals Tribunal

SENTRY LIFE ASSURANCE LIMITED Applicant

LIFE INSURANCE COMMISSIONER Respondent

ORDER

Judges making order : Morling, Fitzgerald and Beaumont, JJ. Date order made: 29 August, 1983.

Where made: Sydney.

THE COURT ORDERS THAT:

1. The appeal is allowed.

2. Orders 1 and 2 made by the Administrative Appeals Tribunal on 21 June, 1982 in proceedings N.81/60 and N.81/175 be set aside.

3. The decisions of the Life Insurance Commissioner that

the abstracts of the actuary lodged by the applicant with

the respondent for the 1979 and 1980 years are rejected, be

set aside.

4. The directions given by the respondent to the

applicant referred to 1n order 2 of the Administrative Appeals

Tribunal be set aside.

5. The said proceedings N.81/60 and N.81/175 be remitted to the Administrative Appeals Tribunal to be heard and decided again, with further evidence if necessary.

6. Make no order as to costs.

7. Publication or disclosure to the public of this judg- ment and publication or disclosure to the public of any part of the reasons for this judgment insofar as the reasons may tend to identify the applicant or disclose its financial or other circumstances 1s prohibited up to and including