Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
The application of Royal & Sun Alliance Life Assurance Ltd
[2000] FCA 1259
LIFE INSURANCE – transfer of life insurance business – application to Court for confirmation of scheme – when application "made" – whether failure to comply with regulations – power of Court to dispense with non-compliance. WORDS & PHRASES – "made" (application) Life Insurance Act 1995 (Cth), ss 3(1), 3(2)(f), 190(1), 191(2), 193, 194 Life Insurance Regulations 1995 (Cth), reg 9.02, 9.03 Australian Prudential Regulation Authority Act 1998 (Cth), s 8(1)
Re Armstrong Jones Life Assurance Limited (1997) 74 FCR 160, followed The Application of Advance Life Insurance Limited (FCA: Sheppard J, 18 February 1997, unreported), discussed Colonial Portfolio Services Ltd v APRA (2000) 11 ANZ Insurance Cases ¶90-103, discussed
THE APPLICATION OF ROYAL & SUN ALLIANCE LIFE ASSURANCE AUSTRALIA LIMITED and ROYAL & SUN ALLIANCE FINANCIAL SERVICES LIMITED N 607 of 2000
KATZ J 31 August 2000 SYDNEY
IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY N607 of 2000
THE APPLICATION OF: ROYAL & SUN ALLIANCE LIFE
ASSURANCE AUSTRALIA LIMITED
(ABN 75 008 413 545)
ROYAL & SUN ALLIANCE FINANCIAL
SERVICES LIMITED
(ABN 64 001 698 228)
(formerly known as
TYNDALL LIFE INSURANCE COMPANY LIMITED)
APPLICANTS JUDGE: KATZ J
DATE OF ORDER: 31 AUGUST 2000
WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
The Scheme be confirmed subject to the following modifications:
1. By inserting after the words "on an Australian register" in Clause 1.2 of the Scheme, the words "at the date of the Federal Court approval".
2. By adding the following sentence at the end of Clause 3.1:
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