Nulife Insurance Ltd and Norwich Union Life Australia Ltd [2005] FCA 1459

FEDERAL COURT OF AUSTRALIA Nulife Insurance Ltd and Norwich Union Life Australia Ltd [2005] FCA 1459 Life Insurance Act 1995 (Cth), s 191, 193 NULIFE INSURANCE LTD AND NORWICH UNION LIFE AUSTRALIA LTD NSD 1515 OF 2005 HELY J 15 SEPTEMBER 2005 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1515 OF 2005

BETWEEN: NULIFE INSURANCE LIMITED AND NORWICH UNION LIFE AUSTRALIA LIMITED

APPLICANTS

JUDGE: HELY J

DATE OF ORDER: 15 SEPTEMBER 2005

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. Pursuant to subsection 191(5) of the Life Insurance Act 1995 (Cth) ('the Act'), the need for compliance by the applicants with subsection 191(2)(c) of the Act, by giving to the owners of policies that are referrable to the No. 1 Statutory Fund of Norwich Union Life Australia Limited ('the NULAL Fund') an approved summary of the scheme for the transfer and amalgamation of the life insurance business of NULIFE Insurance Limited with the life insurance business of the NULAL Fund, be dispensed with. 2. The applicants pay the Australian Prudential Regulation Authority's costs of today. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1515 OF 2005

BETWEEN: NULIFE INSURANCE LIMITED AND NORWICH UNION LIFE AUSTRALIA LIMITED

APPLICANTS

JUDGE: HELY J

DATE: 15 SEPTEMBER 2005

PLACE: SYDNEY

REASONS FOR JUDGMENT 1 This is the first return date of an application under s 193 of the Life Insurance Act 1995 ('the Act') for an order confirming a scheme for the transfer and amalgamation of the life insurance business of NULIFE Insurance Limited with the life insurance business of the No 1 Statutory Fund of Norwich Union Life Australia Limited ('NULAL') and other consequential orders. 2 The applicants apply for an order pursuant to subs 191(5) of the Act that the need for compliance by the applicants with subs 191(2)(c) of the Act by giving the owners of policies that are referable to the No 1 Statutory Fund of NULAL an approved summary of the scheme be dispensed with. 3 Written submissions have been prepared by Mr Hollo, counsel for the applicants, which I have placed with the papers. Those submissions carefully detail the evidence filed in support of the application, the relevant authorities and the reasons why he submits the orders sought should be made. Shortly stated, the issue is whether $150,000 should be spent in forwarding an approved summary of the scheme to the receiving policy holders, when the evidence establishes that they will not be adversely affected by a transfer of the policies from one company in the Aviva Group to another, and when the Australian Prudential Regulation Authority has indicated that it has no objection to the grant of the dispensation sought. 4 I accept Mr Hollo's submission that this is a proper case in which to make the orders sought for the reasons given in pars 29-41 of his submissions. I certify that the preceding four (4) numbered paragraphs are a true copy of the Reasons for Judgment herein of the Honourable Justice Hely.