PMI Indemnity Limited (No 2) [2005] FCA 1842

FEDERAL COURT OF AUSTRALIA

PMI Indemnity Limited (No 2) [2005] FCA 1842 INSURANCE – intra group transfer of business of general insurer – application for Court's confirmation of scheme – part of business conducted in Australia and part in New Zealand – Held: scheme confirmed subject to approval of arrangement under Pt XV of the Companies Act 1993 (NZ) and subject to the injection of further capital into the transferee company. Insurance Act 1973 (Cth) Pt III, Div 3A

THE APPLICATION OF PMI INDEMNITY LIMITED AND

PMI MORTGAGE INSURANCE LIMITED NSD 1379 OF 2005 LINDGREN J 8 DECEMBER 2005 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1379 OF 2005

THE APPLICATION OF PMI INDEMNITY LIMITED

(ABN 49 000 781 171) AND PMI MORTGAGE INSURANCE LIMITED (ABN 70 000 511 071)

APPLICANTS JUDGE: LINDGREN J

DATE OF ORDER: 8 DECEMBER 2005

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to s 17F(1) of the Insurance Act 1973 (Cth), the scheme for the transfer of the general insurance business of PMI Indemnity Limited to PMI Mortgage Insurance Limited, a copy of which is Exhibit MWS12 to the affidavit of Michael West Savery affirmed on 5 December 2005, be confirmed without modification.

2. The order in paragraph 1 is made on the following conditions:

(a) The condition in cl 2(b) of the Transfer Agreement dated 20 October 2005 between PMI Indemnity Limited and PMI Mortgage Insurance Limited, a copy of which is Exhibit MSW11 to the affidavit of Michael West Savery affirmed on 5 December 2005, remains to be satisfied;

(b) In the event that the condition in cl 2(b) of the Transfer Agreement is not satisfied on or before 3 January 2006, the scheme will have no operation;

(c) Pursuant to the terms of the Capital Management Plan, a copy of which is Confidential Exhibit 5 to the affidavit of Michael West Savery affirmed on 5 December 2005, PMI Mortgage Insurance Australia (Holdings) Pty Limited is required to: