PrefSure Life Limited & Tower Australia Limited [2007] FCA 88

FEDERAL COURT OF AUSTRALIA

PrefSure Life Limited & Tower Australia Limited [2007] FCA 88 Life Insurance Act 1995 (Cth) s 191 PrefSure Life Limited & Tower Australia Limited NSD2436 of 2006

STONE J

7 FEBRUARY 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD2436 OF 2006

PREFSURE LIFE LIMITED

First Applicant

TOWER AUSTRALIA LIMITED

Second Applicant

JUDGE: STONE J DATE OF ORDER: 7 FEBRUARY 2007

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

(1) Pursuant to subsection 191(5) of the Life Insurance Act 1995 (Cth), the need for compliance by the applicants with paragraph (2)(c) of s 191 of the Act by giving an approved summary of the scheme for the transfer and amalgamation of the life insurance business of PrefSure Life Limited with the life insurance business of Tower Australia Limited to policy owners of Tower be dispensed with. (2) Pursuant to subsection 191(5) of the Act, the need for compliance by the applicants with paragraph (2)(c) of s 191 of the Act by giving an approved summary of the scheme to those policy owners of PrefSure who become affected policy owners as defined in subsection 191(1) of the Act, less than 15 business days prior to the hearing of this application or become affected policy owners of policies issued by PrefSure after the effective date as defined in the scheme pursuant to an application made before the effective date be dispensed with. (3) The applicants pay the costs today of the Australian Prudential Regulation Authority.

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 NSD2436 OF 2006

PREFSURE LIFE LIMITED

First Applicant

TOWER AUSTRALIA LIMITED

Second Applicant

JUDGE: STONE J

DATE: 7 FEBRUARY 2007