Re Metlife Insurance Limited and Challenger Life No. 2 Limited [2007] FCA 937

FEDERAL COURT OF AUSTRALIA

Re Metlife Insurance Limited and Challenger Life No. 2 Limited [2007] FCA 937

LIFE INSURANCE – scheme for transfer of business – limited dispensation from notification WORDS AND PHRASES – "affected" Life Insurance Act 1995 (Cth), ss 190, 191(2)(c), 191(5), Pts 4, 5, 9 METLIFE INSURANCE LIMITED ABN 75 004 274 882 AND CHALLENGER LIFE NO. 2 LIMITED ABN 44 072 486 938 NSD 836 OF 2007

GYLES J

22 JUNE 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 836 OF 2007

BETWEEN: METLIFE INSURANCE LIMITED ABN 75 004 274 882

First Applicant

CHALLENGER LIFE NO. 2 LIMITED ABN 44 072 486 938

Second Applicant

JUDGE: GYLES J

DATE OF ORDER: 22 JUNE 2007

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to s 191(5) of the Life Insurance Act 1995 (Cth) (the Act), the requirements of para (c) of subs 191(2) of the Act be dispensed withinsofar as it requires an approved summary of the scheme to be given to owners of policies issued by the first applicant referable to the first applicant's Statutory Funds No. 2 and 3 and: (a) for whom the first applicant has no record of a current mailing address as at 15 June 2007; or (b) who ceases, on or after 15 June 2007 to maintain the mailing address noted in the records of the first applicant as at 15 June 2007. 2. Pursuant to s 191(5) of the Act, the requirements of par (c) of subs 191(2) of the Act be dispensed with insofar as it requires an approved summary of the scheme to be given to those policy owners of the first applicant who become owners of policies issued by the first applicant referable to the first applicant's Statutory Funds No. 2 and 3 less than 15 days prior to the hearing of this application and up to the transfer date as defined in the scheme. 3. Pursuant to s 191(5) of the Act, the need for compliance with par (c) of subs 191(2) of the Act, insofar as it requires an approved summary of the scheme to be given to owners of policies issued by the second applicant referable to the second applicant's Statutory Fund No. 2: (a) for whom the second applicant has no record of a current mailing address as at 15 June 2007; or (b) who ceases, on or after 15 June 2007 to maintain the mailing address noted in the records of the second applicant as at 15 June 2007 be dispensed with. 4. Pursuant to s 191(5) of the Act, the need for compliance with par (c) of subs 191(2) of the Act, insofar as it requires an approved summary of the scheme to be given to persons who become owners of policies issued by the second applicant referable to its Statutory Fund No. 2 less than 15 days prior to the hearing of this application and up to the Transfer Date as defined in the Scheme, be dispensed with. 5. The application otherwise be adjourned to 9.15 am on 27 July 2007 for hearing. 6. The applicants and the Australian Prudential Regulation Authority have liberty to apply on two clear days' notice. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA