IAG Re Limited, in the matter of IAG Re Limited [2007] FCA 981

FEDERAL COURT OF AUSTRALIA

IAG Re Limited, in the matter of IAG Re Limited [2007] FCA 981

IAG RE LIMITED (ABN 97 097 791 145) AND

IAG RE AUSTRALIA LIMITED (ABN 96 001 948 278) NSD 707 of 2007

LINDGREN J

18 JUNE 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 707 OF 2007

BETWEEN: IAG RE LIMITED (ABN 97 097 791 145)

First Applicant

IAG RE AUSTRALIA LIMITED (ABN 96 001 948 278)

Second Applicant

JUDGE: LINDGREN J DATE OF ORDER: 18 JUNE 2007

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to section 17F(1) of the Insurance Act 1973 (Cth) (Insurance Act), the Insurance Scheme (a copy of which is annexed and marked 'A') in relation to the proposed transfer of the insurance business of the First Applicant to the Second Applicant, be confirmed. 2. Pursuant to section 17F(2) of the Insurance Act, on and from the date and time of the transfer referred to in order 1 taking effect, the reinsurance contracts (being retrocession treaties) and arrangements entered into by the First Applicant as insurer and to which the First Applicant is a party (as reinsured) are valid, effective and continuing contracts and arrangements between the Second Applicant in place of the First Applicant and the parties other than the First Applicant to those reinsurance contracts and arrangements. 3. On and from the date and time of the transfer referred to in order 1 taking effect, the Second Applicant will: (a) be bound by; (b) perform the obligations under; (c) be entitled to the benefits of and to take action under; and (d) assume any and all obligations and liabilities in respect of and relating to any matters arising out of, the reinsurance contracts and arrangements referred to in order 2, as if it were a party, and at all times had been a party, to such reinsurance contracts and arrangements, in the place of the First Applicant. 4. On and from the date and time of the transfer referred to in order 1 taking effect, the First Applicant will be released from all obligations and liabilities under the reinsurance contracts and arrangements referred to in order 2 . 5. Liberty be reserved to the Applicants and each of them to apply for any consequential orders as may be considered necessary or desirable under Part III, Division 3A of the Insurance Act. 6. These orders be entered forthwith. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA