Calliden Group Limited in the matter of Calliden Group Limited [2007] FCA 2019

FEDERAL COURT OF AUSTRALIA

Calliden Group Limited in the matter of Calliden Group Limited [2007] FCA 2019 CORPORATIONS – application under s 17F of the Insurance Act 1973 (Cth) (the Act) for confirmation of a scheme for the transfer of general insurance business by parent company to its wholly owned subsidiary – dispensation order in relation to giving of approved summary of scheme to every affected policyholder sought and granted under s 17C(5) of the Act – distinction between contract of insurance and contract of guarantee – guarantee given by deed poll by parent company in respect of insurance liability of its subsidiary. Held: (1) contract of guarantee not a contract of insurance so that persons benefited did not have to be notified of proposed scheme as "affected policyholders"; (2) scheme confirmed. INSURANCE – application under s 17F of the Insurance Act 1973 (Cth) (the Act) for confirmation of a scheme for the transfer of general insurance business by parent company to its wholly owned subsidiary – dispensation order in relation to giving of approved summary of scheme to every affected policyholder sought and granted under s 17C(5) of the Act – distinction between contract of insurance and contract of guarantee – guarantee given by deed poll by parent company in respect of insurance liability of its subsidiary. Held: (1) contract of guarantee not a contract of insurance so that persons benefited did not have to be notified of proposed scheme as "affected policyholders"; (2) scheme confirmed.

Insurance Act 1973 (Cth) ss 12, 17B, 17C, 17F, 18

Australian Health Insurance Association Ltd v Esso Australia Ltd (1993) 41 FCR 450 cited Prudential Insurance Company v Inland Revenue Commissioners [1904] 2 KB 658 cited Re Armstrong Jones Life Assurance Ltd (1997) 74 FCR 160 cited Re Australian & Overseas Insurance Co Ltd [1966] 1 NSWR 558 cited Re Insurance Australia Ltd (2004) 139 FCR 450 cited Re MLC Lifetime Company Ltd (No 2) [2006] FCA 1367 cited Re Royal & Sun Alliance Life Assurance Ltd (2000) 104 FCR 37 cited Seaton v Heath [1899] 1 QB 782 cited CALLIDEN GROUP LIMITED (ACN 061 215 601)