Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
In the Application of Budget Insurance Company Limited and Auto & General Insurance Company Limited [2008] FCA 636
INSURANCE – transfer of insurance business – Capital Adequacy Margin – need to ensure compliance – role of actuaries and the Australian Prudential Regulation Authority
Insurance Act 1973 (Cth)
Application of Advance Life Insurance Limited (Unreported, FCA, Sheppard J,18 February 1997) considered Application of Zurich Insurance Company and Converium Limited [2003] FCA 1519 considered Calliden Group Limited in the matter of Calliden Group Limited [2007] FCA 2019 followed Colonial Portfolio Services Ltd v Australian Prudential Regulation Authority [1999] FCA 1779 followed PMI Indemnity Ltd [2005] FCA 1842 followed Re Insurance Australia Ltd [2004] FCA 524 followed Re Royal & Sun Alliance Life Assurance Ltd [2000] FCA 1259 considered IN THE APPLICATION OF BUDGET INSURANCE COMPANY LIMITED (ABN 48 095 974 548) AND AUTO & GENERAL INSURANCE COMPANY LIMITED (ABN 42 111 586 353)
NSD 141 OF 2008
FLICK J
9 may 2008
SYDNEY IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 141 OF 2008
IN THE APPLICATION OF: BUDGET INSURANCE COMPANY LIMITED
AND: (ABN 48 095 974 548)
First Applicant
AUTO & GENERAL INSURANCE COMPANY LIMITED (ABN 42 111 586 353)
Second Applicant
JUDGE: FLICK J
DATE OF ORDER: 9 MAY 2008
WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
1. Pursuant to s 17F(1) of the Insurance Act 1973 (Cth), the Scheme for the transfer and amalgamation of the Australian insurance business of Budget Insurance Company Limited to Auto & General Insurance Company Limited, in the form of the document annexed hereto and marked 'A', be confirmed. 2. The Applicants to pay the costs of the proceedings of the Australian Prudential Regulation Authority as agreed or taxed. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA
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