Westport Insurance Corporation, in the matter of Westport Insurance Corporation [2009] FCA 1357

FEDERAL COURT OF AUSTRALIA

Westport Insurance Corporation, in the matter of Westport Insurance Corporation [2009] FCA 1357 INSURANCE - intra-group transfer of insurance and reinsurance businesses - application for dispensation with compliance with requirement that all "affected policyholders" be notified of scheme for transfer - considerations going to exercise of discretion Acts Interpretation Act 1901 (Cth), s 29 Insurance Act 1973 (Cth), s 17C Life Insurance Act 1995 (Cth), s 191 Calliden Group Limited in the matter of Calliden Group Limited [2007] FCA 2019 cited Challenger Life Limited [2004] FCA 618 cited The Application of Commonwealth Life Ltd & Anor [2003] FCA 501 cited In the matter of GIO Personal Investment Services Ltd and AMP Life Ltd [2000] FCA 1871 cited Re Insurance Australia Ltd (2004) 139 FCR 450 cited MMIA Pty Limited and QBE Insurance (Australia) Limited [2008] FCA 1239 cited Munich Reinsurance Company of Australasia Limited [2004] FCA 1391 cited

IN THE MATTER OF WESTPORT INSURANCE CORPORATION (ABN 48 072 715 738) WESTPORT INSURANCE CORPORATION (ABN 48 072 715 738)

NSD 1220 of 2009

LINDGREN J

20 NOVEMBER 2009

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

GENERAL DIVISION NSD 1220 of 2009

IN THE MATTER OF WESTPORT INSURANCE CORPORATION

(ABN 48 072 715 738)

The application of WESTPORT INSURANCE CORPORATION (ABN 48 072 715 738)

JUDGE: LINDGREN J

DATE OF ORDER: 13 NOVEMBER 2009

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. In relation to the proposed scheme for the transfer of insurance business from Westport Insurance Corporation to Swiss Re International SE (the Insurance Scheme), the need for the applicant to comply with s 17C(2)(c) of the Insurance Act 1973 (Cth) (the Act) be, pursuant to s 17C(5) of the Act, dispensed with provided that the applicant complies with order 2 below. 2. In relation to the Insurance Scheme, the applicant: (a) cause a copy of the approved summary of the Insurance Scheme to be sent by pre-paid post to all policyholders of Westport Insurance Corporation, Australia branch (Westport) identified by the searches referred to in the affidavit of Karen Lancaster in support of the motion, and for whom Westport has an address; (b) cause a copy of the approved summary of the Insurance Scheme to be sent by pre-paid post to MGA Insurance Brokers Pty Ltd, AssetInsure Pty Ltd, Australis Group Underwriting, Howard Insurance Australia Pty Ltd, SRS Underwriting Agency, Dexta Corporation Pty Ltd and Gallagher Broking Services. 3. In relation to the proposed scheme for the transfer of insurance business from Westport Insurance Corporation to Swiss Reinsurance Company Ltd (the Reinsurance Scheme), the need for the applicant to comply with s 17C(2)(c) of the Act be, pursuant to s 17C(5) of the Act, dispensed with provided that the applicant complies with order 4 below. 4. In relation to the Reinsurance Scheme the applicant cause a copy of the approved summary of the Reinsurance Scheme to be sent by pre-paid post to: (a) all policyholders of Westport identified by the searches referred to in the affidavit of Xenia Zumbach-Hauenstein in support of the motion, and for whom Westport has an address; and (b) all insurers authorised with the Australian Prudential Regulation Authority listed in the "List of Authorised Insurers" maintained by the Australian Prudential Regulation Authority as at today's date. 5. The proceeding be fixed for final hearing on 17 December 2009 at 10.15am. THE COURT NOTES THE UNDERTAKING OF THE APPLICANT, BY ITS COUNSEL, THAT: 6. Any person to whom a policy of direct insurance is issued by or on behalf of the applicant between today's date and 31 December 2009 will be notified of the Insurance Scheme.