Norwich Union Life Australia Limited, in the matter of Norwich Union Life Australia Limited [2010] FCA 946

FEDERAL COURT OF AUSTRALIA

Norwich Union Life Australia Limited, in the matter of Norwich Union Life Australia Limited [2010] FCA 946 Citation: Norwich Union Life Australia Limited, in the matter of Norwich Union Life Australia Limited [2010] FCA 946

Parties: IN THE MATTER OF NORWICH UNION LIFE LIMITED (ACN 006 793 295); MLC LIMITED (ABN 90 000 000 407)

File number: NSD 825 of 2010

Judge: EMMETT J

Date of judgment: 6 August 2010

Legislation: Life Insurance Act 1995 (Cth) ss 190, 191, 193, 194 and 195

Date of hearing: 6 August 2010

Place: Sydney

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 28

Counsel for the applicant: F. Gleeson SC

Solicitor for the applicant: Freehills

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

GENERAL DIVISION NSD 825 of 2010

IN THE MATTER OF NORWICH UNION LIFE AUSTRALIA LIMITED NORWICH UNION LIFE AUSTRALIA LIMITED (ACN 006 793 295)

First Applicant

MLC LIMITED (ABN 90 000 000 407)

Second Applicant

JUDGE: EMMETT J

DATE OF ORDER: 6 AUGUST 2010

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to section 191(5) of the Life Insurance Act 1995 (Cth) (the Act) the requirements of paragraph (c) of subsection 191(2) be dispensed with in so far 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. 1, 2, 3 and 4 and: (a) for whom the First Applicant has no record of a current mailing address; or (b) who cease to maintain a current mailing address with the First Applicant after dispatch of the approved summary of the Scheme to owners of policies issued by the First Applicant. 2. Pursuant to section 191(5) of the Act the requirements of paragraph (c) of subsection 191(2) be dispensed with in so far as it requires an approved summary of the Scheme to be given to owners of policies issued by the First Applicant who become owners of policies issued by the First Applicant referable to the First Applicant's Statutory Fund No. 1, 2, 3 or 4 less than 15 days prior to the hearing of this application and up to the Effective Time as defined in the Scheme. 3. Pursuant to section 191(5) of the Act the requirements of paragraph (c) of subsection 191(2) be dispensed with in so far 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 Funds No. 1, 2, 3, 4 and 5, other than owners of MLC Investment Account policies (as identified in Appendix B to the report of the appointed actuary in relation to the Scheme dated 22 July 2010) referable to the Second Applicant's Statutory Fund No. 5 (MLC Investment Account Policies). 4. Pursuant to section 191(5) of the Act the requirements of paragraph (c) of subsection 191(2) be dispensed with in so far as it requires an approved summary of the Scheme to be given to owners of MLC Investment Account Policies referable to the Second Applicant's Statutory Fund No. 5 and: (a) for whom the Second Applicant has no record of a current mailing address; or (b) who cease to maintain a current mailing address with the Second Applicant after dispatch of the approved summary of the Scheme to owners of MLC Investment Account Policies issued by the Second Applicant. 5. The application otherwise be adjourned to 9:30 am on 24 September 2010 for hearing. 6. The Applicants and the Australian Prudential Regulation Authority have liberty to apply on two clear days' notice.