QBE Insurance Australia Limited, in the matter of QBE Insurance Australia Limited [2012] FCA 1127

FEDERAL COURT OF AUSTRALIA

QBE Insurance Australia Limited, in the matter of QBE Insurance Australia Limited [2012] FCA 1127 Citation: QBE Insurance Australia Limited, in the matter of QBE Insurance Australia Limited [2012] FCA 1127

Parties: QBE INSURANCE AUSTRALIA LIMITED

File number: NSD 1056 of 2012

Judge: EMMETT J

Date of judgment: 7 September 2012

Legislation: Insurance Act 1973 (Cth) ss 17C, 17F

Date of hearing: 7 September 2012

Place: Sydney

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 19

Counsel for the applicant: NJ Owens

Solicitor for the applicant: Allens

Counsel for APRA as intervener: L Weate

IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 1056 of 2012

IN THE MATTER OF QBE INSURANCE AUSTRALIA LIMITED QBE INSURANCE AUSTRALIA LIMITED

Plaintiff

JUDGE: EMMETT J DATE OF ORDER: 7 SEPTEMBER 2012 WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. In relation to the proposed scheme for the transfer of the insurance business carried on by Elders Insurance Limited to QBE Insurance (Australia) Limited (the Scheme), the need for the applicant to comply with s17C(2)(c) of the Insurance Act 1973 (Cth) is dispensed with provided that the applicant complies with orders 2 to 4 below. 2. The applicant cause a copy of the summary of the Scheme, approved by the Australian Prudential Regulation Authority, to be sent by pre-paid post to the following categories of Elders Insurance Limited's policyholders: (a) all policyholders with open claims other than Wool in Tranit Insurance or Livestock in Transit Insurance policies; (b) all policyholders who hold current policies, other than Wool in Transit Insurance or Livestock in Transit Insurance policies; (c) policyholders who hold expired 'long tail' policies, as described in paragraphs 10 and 11 of the affidavit of Jarrod Bayl affirmed in these proceedings (the Bayl Affidavit), if their most recent such policy expired in 2006 or later; (d) policyholders who hold expired 'short tail' policies, as described in paragraphs 16 and 17 of the Bayl Affidavit, if their most recent such policy expired in 2010 or later; and (e) policyholders who hold expired crop insurance policies, as described in paragraphs 12 to 15 of the Bayl Affidavit, if their most recent such policy expired in 2012, in each case as identified by the searches referred to in paragraphs 18 to 20 of the Bayl Affidavit, to the most recent address identified in those searches. 3. The applicant cause copies of: (a) the approved summary of the Scheme; (b) the Scheme document; (c) the notice of intention to apply to the Court; and (d) the actuarial reports of Benoit Laganiere and Warrick Gard in relation to the Scheme, to be made available on the website of Elders Insurance (being www.eldersinsurance.com.au). 4. The applicant cause a copy of the notice of intention to apply to the Court to be published in the following newspapers: (a) The Australian Financial Review; (b) The Australian; (c) Farm Weekly; (d) Queensland Country Life; (e) The Land; (f) The Age; (g) Stock and Land; (h) North Queensland Register; (i) Adelaide Advertiser; (j) Stock Journal; and (k) Sunday Examiner. 5. The applicant pay the costs of the Australian Prudential Regulation Authority of this application as taxed or agreed. 6. These orders be entered forthwith. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011