Federal Court of Australia
FEDERAL COURT OF AUSTRALIA Integrity Life Australia Limited, in the matter of Integrity Life Australia Limited [2025] FCA 92 File number(s):
Judgment of: JACKMAN J
Date of judgment: 19 February 2025
Catchwords: INSURANCE — Application for confirmation of scheme of transfer — Pursuant to Life Insurance Act 1995 (Cth) s 194 — Where company is in breach of prudential capital requirements — Where company's capacity to meet policy owner benefits is expected to be exhausted by November 2027 — Where transferring polices will be replaced by equivalent or nearest equivalent rights and benefits — Where scheme involves increases in premiums and reductions in benefits for some policy owners — Where policy owners would be worse-off if scheme not confirmed — Scheme's adverse impact on policy owners not a bar to scheme confirmation — Exercise of discretion not constrained by adverse impact on policy owners — Where scheme's primary purpose is providing ongoing cover to transferring policy owners and improving financial security — Where product transfer rules seek to minimise detriment to policy owners — Where dispensation orders substantially complied with — Where APRA supports the confirmation — The scheme should be confirmed
Financial Sector (Transfer and Restructure) Act 1999 (Cth) Insurance Acquisitions and Takeovers Act 1991 (Cth) Legislation: Life Insurance Act 1995 (Cth) Life Insurance Regulations 2024 (Cth) Insurance Companies Act 1982 (UK)
AIA Australia Limited, in the matter of AIA Australia Limited (No 2) [2023] FCA 1305 Asteron Life & Superannuation Limited, in the matter of Asteron Life & Superannuation Limited (No 3) [2021] FCA 1148; (2021) 394 ALR 89 Colonial Mutual Life Assurance Society Limited, in the matter of Colonial Mutual Life Assurance Society Limited [2021] FCA 394 Colonial Portfolio Services Ltd v Australian Prudential Regulation Authority [1999] FCA 1779; (2000) 11 ANZ Insurance Cases 90–103 In the Application of Commonwealth Insurance Holdings Ltd and the Colonial Mutual Life Assurance Society Ltd [2007] FCA 1012 Macquarie Life Limited, in the matter of Macquarie Life Limited [2022] FCA 1602 Cases cited: National Mutual Life Association of Australasia Limited v Challenger Life No 2 Limited [2009] FCA 1 OnePath Life Limited, in the matter of OnePath Life Limited (No 2) [2022] FCA 811 Re Barclays Bank plc [2018] EWHC 472 (Ch); [2018] 4 All ER 845 Re London Life Association Ltd (unreported, Ch D, Higgins J, 21 February 1989); [1989] Lexis Citation 1731 Re Prudential Assurance Company Limited and Rothesay Life plc [2020] EWCA Civ 1626; [2021] Lloyd's Law Reports 623 Re Royal & Sun Alliance Life Assurance Ltd [2000] FCA 1259; (2000) 104 FCR 37 St Andrew's Insurance (Australia) Pty Ltd, in the matter of St Andrew's Insurance (Australia) Pty Ltd [2024] FCA 881
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate