SGIC (Sale) Act 1995 (SA)

South Australia SGIC (Sale) Act 1995 An Act to provide for privatisation of SGIC; and for other purposes.

Contents Part 1—Preliminary 1 Short title 3 Interpretation 4 Date of divestiture 5 SGIC subsidiaries 6 Territorial operation of Act Part 2—Newco 7 Provision of capital to Newco Part 3—Transfer and sale of assets and liabilities 8 Transfer of assets and liabilities to Newco and Newco subsidiaries 9 Re-transfer of assets or liabilities 10 Conditions of transfer (or re-transfer) 11 Supplementary provisions 12 Legal proceedings 13 Evidence 14 Transfer of shares in Newco or a Newco subsidiary 15 Application of proceeds of sale etc Part 4—Staff 16 Transfer of staff Part 5—Government guarantee 17 General guarantee 18 Government guarantee (Part A policies—general insurance) 19 Government guarantee (Part B policies—term life and other insurance) 20 Government guarantee (Part C policies—continuous insurance) 21 Government guarantee (Part D policies—investment contracts—deposits) 22 Government guarantee (Part E policies—unit investment contracts) 23 Amortisation principle 24 Appropriation of Consolidated Account 25 Subrogation 26 Agreement that this Part will not apply 27 Restrictions on the application of this Part 28 Government guarantee under the State Government Insurance Commission Act 1992 29 Schedule 5 proclamation Part 6—Miscellaneous 30 Transfer of assets and liabilities to other authorities 31 Payment to be made to Consolidated Account 32 Registering authorities to note transfer 33 Stamp duty 34 Act overrides other laws 35 Effect of things done or allowed under Act 36 Regulations and proclamations Schedule 2—SGIC subsidiaries Schedule 3—Superannuation 1 Definitions 2 Existing Fund members transferred to a transferee company 3 State Scheme contributors who have reached the age of 55 years 4 State Scheme contributors who have reached the age of 55—deferment of benefits 5 State Scheme contributors who have not reached the age of 55 years 6 Application of certain provisions of the Superannuation Act 1988 7 Extension of time 8 Disability pension 9 Existing pensions and preserved benefits 10 Payment by SGIC to trustees and the Treasurer Schedule 5—Policies subject to Government guarantee and referred to in Part 5 Legislative history