Commonwealth Consolidated Acts

FINANCIAL SECTOR (TRANSFER AND RESTRUCTURE) ACT 1999 - SECT 9

  (1)   For a voluntary transfer of business to take effect, APRA must:

  (a)   receive an application for the transfer from the regulated bodies concerned (the transferring body and the receiving body ) (see section   10); and

  (b)   approve the application in writing (the voluntary transfer approval ) (see section   11); and

  (c)   issue a certificate (the certificate of transfer ) stating that the transfer is to take effect (see section   18).

Note:   The regulated bodies making the application cannot be general insurers (see section   10).

  (2)   APRA must make the voluntary transfer approval if specified criteria are met (see section   11).

  (3)   The voluntary transfer approval may impose conditions to be complied with by the transferring body or the receiving body either before or after the certificate of transfer is issued (see section   16).

  (4)   APRA may only issue the certificate of transfer if specified criteria are met. The certificate must specify when it comes into force (see section   18).

  (5)   The transfer of business takes effect when the certificate of transfer comes into force (see section   22).