Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZN

    For the purposes of subsection   51(1) of the Competition and Consumer Act 2010 , the following things are specified and specifically authorised:

  (a)   the acquisition of assets in:

  (i)   a sale or disposal of property of a general insurer under this Division by a judicial manager of the general insurer; or

  (ii)   a transfer of insurance business of a general insurer under a scheme prepared by a judicial manager of the general insurer and confirmed (with or without modifications) by the Federal Court under Division   3A of Part   III;

    (whether the assets are shares in another body corporate or other assets);

  (b)   an agreement or deed for carrying out a transfer described in subparagraph   (a)(ii);

  (c)   arrangements necessary to give effect to a scheme described in subparagraph   (a)(ii);

  (d)   the acquisition of shares in a general insurer as a direct result of:

  (i)   the issue or sale of the shares under this Division by a judicial manager of the general insurer; or

  (ii)   the exercise of a right to acquire shares that was issued or sold under this Division by a judicial manager of the general insurer.