Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Objects of Act and simplified outline of Act  
   4.      Interpretation  
   5.      What is contrary to the public interest  
   6.      Entering into an agreement or arrangement  
   7.      Associates  
   8.      Proposals to acquire shares or assets  
   9.      Meaning of entitled to acquire  
   10.     Meaning of interest in an asset  
   11.     Meaning of interest in a share  
   12.     Certain interests in shares to be disregarded  
   13.     Voting power  
   14.     Associate - inclusive control interest in a company  
   15.     Direct control interests in a company  
   16.     Power to appoint director  
   17.     Deemed notices--options  
   17A.    Approved manner and form of giving notices  
   18.     Application of Act  
   19.     Severability  

   PART 3--CONTROL--OF ACQUISITION OR LEASING OF ASSETS OF AUSTRALIAN-REGISTERED INSURANCE COMPANIES

           Division 1--Interpretation

   35.     Interpretation  
   36.     Meaning of trigger proposal --proposals to acquire or lease assets of Australian - registered insurance companies  
   37.     When trigger proposal carried out  

           Division 2--Notification

   38.     Compulsory notification of trigger proposal  
   40.     Trigger proposal must not be carried out before a go - ahead decision is given  

           Division 3--Go-ahead decisions

   41.     Unconditional or conditional go - ahead decision  

           Division 4--Permanent restraining orders and divestment orders

   43.     Permanent restraining order  
   44.     Divestment order  
   45.     Offence of contravening permanent restraining order or divestment order  
   47.     When orders come into operation  
   48.     Revocation of orders  

   PART 4--CONTROL--OF AGREEMENTS RELATING TO THE DIRECTORATE OF AUSTRALIAN-REGISTERED INSURANCE COMPANIES

           Division 1--Interpretation

   49.     Interpretation  
   50.     Meaning of trigger proposal --agreements relating to the directorate of Australian - registered insurance companies  
   51.     When trigger proposal carried out  

           Division 2--Notification

   52.     Compulsory notification of trigger proposal  
   54.     Trigger proposal must not be carried out before a go - ahead decision is given  

           Division 3--Go-ahead decisions

   55.     Unconditional or conditional go - ahead decision  

           Division 4--Permanent restraining orders and divestment orders

   57.     Permanent restraining order  
   58.     Divestment order  
   59.     Offence of contravening permanent restraining order or divestment order  
   61.     When orders come into operation  
   62.     Revocation of orders  

   PART 5--JUDICIAL--ENFORCEMENT OF MINISTERIAL ORDERS

   63.     Federal Court may enforce Ministerial orders  

   PART 6--ANTI---AVOIDANCE

   64.     Anti - avoidance  

   PART 8--REVIEW--OF DECISIONS

   66.     Reconsideration of reviewable decision  
   67.     Review of decisions by Administrative Review Tribunal  
   68.     Statements to accompany notification of decisions  

   PART 9--MISCELLANEOUS

   69.     Delegation  
   70.     Concurrent operation of State/Territory laws  
   71.     Validity of acts done in contravention of this Act  
   72.     Minister's consent for criminal proceedings  
   73.     Minister may obtain information and documents  
   75.     APRA Act secrecy provisions apply  
   76.     Conduct by directors, employees and agents  
   77.     Company's financial statements to be prima facie evidence of value of its assets  
   78.     Company's financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance  
   79.     Company's financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision  
   80.     Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other  
   81.     Transitional--pre - commencement acquisitions etc.  
   82.     Regulations