Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 6, 1992
Compilation No. 24
Compilation date: 14 October 2024
Includes amendments: Act No. 39, 2024
About this compilation
This compilation
This is a compilation of the Insurance Acquisitions and Takeovers Act 1991 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
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
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
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
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
6, 1992 | 6 Jan 1992 |
| ||
Life Insurance (Consequential Amendments and Repeals) Act 1995 | 5, 1995 | 23 Feb 1995 | Sch (items 22-35, Note about section headings): 1 July 1995 (s 2) | -- |
107, 1997 | 30 June 1997 | Sch 6: 30 June 1997 (s 2(1)) | -- | |
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 | 54, 1998 | 29 June 1998 | Sch 8: 1 July 1998 (s 2(2)(f)) | -- |
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 | 137, 2000 | 24 Nov 2000 | Sch 2 (items 250-253, 418, 419): 24 May 2001 (s 2(3)) | Sch 2 (items 418, 419) |
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001 | 31, 2001 | 28 Apr 2001 | Sch 1 (item 29): 15 Dec 2001 (s 2(4)) | -- |
119, 2001 | 19 Sept 2001 | Sch 3 (items 13, 14): 1 July 2002 (s 2(2)) | -- | |
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001 | 121, 2001 | 24 Sept 2001 | Sch 2 (items 158-160): 1 July 2002 (s 2(2)) | Sch 2 (item 160) |
37, 2002 | 26 June 2002 | Sch 5: 27 June 2002 (s 2(1) item 5) | -- | |
Australian Prudential Regulation Authority Amendment Act 2003 | 42, 2003 | 24 June 2003 | Sch 2 (item 11) and Sch 3: 1 July 2003 (s 2(1) item 2) | Sch 3 |
38, 2005 | 1 Apr 2005 | Sch 1 (item 218): 16 May 2005 (s 2(1) item 6) | -- | |
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 | 154, 2007 | 24 Sept 2007 | Sch 4 (items 41, 42): 24 Sept 2007 (s 2(1) item 7) | -- |
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 | 144, 2008 | 9 Dec 2008 | Sch 14 (items 112-119): 10 Dec 2008 (s 2(1) item 36) | Sch 14 (item 119) |
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 | 75, 2009 | 27 Aug 2009 | Sch 1 (items 209-214): 27 Feb 2010 (s 2(1) item 2) | -- |
136, 2012 | 22 Sept 2012 | Sch 6 (items 40, 41): 22 Sept 2012 (s 2(1) item 37) | -- | |
Statute Law Revision Act (No. 1) 2015 | 5, 2015 | 25 Feb 2015 | Sch 1 (items 20, 21) and Sch 3 (items 102-106): 25 Mar 2015 (s 2(1) items 2, 10) | -- |
59, 2015 | 26 May 2015 | Sch 2 (item 228): 1 July 2016 (s 2(1) item 5) | Sch 2 (items 356-396) | |
as amended by |
|
|
|
|
33, 2016 | 23 Mar 2016 | Sch 2: 24 Mar 2016 (s 2(1) item 2) | -- | |
60, 2015 | 26 May 2015 | Sch 8 (items 31, 32) and Sch 9: 1 July 2015 (s 2(1) items 19, 22) | Sch 9 | |
Statute Law Revision Act (No. 1) 2016 | 4, 2016 | 11 Feb 2016 | Sch 4 (items 1, 191-195): 10 Mar 2016 (s 2(1) item 6) | -- |
37, 2019 | 5 Apr 2019 | Sch 2 (item 23): 6 Apr 2019 (s 2(1) item 1) | -- | |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 240-252, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 | 76, 2023 | 20 Sept 2023 | Sch 4 (items 1-25, 105-111): 1 Mar 2024 (s 2(1) item 15) | Sch 4 (items 20, 23, 25, 110) |
Administrative Review Tribunal (Consequential and Transitional Provisions No. 2) Act 2024 | 39, 2024 | 31 May 2024 | Sch 14 (items 29-37): 14 Oct 2024 (s 2(1) item 2) | -- |
Provision affected | How affected |
Title.................... | am No 54, 1998 |
Part 1 |
|
s 3..................... | am No 54, 1998; No 37, 2002; No 76, 2023 |
s 4..................... | am No 5, 1995; No 54, 1998; Nos 119 and 121, 2001; No 37, 2002; No 144, 2008; No 75, 2009 |
s 5..................... | am No 76, 2023 |
s 13.................... | am No 37, 2019 |
s 17A................... | ad No 76, 2023 |
s 18.................... | am No 59, 2015 |
s 19.................... | am No 54, 1998 |
Part 2................... | rep No 54, 1998 |
s 20-23.................. | rep No 54, 1998 |
s 24.................... | am No 107, 1997 |
| rep No 54, 1998 |
s 25.................... | rep No 54, 1998 |
s 26.................... | am No 107, 1997 |
| rep No 54, 1998 |
s 27.................... | am No 107, 1997 |
| rep No 54, 1998 |
s 28-30.................. | rep No 54, 1998 |
s 31.................... | am No 107, 1997 |
| rep No 54, 1998 |
s 32-34.................. | rep No 54, 1998 |
Part 3 |
|
Division 1 |
|
s 35.................... | am No 37, 2002; No 76, 2023 |
s 36.................... | am No 5, 1995; No 75, 2009 |
Division 2 |
|
Division 2 heading.......... | rs No 37, 2002 |
s 38.................... | am No 107, 1997; No 4, 2016; No 76, 2023 |
s 39.................... | rep No 37, 2002 |
s 40.................... | am No 107, 1997 |
| rs No 37, 2002 |
Division 3 |
|
s 41.................... | am No 107, 1997; No 37, 2002; No 4, 2016; No 76, 2023 |
Division 4 |
|
Division 4 heading.......... | rs No 37, 2002 |
s 42.................... | rep No 37, 2002 |
s 43.................... | am No 64, 2020; No 76, 2023 |
s 44.................... | am No 64, 2020; No 76, 2023 |
s 45.................... | am No 107, 1997; No 37, 2002; No 4, 2016 |
s 46.................... | am No 37, 2002 |
| rep No 64, 2020 |
s 47.................... | am No 37, 2002; No 5, 2015 |
| rs No 64, 2020 |
s 48.................... | am No 37, 2002; No 64, 2020; No 76, 2023 |
Part 4 |
|
Division 1 |
|
s 49.................... | am No 37, 2002; No 76, 2023 |
Division 2 |
|
Division 2 heading.......... | rs No 37, 2002 |
s 52.................... | am No 107, 1997; No 4, 2016; No 76, 2023 |
s 53.................... | rep No 37, 2002 |
s 54.................... | am No 107, 1997 |
| rs No 37, 2002 |
Division 3 |
|
s 55.................... | am No 107, 1997; No 37, 2002; No 4, 2016; No 76, 2023 |
Division 4 |
|
Division 4 heading.......... | rs No 37, 2002 |
s 56.................... | rep No 37, 2002 |
s 57.................... | am No 64, 2020; No 76, 2023 |
s 58.................... | am No 64, 2020; No 76, 2023 |
s 59.................... | am No 107, 1997; No 37, 2002; No 4, 2016 |
s 60.................... | am No 37, 2002 |
| rep No 64, 2020 |
s 61.................... | am No 37, 2002; No 5, 2015; No 64, 2020 |
s 62.................... | am No 37, 2002; No 64, 2020; No 76, 2023 |
Part 5 |
|
s 63.................... | am No 54, 1998 |
Part 6 |
|
s 64.................... | am No 54, 1998 |
Part 7................... | rep No 76, 2023 |
s 65.................... | am No 54, 1998; No 154, 2007 |
| rep No 76, 2023 |
Part 8 |
|
s 67.................... | am No 38, 2005; No 60, 2015; No 39, 2024 |
s 68.................... | am No 39, 2024 |
Part 9 |
|
s 69.................... | am No 54, 1998; No 42, 2003; No 76, 2023 |
s 73.................... | am No 107, 1997; No 137, 2000; No 76, 2023 |
s 74.................... | am No 54, 1998 |
| rep No 137, 2000 |
s 75.................... | am No 5, 1995 |
| rs No 107, 1997; No 54, 1998 |
s 76.................... | am No 31, 2001; No 5, 2015 |
s 77.................... | am No 5, 1995; No 54, 1998 |
| rs No 121, 2001 |
| am No 75, 2009 |
s 78.................... | am No 5, 1995; No 54, 1998 |
| rs No 121, 2001 |
| am No 75, 2009 |
s 79.................... | am No 54, 1998 |
| rs No 121, 2001 |
s 80.................... | am No 76, 2023 |
s 81.................... | am No 54, 1998 |
s 82.................... | am No 54, 1998 |
Part 10.................. | rep No 136, 2012 |
s 83.................... | rep No 136, 2012 |
Schedule................. | rep No 136, 2012 |