Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies to a life company that:
(a) is a company that:
(i) is registered under the Corporations Act 2001 ; and
(ii) has a share capital; and
(b) does not have a judicial manager.
(2) Subsections (3) and (4) apply if:
(a) APRA has given a recapitalisation direction to the life company under subsection 230AB(1) (the primary recapitalisation direction ); and
(b) the life company is a subsidiary of a NOHC/NOHC subsidiary; and
(c) the NOHC/NOHC subsidiary is a company that:
(i) is registered under the Corporations Act 2001 ; and
(ii) has a share capital; and
(d) the NOHC/NOHC subsidiary does not have a Life Insurance Act statutory manager.
(3) This Subdivision applies to the NOHC/NOHC subsidiary in the same way that it does to a life company.
(4) However, disregard the following provisions in applying this Subdivision to the NOHC/NOHC subsidiary:
(a) subsection 230AB(1);
(b) subsection 230AC(1).
(5) In this section:
"NOHC/NOHC subsidiary" means a body corporate that is any of the following:
(a) a registered NOHC;
(b) a subsidiary of a registered NOHC.