Insurance Authority Act 2005

In this Act:

territory entity means—

a territory authority; or

a public sector company.

In this section:

controlling interest—the Territory or a territory entity has a controlling interest in a company if its interest in the company is of a kind that—

it can—

control the composition of the board of directors of the company; or

cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company; or

control more than 50% of the issued share capital of the company (excluding any part of the issued share capital that carries no right to participate beyond a particular amount in a distribution of either profits or capital); or

if paragraph (a) does not apply—no-one else holds a greater interest in the company.

public sector company means—

a territory-owned corporation; or

a subsidiary of a territory-owned corporation; or

a company prescribed by regulation; or

any other company in which the Territory or another territory entity has a controlling interest.

subsidiary, of a territory-owned corporation, means a subsidiary under the Territory-owned Corporations Act 1990 of the territory‑owned corporation.

Note for pt 2

The governance of territory authorities, including the insurance authority, is regulated by the Financial Management Act 1996 (the FMA), pt 9 as well as the Act that establishes them.

The FMA, pt 9 deals, for example, with the corporate status of territory authorities and their powers, the make-up of governing boards, the responsibilities of the governing board and board members, how governing board positions can be ended, meetings of governing boards and conflicts of interest.