Application for approval of voluntary transfer
10 Application for approval of voluntary transfer
2 regulated bodies of the same kind may apply in writing to APRA for approval of a transfer of business from one of the bodies to the other body. The transfer cannot relate only to business of the transferring body that is not regulated business.
The application must be in the form prescribed by the transfer rules and must contain or be accompanied by the information required by the transfer rules.
APRA may impose a charge in respect of the application—see section 51 of the Australian Prudential Regulation Authority Act 1998.
For the purposes of this section, 2 regulated bodies are of the same kind if:
they are both ADIs; or
they are both life insurance companies.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.