Financial Sector (Transfer and Restructure) Act 1999

For a voluntary transfer of business to take effect, APRA must:

receive an application for the transfer from the regulated bodies concerned (the transferring body and the receiving body) (see section 10); and

approve the application in writing (the voluntary transfer approval) (see section 11); and

issue a certificate (the certificate of transfer) stating that the transfer is to take effect (see section 18).

The regulated bodies making the application cannot be general insurers (see section 10).

APRA must make the voluntary transfer approval if specified criteria are met (see section 11).

The voluntary transfer approval may impose conditions to be complied with by the transferring body or the receiving body either before or after the certificate of transfer is issued (see section 16).

APRA may only issue the certificate of transfer if specified criteria are met. The certificate must specify when it comes into force (see section 18).

The transfer of business takes effect when the certificate of transfer comes into force (see section 22).