103A

Who this Division applies to

In force

(1)

This Division applies to a general insurer 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 general insurer under subsection 103B(1) (the primary recapitalisation direction); and

(b)

the general insurer 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 an Insurance Act statutory manager.

(3)

This Division applies to the NOHC/NOHC subsidiary in the same way that it does to a general insurer.

(4)

However, disregard the following provisions in applying this Division to the NOHC/NOHC subsidiary:

(a)

subsection 103B(1);

(b)

subsection 103C(1).

(5)

In this section:

NOHC/NOHC subsidiary means a body corporate that is any of the following:

(a)

an authorised NOHC;

(b)

a subsidiary of an authorised NOHC.

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