Insurance Act 1973

No part of the insurance business of a general insurer may be:

transferred to another general insurer; or

amalgamated with the business of another general insurer;

A transfer or amalgamation of an insurance business may also require approval under the Insurance Acquisitions and Takeovers Act 1991.

The reference in paragraph (1)(a) to a general insurer includes a reference to a body corporate that is authorised under this Act but has not begun to carry on insurance business in Australia.

A scheme must set out:

the terms of the agreement or deed under which the proposed transfer or amalgamation is carried out; and

particulars of any other arrangements necessary to give effect to the scheme.

Subsection (1) does not require that a transfer or amalgamation of insurance business be made under a scheme approved by the Federal Court if:

immediately before the transfer or amalgamation, the insurance business is carried on outside Australia; and

the transfer or amalgamation will result in the insurance business being carried on outside Australia.