Insurance Act 1973

A judicial trustee appointed in relation to a designated security trust fund may apply to the Federal Court for an order cancelling the judicial trusteeship.

Any other interested person may apply to the Federal Court for an order cancelling the judicial trusteeship of a designated security trust fund.

On an application under subsection (1) or (2), the Federal Court may cancel the order for the judicial trusteeship of the fund if it appears to the Court:

that the purpose of the order has been fulfilled; or

that for any reason it is undesirable that the order remain in force.

The Federal Court must not make an order cancelling the judicial trusteeship of the fund unless the Court is satisfied that:

upon the cancellation taking effect, a qualified corporation will become the trustee of the fund; and

if an instrument under subsection 68(1) requires the trustee to be approved by APRA—the trustee has been approved by APRA.

Before applying to the Federal Court under subsection (1) or (2), the judicial trustee or interested person must:

inform APRA that the trustee or person intends to make the application; and

give APRA written details of the application.

APRA is entitled to be heard on an application made under subsection (1) or (2).