Norwich Union Life Australia Limited, in the matter of Norwich Union Life Australia Limited [2010] FCA 946

Norwich Union Life Australia Limited, in the matter of Norwich Union Life Australia Limited [2010] FCA 946

It is appropriate to dispense with the requirement to provide an approved summary of the scheme to policyholders for whom no current address exists or who become policyholders within 15 days prior to final hearing, or for certain MLC policyholders, as adequate steps are taken to inform affected persons, no adverse impact is found by actuaries, APRA has no objection, and notification would be impractical or unduly costly.

Parties
First Applicant: Norwich Union Life Australia Limited; Second Applicant: MLC Limited
Jurisdiction
Australia
Judgment Date
06 August 2010
Procedural Posture
Application for Confirmation of Scheme (dispensation Orders) / Interlocutory (dispensation Sought Prior to Final Confirmation Hearing)
Outcome
Application for dispensation granted in terms of orders; application otherwise adjourned for further hearing.
Legal Topics
Life Insurance Business Amalgamation, Procedural Dispensation Under Statutory Scheme, Notice Requirements to Policyholders
Insurance Law Company Law Life Insurance Business Amalgamation Procedural Dispensation Under Statutory Scheme Notice Requirements to Policyholders

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Parties

Norwich Union Life Australia Limited

First Applicant

MLC Limited

Second Applicant

Procedural Posture

Application for Confirmation of Scheme (dispensation Orders) / Interlocutory (dispensation Sought Prior to Final Confirmation Hearing)

Legal Issues

  1. 1 Whether to dispense with the requirement to give approved summary of the amalgamation scheme to certain policyholders under s 191(2)(c) of the Life Insurance Act 1995 (Cth)

Ratio Decidendi

It is appropriate to dispense with the requirement to provide an approved summary of the scheme to policyholders for whom no current address exists or who become policyholders within 15 days prior to final hearing, or for certain MLC policyholders, as adequate steps are taken to inform affected persons, no adverse impact is found by actuaries, APRA has no objection, and notification would be impractical or unduly costly.

Court Disposition

Application for dispensation granted in terms of orders; application otherwise adjourned for further hearing.

Orders

  • Dispensation granted from requirements of s 191(2)(c) for specified classes of policyholders as stipulated in Orders 1-4.
  • Application otherwise adjourned to 9:30 am on 24 September 2010 for further hearing.