BT Life Limited; In the matter of BT Life Limited [2011] FCA 1100

BT Life Limited; In the matter of BT Life Limited [2011] FCA 1100

It is appropriate to exercise the discretion to dispense with the requirement to provide an approved scheme summary to owners of policies referable to Westpac Life Insurance Services Limited Statutory Fund No 2, as the evidence establishes the impact of the transfer is negligible, the cost of compliance is substantial, and there is no adverse effect on policy holders' interests.

Jurisdiction
Australia
Judgment Date
29 August 2011
Procedural Posture
Originating Application / Interlocutory Application for Dispensation Order Under S 191(5) Life Insurance Act 1995 (cth)
Outcome
Application for dispensation granted. Other aspects adjourned.
Legal Topics
['life Insurance Business Transfer' 'statutory Funds' 'court Dispensation of Procedural Requirements']
['insurance Law' 'corporations Law'] ['life Insurance Business Transfer' 'statutory Funds' 'court Dispensation of Procedural Requirements']

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Procedural Posture

Originating Application / Interlocutory Application for Dispensation Order Under S 191(5) Life Insurance Act 1995 (cth)

Legal Issues

  1. 1 ['Whether to dispense with the requirement to provide an approved summary of the scheme to certain policy owners pursuant to section 191(5) of the Life Insurance Act 1995 (Cth)']

Ratio Decidendi

It is appropriate to exercise the discretion to dispense with the requirement to provide an approved scheme summary to owners of policies referable to Westpac Life Insurance Services Limited Statutory Fund No 2, as the evidence establishes the impact of the transfer is negligible, the cost of compliance is substantial, and there is no adverse effect on policy holders' interests.

Court Disposition

Application for dispensation granted. Other aspects adjourned.

Orders

  • ["Pursuant to section 191(5) of the Life Insurance Act 1995 (Cth) the requirements of paragraph (c) of subsection 191(2) be dispensed with insofar as they require an approved summary of the Scheme to be given to owners of policies issued by the Westpac Life Insurance Services Limited referable to Westpac Life...