Asteron Life Ltd, in the matter of Asteron Life Ltd (No 2) [2011] FCA 1529

Asteron Life Ltd, in the matter of Asteron Life Ltd (No 2) [2011] FCA 1529

Having regard to all the evidence, including compliance with statutory conditions, APRA's position, absence of policy owner objections, and actuarial analysis, the Court is satisfied the scheme of transfer does not adversely affect policy owners and meets the requirements for confirmation under s 194(1)(a) of the Life Insurance Act 1995 (Cth).

Parties
First Applicant: Asteron Life Limited; Second Applicant: Suncorp Life & Superannuation Limited
Jurisdiction
Australia
Judgment Date
13 December 2011
Procedural Posture
Originating Application for Confirmation of Scheme / Judgment and Orders
Outcome
Scheme confirmed without modification, subject to conditions.
Legal Topics
Life Insurance Business Transfer Scheme, Statutory Fund Transfers, APRA Supervision, Confirmation of Scheme Under Life Insurance Act
Insurance Law Corporate Law Life Insurance Business Transfer Scheme Statutory Fund Transfers APRA Supervision Confirmation of Scheme Under Life Insurance Act

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 5 Party arguments 1 Amounts and remedies 13
Sign in to unlock

Parties

Asteron Life Limited

First Applicant

Suncorp Life & Superannuation Limited

Second Applicant

Procedural Posture

Originating Application for Confirmation of Scheme / Judgment and Orders

Legal Issues

  1. 1 Whether the scheme for transfer of life insurance business from Asteron Life Limited to Suncorp Life & Superannuation Limited should be confirmed under s 194 of the Life Insurance Act 1995 (Cth)
  2. 2 Whether all statutory procedural requirements and policy owner interests have been met and protected

Ratio Decidendi

Having regard to all the evidence, including compliance with statutory conditions, APRA's position, absence of policy owner objections, and actuarial analysis, the Court is satisfied the scheme of transfer does not adversely affect policy owners and meets the requirements for confirmation under s 194(1)(a) of the Life Insurance Act 1995 (Cth).

Court Disposition

Scheme confirmed without modification, subject to conditions.

Orders

  • Pursuant to s 194 of the Life Insurance Act 1995 (Cth), the scheme for the transfer of the life insurance business of Asteron Life Limited to Suncorp Life & Superannuation Limited be confirmed.
  • Applicants to pay costs of Australian Prudential Regulation Authority as agreed or assessed.