Wesfarmers Federation Insurance Limited ABN 18 009 027 221, in the matter of Wesfarmers Federation Insurance Limited ABN 18 009 027 221 [2009] FCA 381

Wesfarmers Federation Insurance Limited ABN 18 009 027 221, in the matter of Wesfarmers Federation Insurance Limited ABN 18 009 027 221 [2009] FCA 381

It is appropriate to confirm the scheme as the interests of policyholders, reinsurers, employees, and financial security have been adequately safeguarded, notification obligations complied with, and necessary undertakings and conditions provided.

Jurisdiction
Australia
Judgment Date
18 March 2009
Procedural Posture
Application for Confirmation of Insurance Business Transfer Scheme / Final Orders
Outcome
Scheme for transfer of insurance business confirmed
Legal Topics
['transfer of Insurance Business' 'solvency Requirements' 'notification of Policyholders' 'reinsurance Treaties' 'recapitalisation']
['insurance Law'] ['transfer of Insurance Business' 'solvency Requirements' 'notification of Policyholders' 'reinsurance Treaties' 'recapitalisation']

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Procedural Posture

Application for Confirmation of Insurance Business Transfer Scheme / Final Orders

Legal Issues

  1. 1 ['Whether the scheme transferring insurance business from Wesfarmers to Lumley should be confirmed under section 17F of the Insurance Act 1973 (Cth)' 'Whether the scheme adversely affects policyholders, reinsurers, or employees' 'Whether proper notification of policyholders and affected parties was effected' 'Whether recapitalisation arrangements comply with solvency requirements']

Ratio Decidendi

It is appropriate to confirm the scheme as the interests of policyholders, reinsurers, employees, and financial security have been adequately safeguarded, notification obligations complied with, and necessary undertakings and conditions provided.

Court Disposition

Scheme for transfer of insurance business confirmed

Orders

  • ['Undertaking by LIGL to procure sufficient capital to ensure solvency ratio of 1.5 or greater for Second Plaintiff at relevant date' 'Scheme for transfer of insurance business from First Plaintiff to Second Plaintiff confirmed pursuant to section 17F(1) of the Insurance Act 1973 (Cth)' 'Condition that LIGL accept...