St. George Life Limited, in the matter of St. George Life Limited (No 2) [2018] FCA 1396

St. George Life Limited, in the matter of St. George Life Limited (No 2) [2018] FCA 1396

The Scheme was confirmed without modification because the plaintiffs had complied, or substantially complied, with the July Orders and statutory procedural requirements, the actuarial evidence showed that the Scheme would not materially prejudice SGLL or WLISL policy owners and that benefit security and reasonable benefit expectations would remain adequately protected, no policy owner objected, and APRA raised no objection to confirmation.

Jurisdiction
Australia
Judgment Date
29 August 2018
Procedural Posture
Application Under S 193 of the Life Insurance Act 1995 (cth) for Confirmation of a Scheme to Transfer Life Insurance Business / Confirmation Hearing and Final Orders
Outcome
Application allowed; Scheme confirmed without modification.
Legal Topics
['transfer of Life Insurance Business' 'confirmation of Scheme' 'policy Owner Interests' 'capital Adequacy' 'apra Regulatory Oversight']
['insurance' 'corporations'] ['transfer of Life Insurance Business' 'confirmation of Scheme' 'policy Owner Interests' 'capital Adequacy' 'apra Regulatory Oversight']

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Procedural Posture

Application Under S 193 of the Life Insurance Act 1995 (cth) for Confirmation of a Scheme to Transfer Life Insurance Business / Confirmation Hearing and Final Orders

Legal Issues

  1. 1 ['Whether the procedural requirements under the Life Insurance Act 1995 (Cth), the Life Insurance Regulations 1995 (Cth), and the July Orders had been complied with' 'Whether the Scheme would be prejudicial to the interests of SGLL or WLISL policy owners' 'Whether the Court should confirm the Scheme without modification under s 194 of the Life Insurance Act 1995 (Cth)']

Ratio Decidendi

The Scheme was confirmed without modification because the plaintiffs had complied, or substantially complied, with the July Orders and statutory procedural requirements, the actuarial evidence showed that the Scheme would not materially prejudice SGLL or WLISL policy owners and that benefit security and reasonable benefit expectations would remain adequately protected, no policy owner objected, and APRA raised no objection to confirmation.

Court Disposition

Application allowed; Scheme confirmed without modification.

Orders

  • ['Pursuant to s 194 of the Life Insurance Act 1995 (Cth), the scheme for the transfer of all of the life insurance business of St. George Life Limited to Westpac Life Insurance Services Limited (Scheme) in the form of Annexure A to these orders, be confirmed without modification.' 'The Scheme takes effect on and...