Asteron Life & Superannuation Limited, in the Matter of Asteron Life & Superannuation Limited [2021] FCA 708

Asteron Life & Superannuation Limited, in the Matter of Asteron Life & Superannuation Limited [2021] FCA 708

On the evidence and submissions, the Court was satisfied that because of the nature of the Scheme and all the circumstances attending its preparation, it was not necessary to comply with s 191(2)(c) of the Life Insurance Act 1995 (Cth), provided the applicants complied with the alternative notification, publication, website, mail-out, call centre, and public inspection requirements in Order 2.

Jurisdiction
Australia
Judgment Date
25 June 2021
Procedural Posture
Application for Transfer of Life Insurance Business and Partial Dispensation From Distribution of Approved Summary of Scheme Under the Life Insurance Act 1995 (cth) / Dispensation Hearing Before Confirmation Hearing
Outcome
Dispensation orders made and the application adjourned to a confirmation hearing.
Legal Topics
['transfer of Life Insurance Business' 'life Insurance Scheme' 'dispensation From Compliance With S 191(2)(c)' 'policy Owner Notification']
['insurance'] ['transfer of Life Insurance Business' 'life Insurance Scheme' 'dispensation From Compliance With S 191(2)(c)' 'policy Owner Notification']

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Procedural Posture

Application for Transfer of Life Insurance Business and Partial Dispensation From Distribution of Approved Summary of Scheme Under the Life Insurance Act 1995 (cth) / Dispensation Hearing Before Confirmation Hearing

Legal Issues

  1. 1 ['Whether the Court should dispense with the need for compliance with s 191(2)(c) of the Life Insurance Act 1995 (Cth) in relation to the Scheme for transfer of life insurance business from Asteron Life & Superannuation Limited to TAL Life Limited.' 'Whether alternative notification and inspection steps were sufficient to justify dispensation.']

Ratio Decidendi

On the evidence and submissions, the Court was satisfied that because of the nature of the Scheme and all the circumstances attending its preparation, it was not necessary to comply with s 191(2)(c) of the Life Insurance Act 1995 (Cth), provided the applicants complied with the alternative notification, publication, website, mail-out, call centre, and public inspection requirements in Order 2.

Court Disposition

Dispensation orders made and the application adjourned to a confirmation hearing.

Orders

  • ['Pursuant to subsection 191(5) of the Life Insurance Act 1995 (Cth), compliance with paragraph (c) of subsection 191(2) was dispensed with insofar as it required the APRA-approved Scheme Summary to be given to specified Asteron Life Policy Owners and TAL Life Policy Owners, provided the applicants complied with...