Macquarie Life Limited, in the matter of Macquarie Life Limited [2016] FCA 973

Macquarie Life Limited, in the matter of Macquarie Life Limited [2016] FCA 973

The Court granted dispensation from strict compliance with s 191(2)(c) because the applicants' proposed notification and publication procedures were, on the actuarial and practical evidence, adequate to minimise disadvantage to affected policy owners, and full compliance was not practicable.

Jurisdiction
Australia
Judgment Date
12 August 2016
Procedural Posture
Application Under the Life Insurance Act 1995 (cth) for Confirmation of a Scheme Transferring Life Insurance Business / Interlocutory Application for Dispensation Orders
Outcome
Dispensation from requirements of s 191(2)(c) granted; application otherwise adjourned.
Legal Topics
['transfer of Life Insurance Business' 'scheme Confirmation' 'statutory Funds' 'dispensation From Procedural Requirements']
['insurance Law' 'commercial Law'] ['transfer of Life Insurance Business' 'scheme Confirmation' 'statutory Funds' 'dispensation From Procedural Requirements']

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Procedural Posture

Application Under the Life Insurance Act 1995 (cth) for Confirmation of a Scheme Transferring Life Insurance Business / Interlocutory Application for Dispensation Orders

Legal Issues

  1. 1 ['Whether the Court should dispense with the requirement to give an approved scheme summary to every affected policy owner under s 191(2)(c) of the Life Insurance Act 1995 (Cth)' "Meaning of 'affected policy owner' under the Act" 'Sufficiency of steps proposed to notify relevant policy owners and minimise disadvantage']

Ratio Decidendi

The Court granted dispensation from strict compliance with s 191(2)(c) because the applicants' proposed notification and publication procedures were, on the actuarial and practical evidence, adequate to minimise disadvantage to affected policy owners, and full compliance was not practicable.

Court Disposition

Dispensation from requirements of s 191(2)(c) granted; application otherwise adjourned.

Orders

  • ["Dispensed with requirements of s 191(2)(c) to give an approved summary to certain categories of policy owners (specified by address and timing) for both applicant's relevant statutory funds." 'Applicants to carry out detailed alternative notification, publication, inspection, adviser notification, and call centre...