Royal Globe Life Assurance Co Ltd v Colonial Mutual Life Assurance Society Ltd

[1979] FCA 20

-

I N THE FEDERAL COURT OF J.iiSTP&LIh >

VJCTSRT>. DISTRICT P3GIST?.P	7 . G .	!To.	65 of 5 7 8
C7h'EiUL DIVISION

--------- --.-- -	I1J THZ ?L$T","TXR cf the LIFE
INSWYCE ACT 191~5
AND I K ThF !L4TTC5 ClF THE -
ROYAL-GLOBE LIFE LSSLRANCE CO.
LIMITED and 'L'.% 7OLGIJIJ.L PXTTUAL
ASSURANCE SOCIETY LIXJTED -

•	Smithers J.
22 December 1978

RZASONS FOFi JCw3Xi'X

I n t h i s case I am s ~ t i s f i e d tnaz s.73 of tne Life

Insurance Act 1945 e x ~ e n d s t o coo.panies which ce r ry on l l f e

assurance business i n Aust ra l ia acd a i s o carry on such business

out of Aust ra l ia and t h a t i t p r o h ~ b i t s the t r a n s f e r of even

t h a t p a r t of the business c.r any such business which i s ca r r ied

on outside of Austral ia a t l e a s t t o another conpany which c a r r i e s

on business i n Aust ra l ia except i n pursuance of a scheme

prepared i n accordance with Division 9 of the Act and submit-ced

t o and confirmed by the cour t a s prescribed i n the Dlvisicn.

I think t h i s follows from various sec t ions of t h e Act including

~ e c t i o n s 15, 15(1) , 17, 26, 37(1)(5) , 36, 40 sub - sec~ ioc 5,

40A, 41 and 118 and from the general purpose of the Act a s

indicated and discussed by M r . J u s t i c e Fullagar i n the

Insurance Commissioner v. Associated Dominions Assurance

Society Pty. Ltd.(1953) 89 C.L.R.	78, especially a t p.86
and following.

I am s a t i s f i e d t h a t the scheme submitted t o the cour t

has been adver t i sed i n accordance with sec t ion 7 5 ( l ) (b) and

a l so tha-c it has been extensively advsr t i sed i n F i j l and I

am s a t i s f i e d t h a t although so adver t i sed no po l icy holder o r

any other person has sought t o inspect the scheme and ce r t a in ly

has made no object ion t o it.

I am s a t i s f i e d t h a t a f t e r causing a repor t on the

scheme t o be made by an independent actuary and sen t t o the

companies concerned, the Insurance Commissioner of Aus-cralia

i s s a t i s f i e d t h a t t h e scheme, having been f u l l y considered

bp him, i s regsrdid a s appropriate f o r confim.ation by t h i s

court and I am s a t i s f i e d the scheme has been approved by the

Commissionerfbr Life Assurance of F i j i . Subject t o it

being confirmed by t h i s cour t , the scheme appears t o me to

ensure the proper s a t i s f a c t i o n of the ent i t lements of po l icy

holders i n F i j i i n accordance with the provisions of those

p o l i c i e s and t o contain nothing which d e t r a c t s from the r i g h t

of po l icy holders whose p o l i c i e s are r eg i s t e r ed i n Aust ra l ia .

I confirm the scheme and make the order i n the terms

of t h a t now submitted t o me and approve? by K e .