INSURANCE ACT 1973 (CTH)
NOTICE OF INTENTION TO APPLY TO THE FEDERAL COURT FOR CONFIRMATION OF A SCHEME UNDER DIVISION 3A OF PART III OF THE INSURANCE ACT 1973 (CTH) TO TRANSFER THE AUSTRALIAN INSURANCE BUSINESS OF NIPPONKOA INSURANCE COMPANY LIMITED TO SOMPO JAPAN INSURANCE INC.
Notice is given that Sompo Japan Insurance Inc. (Sompo) proposes to make an application to the Federal Court of Australia seeking confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth). Under the scheme the Australian insurance business of NIPPONKOA Insurance Company Limited (NIPPONKOA) is proposed to be transferred to Sompo. As a consequence of the scheme, Sompo will be substituted for NIPPONKOA under policies issued or insured by NIPPONKOA.
The date fixed for the hearing of the application is 19 June 2014 at 10:15am or on such later date as the Court appoints. The hearing will be held at the New South Wales Registry of the Federal Court of Australia which is located at the Law Courts Building, Queens Square, Sydney NSW 2000.
Any person who, in the Court’s opinion, may be affected by the scheme can ask the Court, at the hearing, to be heard on the application.
If a policyholder wishes to be heard at the hearing, it would assist if you let our lawyer Mr John Morgan of Allens, Level 28, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000 (Telephone (02) 9230 4953) know at least 3 days before the date fixed for hearing.
If the Court confirms the scheme, Sompo will assume all of NIPPONKOA's rights and liabilities in relation to all policies of insurance issued or insured by NIPPONKOA.
A copy of this notice, the scheme, a summary of the scheme and the actuarial report on which the scheme is based will be available for inspection by affected policyholders between 26 May 2014 to 16 June 2014 (inclusive), between 9:00am and 5:00pm Monday to Friday (other than public holidays) (the Inspection Period) at the following addresses:
New South Wales – Allens, Level 28, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000
Victoria – Allens, Level 37, 101 Collins Street, Melbourne VIC 3000
Queensland – Allens, Level 31, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000
Western Australia – Allens, Level 37, QV.1, 250 St Georges Terrace, Perth WA 6000
South Australia – Finlaysons, Level 8, 81 Flinders Street, Adelaide SA 5000
Tasmania - Simmons Wolfhagen, 168 Collins Street, Hobart TAS 7000
Australian Capital Territory – Chamberlains Law Firm, Unit 116, Level 1, Mode3 Building, 24 Lonsdale Street, Braddon ACT 2612
Northern Territory – Cridlands MB, Level 9, Mitchell Centre, 59 Mitchell Street, Darwin NT 0800
An Affected Policyholder may obtain a full copy of the Scheme by contacting Sompo on 02 8258 6280 between 9:00am and 5:00pm EST Monday to Friday (other than public holidays) during the Inspection Period.
Kengo Sakurada, President and Executive Officer
Sompo Japan Insurance Inc.