Notice of Intention to apply to the Federal Court of Australia for confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 for the transfer of certain insurance business of the Australian branch of Great Lakes Insurance SE to Gordian RunOff Ltd

Administered by Department of the Treasury

Legislation au C2020G00427 In force Gazette

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Notice of Intention

 

 

Notice of intention to apply to the Federal Court of Australia for confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) for the transfer of certain insurance business of the Australian branch of Great Lakes Insurance SE to Gordian RunOff Ltd

 

 

Notice is given that the Australian branch of Great Lakes Insurance SE ABN 18 964 580 576, trading as Great Lakes Australia (GLA), intends to make an application to the Federal Court of Australia in Sydney for orders confirming a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) (the Act) to transfer part of GLA's Australian general insurance business to Gordian RunOff Ltd ABN 11 052 179 647 (Gordian) (the Scheme).

 

GLA is a subsidiary of Münchener Rückversicherungs-Gesellschaft (Munich Re).  Gordian is a subsidiary of Enstar Group Ltd (Enstar).  Subject to the Scheme being confirmed by the Federal Court of Australia, the insurance business and assets of GLA that are subject to the Scheme will be transferred to Gordian. 

 

Should the Scheme be confirmed, Gordian will be substituted for GLA under certain policies issued or underwritten by GLA. 

 

Any person who holds a policy affected by the Scheme (Affected Policyholder) has the right to:

 

1)      obtain a copy of the Scheme free of charge on request; and

 

2)      attend the Court hearing and request to be heard on the application for confirmation of the Scheme (please note the below alternatives to attending in person).

 

GLA will make an application for the confirmation of the Scheme to the Federal Court of Australia in Sydney on 26 June 2020, or such later date as the Court appoints.  If you are an Affected Policyholder who wishes to appear at the hearing, it would assist if you could first contact GLA's lawyer, Ms Rehana Box of Ashurst, Level 11, 5 Martin Place, Sydney NSW 2000, on (02) 9258 6407 before close of business on 23 June 2020.  Your options for attending are:

 

1)      If it is lawful for you to do so given current Covid-19 restrictions in NSW, you may attend in person at the Federal Court, Court 1, Queens' Square, 184 Phillip Street, Sydney 2000.

 

2)      Alternatively, you may contact the Associate to the Chief Justice of the Federal Court on Associate.AllsopCJ@fedcourt.gov.au. 

 

The Court will provide you with the details of how to appear via Microsoft Teams.  If you would like to appear by Microsoft Teams but do not have access to Microsoft Teams, Ashurst can arrange access for you at its Sydney office by prior arrangement.

 

3)      Alternatively, to dial in and hear these proceedings, please contact the Associate to the Chief Justice of the Federal Court on Associate.AllsopCJ@fedcourt.gov.au prior to the hearing, and you will be provided with dial-in details. 

 

As you will not be able to be seen using this method of attendance, you will not be able to appear before the Court and make submissions.  Should you wish to appear, you will need to either attend using Microsoft Teams or attend the Court in person.

 

Affected Policyholders are not required to take any action if they have no objection to the Scheme.

 

Copies of this notice, the Scheme, a summary of the Scheme, and the actuarial report by Geoff Atkins of Finity Consulting Pty Limited dated 9 March 2020 on which the Scheme is based (Scheme Documents) are available at the website address above free of charge.  The Scheme Documents explain the Scheme in greater detail.  We recommend that each Affected Policyholder obtain and review the Scheme Documents.

 

Affected Policyholders may obtain and review the Scheme Documents in any or all of the following ways, free of charge:

 

1)      View and/or download the documents from GLA's website:

 

www.munichre.com/gla/en/default/index.html

 

The documents will be available on GLA's website from the date of this notice until a decision on the Scheme is made by the Court, or the application is withdrawn.

 

2)      You can also request a physical copy of the Scheme Documents by calling GLA on 1300  307 066 during the hours of 9:00am to 7:00pm AEST each day (other than weekends and public holidays in the relevant state or territory) from 28 May until 18 June 2020;

 

3)      You can also request a physical copy of the Scheme Documents by emailing us at:

 

glaportfoliotransfer@munichre.com

If an Affected Policyholder has any questions in relation to the Scheme including the Court process, your right to appear, the Scheme Documents or any of the information contained in this notice, please contact GLA at any time:

 

  • By email at: glaportfoliotransfer@munichre.com

 

  • By post at: Attention: Shalaj Aggarwal, Great Lakes Australia, PO Box H35, Australia Square, New South Wales 1215

 

  • By telephoning: the GLA Run off portfolio transfer division at Munich Re Australia on 1300 307 066 (toll-free Australia)

 

GLA will endeavour to respond to your query the following business day after it is received by us. 

 

Overview

The Insurance Act 1973 (Cth) was enacted to provide a comprehensive regulatory framework for the insurance industry in Australia, ensuring that insurance businesses operate fairly and efficiently. The legislation was introduced to address gaps in the regulation of insurance practices, providing a structured system to protect policyholders and maintain market stability. The Insurance Act is administered by the Australian Parliament, with the overarching policy objective of safeguarding policyholders' interests while allowing the insurance industry to operate effectively. In the context of the transfer of insurance business from Great Lakes Insurance SE's Australian branch to Gordian RunOff Ltd, the Act facilitates the legal and regulatory process for such transfers, ensuring that policyholders are informed and have the opportunity to be heard in the Federal Court of Australia.

Scope and Application

This notice pertains to a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth), intended to facilitate the transfer of certain insurance business of the Australian branch of Great Lakes Insurance SE, trading as Great Lakes Australia (GLA), to Gordian RunOff Ltd. The notice informs that GLA, a subsidiary of Münchener Rückversicherungs-Gesellschaft, intends to apply to the Federal Court of Australia for the confirmation of this scheme, which will see Gordian, a subsidiary of Enstar Group Ltd, taking over specific insurance business and assets of GLA. The scheme is applicable to any person holding a policy affected by the transfer (Affected Policyholder), providing them the right to obtain a copy of the scheme and to attend the court hearing. The application for scheme confirmation is set to be heard in the Federal Court of Australia in Sydney on 26 June 2020. The notice specifies the ways in which Affected Policyholders can obtain the scheme documents and contact GLA with any queries. The scope of the Act extends to the transfer of specified insurance business, assets, and liabilities, with the ultimate objective of the scheme being confirmed by the Federal Court of Australia.

Key Provisions

The primary sections of this notice pertain to the intention of Great Lakes Australia (GLA), a subsidiary of Münchener Rückversicherungs-Gesellschaft (Munich Re), to apply to the Federal Court of Australia for confirmation of a scheme (section 1) under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer certain insurance business to Gordian RunOff Ltd, a subsidiary of Enstar Group Ltd. The notice specifies the details of the intended application, the affected policyholders' rights to review the scheme and attend the court hearing (section 2), and the means by which policyholders can obtain copies of the scheme and related documents (section 3). The scheme, if confirmed, will result in the transfer of GLA's Australian general insurance business and assets to Gordian, with Gordian substituting for GLA under certain policies (section 4). The notice imposes several obligations on the parties involved. GLA is required to ensure that affected policyholders are informed of the scheme and their rights, including providing them with copies of the scheme and related documents free of charge (section 5). GLA must also facilitate policyholders' attendance at the court hearing, either in person, via Microsoft Teams, or by dial-in, and must inform them of the options available for attending the hearing (section 6). Furthermore, GLA must maintain a website where the scheme and related documents can be accessed and must provide contact details for policyholders to seek further information or clarification regarding the scheme (section 7). Failure to comply with the requirements of the Insurance Act 1973 (Cth) or the provisions outlined in the notice may result in legal consequences. While the notice does not explicitly state the penalties for breach, it is important to note that any breach of the Act or the notice could potentially lead to civil or criminal liability. The specific penalties for such breaches would be determined by the Federal Court of Australia, taking into account the nature and severity of the breach, as well as any relevant mitigating or aggravating factors. In the context of insurance regulation, breaches may result in fines, disqualification from holding a licence, or other sanctions imposed by the court. It is crucial for all parties involved to adhere to the obligations and requirements set out in the notice and the Act to avoid any potential legal repercussions.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.