US Free Trade Agreement Implementation Act 2004 (120 of 2004)

Schedule 4   Life insurance amendments

Life Insurance Act 1995

11   After subsection 235(1)

Insert:

(1A) If a life company that is an eligible foreign life insurance company has engaged, is engaging, or proposes to engage, in any conduct in contravention of this Act, of a direction given under this Act or of a condition imposed on the registration of the company, the Court may grant an injunction:

(a) restraining a member or members of the Compliance Committee of the company from doing anything that would result in the company engaging in the conduct; or

(b) if the Court thinks it desirable to do so, requiring a member or members of the Compliance Committee of the company to do a particular act.