Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)

Schedule 3   Other measures: general insurance

Part 1   Main amendments

Insurance Act 1973

19   At the end of subsection 116A(1)

Add:

Note 1: Section 28 requires general insurers to hold sufficient assets.

Note 2: Section 62M provides for the appointment of a judicial manager for a foreign general insurer if its assets in Australia are, or are likely to become, insufficient to enable it to meet its liabilities in Australia other than pre-authorisation liabilities as they become due.