Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Main amendments

Insurance Act 1973

1   Subsection 3(1)

Insert:

administrator , of a body corporate's business, means an administrator appointed under subsection 62ZOA(1) to take control of the body corporate's business.

Australian business assets and liabilities , of a foreign general insurer, has the meaning given by subsection 62ZVA(3).

Australian financial sector statutory manager (or AFS statutory manager ) means:

(a) a Banking Act statutory manager (within the meaning of the Banking Act 1959); or

(b) an Insurance Act statutory manager; or

(c) a Life Insurance Act statutory manager (within the meaning of the Life Insurance Act 1995).

direction under this Act means a direction under any of the following provisions:

(a) section 17;

(b) section 27;

(c) section 49R;

(d) section 74;

(e) section 76;

(f) section 78;

(g) section 103B;

(h) section 104.