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Insurance Acquisitions and Takeovers Act 1991
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Administered by
Department of the Treasury
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C2025C00115 (C25)
21 February 2025
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Part 1—Preliminary
1 Short title
2 Commencement
3 Objects of Act and simplified outline of Act
4 Interpretation
5 What is contrary to the public interest
6 Entering into an agreement or arrangement
7 Associates
8 Proposals to acquire shares or assets
9 Meaning of entitled to acquire
10 Meaning of interest in an asset
11 Meaning of interest in a share
12 Certain interests in shares to be disregarded
13 Voting power
14 Associate inclusive control interest in a company
15 Direct control interests in a company
16 Power to appoint director
17 Deemed notices—options
17A Approved manner and form of giving notices
18 Application of Act
19 Severability
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Part 3—Control of acquisition or leasing of assets of Australian registered insurance companies
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Division 1—Interpretation
35 Interpretation
36 Meaning of trigger proposal—proposals to acquire or lease assets of Australian registered insurance companies
37 When trigger proposal carried out
Division 2—Notification
38 Compulsory notification of trigger proposal
40 Trigger proposal must not be carried out before a go ahead decision is given
Division 3—Go ahead decisions
41 Unconditional or conditional go ahead decision
Division 4—Permanent restraining orders and divestment orders
43 Permanent restraining order
44 Divestment order
45 Offence of contravening permanent restraining order or divestment order
47 When orders come into operation
48 Revocation of orders
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Part 4—Control of agreements relating to the directorate of Australian registered insurance companies
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Division 1—Interpretation
49 Interpretation
50 Meaning of trigger proposal—agreements relating to the directorate of Australian registered insurance companies
51 When trigger proposal carried out
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Division 2—Notification
52 Compulsory notification of trigger proposal
54 Trigger proposal must not be carried out before a go ahead decision is given
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Division 3—Go ahead decisions
55 Unconditional or conditional go ahead decision
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Division 4—Permanent restraining orders and divestment orders
57 Permanent restraining order
58 Divestment order
59 Offence of contravening permanent restraining order or divestment order
61 When orders come into operation
62 Revocation of orders
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Part 5—Judicial enforcement of Ministerial orders
63 Federal Court may enforce Ministerial orders
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Part 6—Anti avoidance
64 Anti avoidance
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Part 8—Review of decisions
66 Reconsideration of reviewable decision
67 Review of decisions by Administrative Review Tribunal
68 Statements to accompany notification of decisions
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Part 9—Miscellaneous
69 Delegation
70 Concurrent operation of State/Territory laws
71 Validity of acts done in contravention of this Act
72 Minister’s consent for criminal proceedings
73 Minister may obtain information and documents
75 APRA Act secrecy provisions apply
76 Conduct by directors, employees and agents
77 Company’s financial statements to be prima facie evidence of value of its assets
78 Company’s financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance
79 Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision
80 Foreign Acquisitions and Takeovers Act 1975 and this Act to operate independently of each other
81 Transitional—pre commencement acquisitions etc.
82 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
