Footnotes

Chapter 1

[1]        The Hon. Chris Bowen, Minister for Competition Policy and Consumer Affairs and Assistant Treasurer, House of Representatives Hansard, 19 March 2009, p 3238.

Chapter 2

[1]        The phrase 'will be required' is used in the second reading speech and the explanatory memorandum. The bill itself gives APRA the discretion, but not the duty, to register NOHCs (clause 15: APRA may make registration of a life company conditional on its NOHC being registered). APRA said that it proposes to exempt NOHCs from registration in certain circumstances: Submission 3, attachment, p2.

[2]        The Hon. Chris Bowen, Minister for Competition Policy and Consumer Affairs and Assistant Treasurer, House of Representatives Hansard, 19 March 2009, p 3238.

[3]        AXA APH, Submission 1, p3.

[4]        ING Australia, Submission 2, p2.

[5]        ING Australia, Submission 2, p1.

[6]        Treasury, Submission 4, pp 1-3.

[7]        Treasury, Submission 4, p4.

[8]        Treasury, Submission 4,  p4.

[9]        Treasury, Submission 4, p5.

[10]      APRA, Submission 3, p1.

[11]      APRA, Submission 3, p5.

[12]      The relevant test of a registrable NOHC is that it 'does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate): clause 184 of the bill.

[13]      Treasury, Submission 4, p 6. Insurance Act 1973, s3.  Banking Act 1959, s5.

[14]      ING Australia, Submission 2, p1.

[15]      Treasury, Submission 4, p4-5.

[16]      Treasury, Submission 4, p8.

[17]      Treasury, Submission 4, p8.

[18]      This power would be exercised under clause 131 of the bill, amending section 230A(3) of the  Life Insurance Act 1995.

[19]      Treasury, Submission 4, p9.

[20]      Life Insurance Act 1995, section 230B(1).

[21]      Life Insurance Act 1995, section 236(1)(zq).

[22]      AXA APH, Submission 2, p 3.

[23]      Treasury, Submission 4, p11.

[24]      APRA, Submission 3, p5.

[25]      Clause 108 of the bill, replacing section 137(2)(d) of the Life Insurance Act 1995.

[26]      ING Australia, Submission 2, p2.

[27]      Treasury, Submission 4, p11.

[28]      APRA, Submission 3, p5. The 'show cause' provisions are in Sections 135 and 136 of the Life Insurance Act 1995.

[29]      AXA APH, Submission 2, p 9.

[30]      Treasury, Submission 4, p12.

[31]      Explanatory Memorandum, p 25.