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Integrity Life Australia Limited, in the matter of Integrity Life Australia Limited [2025] FCA 92

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INSURANCE -- Application for confirmation of scheme of transfer -- Pursuant to Life Insurance Act 1995 (Cth) s 194 -- Where company is in breach of prudential capital requirements -- Where company's capacity to meet policy owner benefits is expected to be exhausted by November 2027 -- Where transferring polices will be replaced by equivalent or nearest equivalent rights and benefits -- Where scheme involves increases in premiums and reductions in benefits for some policy owners -- Where policy owners would be worse-off if scheme not confirmed -- Scheme's adverse impact on policy owners not a bar to scheme confirmation -- Exercise of discretion not constrained by adverse impact on policy owners -- Where scheme's primary purpose is providing ongoing cover to transferring policy owners and improving financial security -- Where product transfer rules seek to minimise detriment to policy owners -- Where dispensation orders substantially complied with -- Where APRA supports the confirmation -- The scheme should be confirmed

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