Insurance – Statutory construction - Reinsurer entered into a voluntary winding up - Reinsurer underwrote part of a reinsurance contract in respect of risks occurring outside Australia - Reinsurance contract accepted in Australia and issued in Australia - Whether liabilities incurred by reinsurer are "liabilities in Australia" under s 116(3), Insurance Act 1973 (Cth) - Whether "liabilities in Australia" limited to liabilities under contracts of insurance that meet the criteria specified in s 31(4), Insurance Act 1973 (Cth) - Whether "liabilities in Australia" extended to liabilities under contracts of insurance where, according to common law principles of the conflict of laws, the situs of the liability is Australia.
Corporations Law – Winding up - Whether s 562A, Corporations Act 2001 (Cth) applies to contracts of reinsurance made by reinsurer to reinsure against liabilities that it would have under contracts of reinsurance - Whether a contract of reinsurance is a "relevant contract of insurance" for the purposes of this section.
Words and phrases – "liabilities in Australia", "relevant contract of insurance".
Corporations Act 2001 (Cth) – s 562A.
Insurance Act 1973 (Cth) – ss 31, 116.
Judgment date
Case number
S327/2005
Before
Gleeson CJ, Kirby, Hayne, Heydon, Crennan JJ
Catchwords