Authorisation to be a NOHC of a general insurer
Insurance Act 1973
To: Arch Financial Holdings Australia Pty Ltd ABN 18 605 164 627 (the Applicant)
Suite 11.02, 175 Pitt Street, Sydney NSW 2000
SINCE the Applicant applied to APRA under subsection 18(1) of the Insurance Act 1973 (the Act) on 30 June 2017 for a NOHC authorisation, and I am satisfied it is appropriate to authorise the Applicant as a NOHC;
I, Brandon Kong Leong Khoo, a delegate of APRA, under subsection 18(3) of the Act, AUTHORISE the Applicant to be a NOHC in relation to any general insurers that are subsidiaries of the Applicant from time to time.
This Authorisation commences on 17 January 2019.
Dated: 16 January 2019
[Signed]
Brandon Kong Leong Khoo
Executive General Manager
Diversified Institutions Division
Interpretation
In this Notice:
APRA means the Australian Prudential Regulation Authority.
general insurer has the meaning given in subsection 3(1) of the Act.
NOHC is short for non-operating holding company and has the meaning given in subsection of 3(1) of the Act.
NOHC authorisation has the meaning given in subsection 3(1) of the Act.
Note 1 Under subsection 18(4) of the Act, if APRA authorises an applicant, APRA must give written notice to the Applicant and ensure that notice of the authorisation is published in the Gazette
Note 2 APRA may revoke an Authorisation in accordance with section 21 of the Act.
Note 3 Under subsection 19(1) of the Act, APRA may, at any time, by written notice to an authorised NOHC, impose conditions or additional conditions or vary or revoke conditions imposed on the NOHC authorisation. The conditions must relate to prudential matters.
Note 4 Under section 22 of the Act, APRA must, in writing, revoke this Authorisation if requested to do so by the Company and if APRA is satisfied that revoking this Authorisation would not be contrary to either the national interest or the interests of the policyholders of any general insurer who is a subsidiary of the Company.
Note 5 If APRA revokes this Authorisation under section 21 or section 22 of the Act, APRA must give written notice to the Applicant and ensure that notice of the revocation is published in the Gazette.