Authorisation to carry on insurance business
Insurance Act 1973
TO: The North of England Protecting and Indemnity Association Limited ARBN 624 528 123 (the Applicant)
19 Agnes Street, East Melbourne, Victoria, 3002
SINCE the Applicant applied to APRA under subsection 12(1) of the Insurance Act 1973 (the Act), on 13 July 2018 for authorisation to carry on insurance business in Australia;
I, Mark Adams, a delegate of APRA, under subsection 12(2) of the Act, AUTHORISE the Applicant to carry on insurance business in Australia.
This authorisation is effective from the date the Federal Court of Australia (Court) confirms the scheme prepared under Division 3A of Part III of the Act for the transfer of the general insurance business of Sunderland Marine Insurance Company Limited ABN 89 007 508 401(Australian Branch) to the Applicant (Scheme). This authorisation will lapse and cease if the Scheme is not confirmed by the Court by 30 November 2018.
Dated 24 August 2018
[Signed]
Mark Adams
Executive General Manager Specialised Institutions Division
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
insurance business has the meaning given in section 3 of the Act.
Note 1 Under subsection 12(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 sections 15 and 16 of the Act.
Note 3 Under subsection 13(1) of the Act, APRA may, at any time, by written notice to a general insurer, impose conditions or additional conditions or vary or revoke conditions imposed on the insurer's authorisation under section 12 of the Act. The conditions must relate to prudential matters.