Notice imposing conditions on an authorisation to carry on insurance business in Australia – Catholic Church Insurance Limited

Insurance Act 1973

To: Catholic Church Insurance Limited ABN 76 000 005 210 (‘the general insurer’)

Since APRA issued the general insurer on 26 June 2022 an authorisation to carry on insurance business  in  Australia  under  subsection  12(2)  of  the  Insurance  Act  1973  (the  Act)   (the authorisation), I, Sean Carmody, a delegate of APRA, under paragraph 13(1)(a) of the Act, impose a condition on the authorisation in the manner specified in the Schedule.

This notice, and the condition set out in the Schedule that apply to the authorisation, commence on and from the date this instrument is made.

Dated: 6 July 2023

Sean Carmody Executive Director Insurance Division

Interpretation

Act means the Insurance Act 1973.

APRA means the Australian Prudential Regulation Authority.

insurance business has the meaning given in subsection 3(1) of the Act.

Notes

Note 1 Under section 13(4) of the Act, if APRA imposes conditions on a general insurer’s authorisation, APRA must give written notice to the insurer and ensure that notice that the action has been taken is published in the Gazette.

Note 2 Under section 14(1) of the Act, a general insurer commits an offence if the insurer does an act or fails to do an act and doing the act or failing to do the act results in a contravention of a condition of the insurer’s authorisation under section 12 and there is no determination in force under subsection 7(1) that this subsection does not apply to the insurer. The penalty is 300 penalty units.

Note 3 You may request APRA reconsider the decision in accordance with section 63(2) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Schedule – the condition

The general insurer may only carry on insurance business in Australia for the purpose of discharging liabilities arising under policies issued by it on or before 15 June 2023.