Notice imposing conditions on an authorisation to carry on insurance business in Australia – Hallmark General Insurance Company Ltd
Insurance Act 1973
To: Hallmark General Insurance Company Ltd ABN 82 008 477 647 (the general insurer)
Since APRA issued to the general insurer an authorisation under section 12(1) of the Act to carry on insurance business in Australia (the authorisation), I, Sean Carmody, a delegate of APRA, under section 13(1)(a) of the Act, impose conditions on the authorisation in the manner specified in the Schedule.
This instrument, and the conditions imposed on the authorisation, commences on the day the instrument is made.
Dated: 30 May 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.
Schedule – the conditions
- The general insurer must:
- only carry on insurance business for the purposes of discharging liabilities under its current policies or policies that are issued, renewed, reinstated or varied pursuant to a right under a current policy to enter into, renew, reinstate or vary a current policy; and
b. not issue any new insurance policies without APRA’s prior written agreement.
2. The general insurer must have a Common Equity Tier 1 Capital to Prescribed Capital Amount ratio of 1.2 times, when St Andrew’s Australia Services Pty Ltd ABN 75 097 464 616 acquires 100% stake in the general insurer.
You may request APRA reconsider the decision in accordance with subsection 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