Notice that general insurer has changed its name
Insurance Act 1973
I, Vincent Lee, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that AXIS Specialty Europe Limited ARBN 131 203 122, a general insurer under the Act, changed its name to AXIS Specialty Europe Public Limited Company ARBN 131 203 122 with effect from 23 August 2012 and subsequently changed its name to AXIS Specialty Europe SE ARBN 131 203 122 with effect from 12 November 2012.
Under subsection 29(4) of the Act, the authorisation of AXIS Specialty Europe Limited ARBN 131 203 122 under section 12 of the Act has effect after the publication of this Notice as if it had been granted under the name, AXIS Specialty Europe SE ARBN 131 203 122.
Dated: 21 April 2015
[Signed]
Vincent Lee
Senior Manager
Specialised Institutions Division
Central Region
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
general insurer has the meaning given in section 11 of the Act.
Overview
The Insurance Act 1973 was enacted by the Australian Parliament to regulate the insurance industry within Australia, aiming to provide a framework that ensures the financial stability of insurance companies and protects policyholders. The Act addresses the problem of ensuring that insurers are adequately regulated to prevent insolvency and protect the interests of consumers. The Australian Prudential Regulation Authority (APRA) is responsible for administering the Act, with the overarching policy objective of maintaining the financial stability of the insurance industry and protecting policyholders. This particular notice, issued under subsection 29(3) of the Act, pertains to a name change by a general insurer, AXIS Specialty Europe Limited, which has now become AXIS Specialty Europe SE, ensuring continuity of authorisation and regulatory oversight despite the name change.
Scope and Application
The Insurance Act 1973 applies to general insurers, defined in section 11 of the Act, and their authorised representatives, thereby governing the conduct, transactions, and operations of these entities within Australia. This Act provides a comprehensive framework for the regulation of general insurance activities, ensuring consumer protection, financial stability, and fair business practices across the industry. The Act’s reach extends throughout the Commonwealth of Australia, setting uniform standards for general insurers operating within the country. However, it excludes certain types of insurance, such as life insurance, marine insurance, and reinsurance, which are regulated under separate legislation. The application of the Act may also be extended or restricted through subordinate instruments issued by the Australian Prudential Regulation Authority (APRA), as exemplified in this Notice, where APRA has recognised the name change of AXIS Specialty Europe Limited to AXIS Specialty Europe SE, thereby ensuring continuity of regulatory oversight and authorisation for the insurer.
Key Provisions
The Insurance Act 1973 (the Act) encompasses several key sections, particularly those related to the management of general insurer names and the implications of such changes. Subsection 29(3) of the Act allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a general insurer has changed its name. In this particular case, AXIS Specialty Europe Limited, identified by the Australian Regulatory Business Number (ARBN) 131 203 122, underwent a name change to AXIS Specialty Europe Public Limited Company, and subsequently to AXIS Specialty Europe SE, both effective from 23 August 2012 and 12 November 2012, respectively. This procedural change is mandated to ensure that the authority and authorisation of the insurer under the Act remain uninterrupted and are appropriately updated to reflect the new names.
The Act imposes several obligations on general insurers, including the requirement to notify APRA of any changes in their business name. This is crucial for maintaining regulatory clarity and ensuring that the oversight and authorisation granted to the insurer are accurate and current. The delegate of APRA must verify these name changes and, upon satisfaction, publish a notice that reflects the new legal entity name under which the insurer operates. This process ensures that all stakeholders are informed of the changes and that the insurer's authorisation continues seamlessly under the new name.
Failure to comply with the provisions of the Act regarding name changes and notification can lead to significant legal consequences. While the specific offences, penalties, and consequences are not detailed in this particular notice, the Act generally includes provisions for both civil and criminal penalties for non-compliance. These can include fines, imprisonment, or both, depending on the severity of the breach. The Act provides a framework within which these penalties are applied, ensuring that the regulatory environment is maintained and that insurers operate within the legal boundaries set forth by APRA and the Act.