Notice that general insurer has changed its name
Insurance Act 1973
I, Owen Brailsford, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that Catholic Church Insurances Ltd ABN 76 000 005 210, a general insurer under the Act, changed its name to:
Catholic Church Insurance Limited
with effect from 21 November 2012. Under subsection 29(4) of the Act, the authorisation under section 12 of the Act has effect after the publication of this Notice as if it had been granted under its changed name.
Dated: 4 February 2013
[Signed]
Owen Brailsford
Senior Manager
Specialised Institutions Division
South West 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 to establish a comprehensive framework governing the insurance industry in Australia, addressing the need for regulatory oversight and consumer protection within this sector. This legislation was introduced to ensure the stability and solvency of insurers, and to provide a regulatory structure that protects policyholders. The Australian Prudential Regulation Authority (APRA) was designated as the body responsible for enforcing the Act, with the overarching policy objective of maintaining the financial soundness of the insurance industry and safeguarding the interests of policyholders. This legislative change was published in the Gazette (C2013G00258) on 4 February 2013, informing stakeholders of the name change of a registered general insurer from Catholic Church Insurances Ltd to Catholic Church Insurance Limited, effective from 21 November 2012. The enactment of this notice under subsection 29(4) of the Act ensures the continuity of the insurer’s regulatory status under its new name.
Scope and Application
The Insurance Act 1973, as applied in this Notice, governs entities engaged in the business of insurance, particularly general insurers, within Australia. The Act applies to insurance companies and their authorised representatives, encompassing their operations, conduct, and transactions. The Act has a Commonwealth reach, applying across Australia, with its provisions extending uniformly throughout the nation. This Notice specifically pertains to Catholic Church Insurances Ltd, a general insurer which, under the Act, has changed its name to Catholic Church Insurance Limited, effective from 21 November 2012. Pursuant to subsection 29(4) of the Act, the authorisation of the insurer remains in force post-name change as if it had been granted under the new name. The Notice, dated 4 February 2013 and signed by Owen Brailsford, a delegate of the Australian Prudential Regulation Authority (APRA), confirms this change in accordance with the legislative provisions and signifies the continuity of the insurer’s authorisation without additional requirements. The Act does not specify exclusions or exemptions relevant to this particular name change but may impose conditions or thresholds in other contexts.
Key Provisions
The key provisions of this Notice, published under the Insurance Act 1973, confirm the name change of a general insurer, Catholic Church Insurances Ltd, to Catholic Church Insurance Limited, effective from 21 November 2012. Section 29(3) of the Act allows for the name change to be officially recognised, while subsection 29(4) ensures that the authorisation granted under section 12 of the Act will apply as if it had been issued under the new name post the publication of this Notice. This transition maintains the insurer's regulatory standing and continuity in its operations.
Under the Insurance Act 1973, the Australian Prudential Regulation Authority (APRA) has the obligation to oversee and ensure compliance with the regulatory framework governing insurance companies in Australia. A delegate of APRA, in this case, Owen Brailsford, has confirmed the name change of Catholic Church Insurances Ltd to Catholic Church Insurance Limited. This formal recognition by APRA is crucial for maintaining the insurer's legitimacy and operational status within the Australian insurance market. The insurer must comply with all regulatory requirements, including maintaining adequate capital, managing risks appropriately, and ensuring that policyholder interests are protected.
The Insurance Act 1973 imposes several obligations on the insurer, including adherence to the updated name in all official communications and regulatory filings. The insurer is also required to notify its policyholders of the name change and ensure that any contracts, policies, or agreements reflect the new name. Failure to comply with these obligations can lead to regulatory action. Additionally, the insurer must continue to meet all financial and operational standards set forth by APRA to maintain its authorisation and licence to operate as a general insurer in Australia.
Breaches of the obligations stipulated in the Insurance Act 1973 can lead to severe civil or criminal consequences. The Act does not specify particular penalties for non-compliance in the context of this Notice. However, general penalties for breaches of the Act may include fines, imprisonment, or both. For instance, Section 230 of the Act outlines penalties for unauthorised insurance activities, which can result in fines of up to $1.1 million for corporations and imprisonment for up to five years. Such stringent measures underscore the importance of compliance and the potential ramifications for failing to adhere to the regulatory requirements set forth by APRA.