Notice that general insurer has changed its name
Insurance Act 1973
I, Michael Fermor, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that Hannover Rueckversicherung AG ABN 88 002 927 031, a general insurer under the Act, changed its name to:
Hannover Rück SE
with effect from 19 March 2013. 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: 3 July 2013
[Signed]
Michael Fermor
Senior Manager
Diversified Institutions Division
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 regulate the insurance industry in Australia, ensuring that insurers are adequately capitalised and that policyholders are protected. The Act addresses the problem of insufficient regulation and oversight of the insurance industry, which could potentially lead to financial instability and inadequate protection for policyholders. The Insurance Act 1973 was enacted by the Parliament of Australia and its policy objective is to ensure that the insurance industry operates in a safe and sound manner, protecting the interests of policyholders and maintaining public confidence in the industry. The notice regarding the change of name of a general insurer under the Act is issued by a delegate of the Australian Prudential Regulation Authority (APRA) under subsection 29(3) of the Act, and the authorisation under section 12 of the Act has effect after the publication of this Notice as if it had been granted under the insurer's changed name.
Scope and Application
The Insurance Act 1973, administered by the Australian Prudential Regulation Authority (APRA), governs the authorisation and conduct of general insurers in Australia. This legislation applies to entities classified as general insurers under section 11 of the Act, and its reach extends across the Commonwealth, with uniform application throughout Australia. The Act sets out the requirements for authorisation, including the processes and criteria for changing the name of a registered insurer. In the case of Hannover Rueckversicherung AG, the Act facilitates the transition to its new name, Hannover Rück SE, ensuring the continuity of its authorisation and regulatory obligations. The Act’s authority is extended through subordinate instruments and regulations, which may provide further detail on the application and enforcement of the Act. Exclusions or exemptions from the Act are narrowly defined and typically relate to specific types of insurance or entities that fall outside the general insurer classification.
Key Provisions
The Notice issued by Michael Fermor, a delegate of the Australian Prudential Regulation Authority (APRA), under section 29(3) of the Insurance Act 1973, confirms that Hannover Rueckversicherung AG, a general insurer, has legally changed its name to Hannover Rück SE. This change in name took effect from 19 March 2013. Pursuant to section 29(4) of the Act, the authorisation granted under section 12 remains valid and is deemed to have been granted under the new name following the publication of this Notice. This legislative instrument ensures that the legal identity of the insurer aligns with its new corporate designation, thereby maintaining continuity in its regulatory status and obligations.
Under the Insurance Act 1973, the obligations imposed on the general insurer by this Notice are primarily to ensure that all regulatory and legal requirements continue to apply seamlessly following the name change. The insurer must comply with all existing conditions and authorisations under its new name. It is essential for the insurer to update all necessary documentation, communications, and records to reflect the new name, ensuring that there is no disruption in service or compliance with regulatory standards. The insurer must also notify relevant stakeholders and the public of the name change to maintain transparency and trust.
In the event of non-compliance with the provisions outlined in the Notice or the Insurance Act 1973, the insurer may face various consequences. The Act provides for both civil and criminal penalties for breaches of its provisions. For instance, under section 184 of the Act, the insurer may be subject to fines for non-compliance with the Notice or other regulatory requirements. Additionally, under section 185 of the Act, officers or directors of the insurer could face personal penalties for breaches, including fines of up to $200,000 for individuals and $1,000,000 for bodies corporate, depending on the severity and nature of the breach. These provisions ensure that the insurer maintains high standards of compliance and accountability within the regulatory framework.