Notice that general insurer has changed its name
Insurance Act 1973
I, Sharyn Reichstein, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that International Insurance Company of Hannover Limited ABN 58 129 395 544, a general insurer under the Act, changed its name to:
International Insurance Company of Hannover Plc
with effect from 1 August 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: 11 November 2013
[Signed]
Sharyn Reichstein
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, enacted by the Parliament of Australia, aims to regulate the insurance industry to protect policyholders and ensure the stability and reliability of insurers. This Act fills a critical gap by providing a legal framework that governs the operation of insurance companies, ensuring they adhere to certain standards and practices to maintain consumer confidence. One of the key responsibilities of the Australian Prudential Regulation Authority (APRA), as a delegate of the Commonwealth under this Act, is to monitor and supervise the operations of general insurers, including overseeing name changes to ensure transparency and continuity in regulatory oversight. In this context, the Insurance Act facilitates the transition when a general insurer changes its name, as evidenced by the notification regarding International Insurance Company of Hannover Limited changing its name to International Insurance Company of Hannover Plc. This notification ensures that the insurer’s authorisation under the Act remains valid and uninterrupted, reflecting the changed name to maintain clarity and compliance with regulatory requirements.
Scope and Application
The Insurance Act 1973, under which the Australian Prudential Regulation Authority (APRA) operates, applies to general insurers operating in Australia, regulating their conduct, operations, and transactions. The Act applies to both persons and entities authorised to operate as general insurers within Australia, encompassing a wide range of activities including underwriting, claims management, and financial management. The geographic reach of the Act is national, as it applies across all states and territories of Australia. The Act includes provisions for the registration and ongoing regulation of general insurers, setting out requirements for solvency, capital adequacy, and consumer protection, among others. This Notice specifically relates to International Insurance Company of Hannover Limited, which has changed its name to International Insurance Company of Hannover Plc, effective from 1 August 2013, and clarifies that its authorisation under the Act remains unchanged following this name change. This notification is published under the authority granted by the Act and is subject to the conditions and requirements set out therein, with no stated exclusions or exemptions in this particular context.
Key Provisions
The key provisions of the Gazetted Notice issued by Sharyn Reichstein, a delegate of the Australian Prudential Regulation Authority (APRA), under subsection 29(3) of the Insurance Act 1973, pertain to the name change of International Insurance Company of Hannover Limited to International Insurance Company of Hannover Plc, effective from 1 August 2013. This notice is essential as it formalises the transition of the insurer’s name and ensures continuity of the authorisation granted under the Act. Under subsection 29(4) of the Act, this name change is acknowledged such that the authorisation previously granted to International Insurance Company of Hannover Limited now applies as if it had been granted to the entity under its new name, International Insurance Company of Hannover Plc.
The obligations and requirements imposed by the Act on the parties or entities it governs include the necessity for any insurer changing its name to notify APRA and comply with the legislative requirements for such changes. This is crucial for maintaining regulatory oversight and ensuring that the public and other stakeholders are aware of the name change. For International Insurance Company of Hannover, this involved not only changing its corporate identity but also ensuring that all regulatory and legal documentation accurately reflected the new name. The Act mandates that any such changes must be communicated effectively to maintain transparency and regulatory compliance.
The Act also delineates the consequences of non-compliance with its provisions. While the specific penalties for breaches are not detailed in this particular notice, the general framework of the Insurance Act 1973 includes provisions for both civil and criminal penalties. Civil penalties could include fines or other monetary penalties, whereas more severe breaches might result in criminal charges. The maximum penalties would depend on the nature and severity of the breach, with the Act providing a broad spectrum of enforcement options to ensure adherence to its provisions. These penalties serve as a deterrent against non-compliance and ensure that insurers operate within the legal framework established by the Act.