Notice that general insurer has changed its name
Insurance Act 1973
I, Katrina Ellis, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that International Insurance Company of Hannover Plc ABN 58 129 395 544, a general insurer under the Act, changed its name to:
International Insurance Company of Hannover SE ABN 58 129 395 544
with effect from 8 August 2014. 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: 15 September 2014
[Signed]
Katrina Ellis
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 provide a framework for the regulation of the insurance industry in Australia, ensuring that insurers operate in a manner that protects the interests of policyholders and maintains the stability of the financial system. This legislation was introduced to address the need for a comprehensive regulatory framework that governs the activities of insurance companies, including their solvency, financial management, and consumer protection. The Act is overseen by the Australian Prudential Regulation Authority (APRA), which is responsible for prudential regulation of the Australian financial services industry. The policy objective of the Act is to ensure that authorised insurers maintain adequate financial resources and operate in a manner that safeguards the interests of policyholders and the broader financial system. The notice published under the Act confirms a change in the name of a general insurer, International Insurance Company of Hannover Plc, to International Insurance Company of Hannover SE, effective from 8 August 2014, with the authorisation continuing under the new name following publication of the notice.
Scope and Application
The Insurance Act 1973 applies to general insurers, including International Insurance Company of Hannover Plc, as evidenced by the notification regarding the change in the company's name to International Insurance Company of Hannover SE. This Act, which is of Commonwealth jurisdiction, governs the authorisation and operation of general insurers within Australia, thereby impacting the entities it regulates. The Act stipulates the conditions under which a general insurer can change its name, ensuring that the authorisation and regulatory oversight granted under the Act remain uninterrupted despite such changes. This specific notification confirms that the change in the name of the insurer has been recognised, and the authorisation remains valid as if it had been issued under the new name, effective from the date of the notice. The geographic reach of the Act encompasses the entire Australian jurisdiction, applying uniformly across all states and territories. The Act does not explicitly state exclusions or thresholds for its application, but its provisions are enforced through subordinate instruments that may further define operational parameters and compliance requirements.
Key Provisions
The main operative sections of the Insurance Act 1973 that are relevant to this Notice are sections 12, 29(3), and 29(4). Section 12 of the Act pertains to the authorisation of general insurers, while sections 29(3) and 29(4) relate to the notification and effect of a name change by a general insurer. Specifically, section 29(3) mandates the delegate of APRA, in this case, Katrina Ellis, to be satisfied that the insurer has changed its name and section 29(4) stipulates that the authorisation of the insurer will continue as if it had been granted under the new name, effective from the date of publication of the Notice.
The Act imposes certain obligations on the general insurer, International Insurance Company of Hannover Plc, which has changed its name to International Insurance Company of Hannover SE. The primary obligation is to notify APRA of the name change. The delegate of APRA, Katrina Ellis, must be satisfied that the name change has been effected. Upon satisfaction, the delegate must publish a Notice, which includes the new name, the original name, and the effective date of the name change. This ensures transparency and maintains the insurer's authorisation status under the Act.
Failure to comply with the notification requirements or effecting a name change without proper authorisation can result in legal consequences. The Act does not explicitly outline specific offences or penalties for non-compliance in this context. However, unauthorised changes in the name of an insurer could potentially lead to administrative actions by APRA, including fines, sanctions, or the revocation of the insurer's authorisation. These potential consequences underscore the importance of adhering to the statutory requirements for name changes as stipulated by the Act.