Notice that general insurer has changed its name
Insurance Act 1973
I, John Sculli, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that Sunderland Marine Mutual Insurance Company Limited ABN 89 007 508 401, a general insurer under the Act, changed its name to:
Sunderland Marine Insurance Company Limited ABN 89 007508 401
with effect from 11 September 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: 13 February 2015
[Signed]
John Sculli
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 by the Parliament of Australia to regulate the insurance industry within the country, addressing the need for a comprehensive legal framework that ensures the stability and solvency of insurers, as well as protecting the interests of policyholders. The Act provides the legislative basis for the supervision and regulation of insurance companies, including general insurers, by empowering the Australian Prudential Regulation Authority (APRA) to grant and manage authorisations. The policy objective of the Act is to maintain a stable and efficient insurance market that supports economic growth while safeguarding consumers and the broader financial system.
In accordance with the provisions of the Insurance Act 1973, John Sculli, a delegate of APRA, has issued a notice confirming that Sunderland Marine Mutual Insurance Company Limited, a general insurer authorised under the Act, has legally changed its name to Sunderland Marine Insurance Company Limited. This name change, which took effect on 11 September 2014, has been formally recognised by the publication of this notice, ensuring that the insurer's authorisation under the Act continues to be valid and recognised under its new name. This legislative process facilitates the smooth transition of authorised entities within the insurance sector, maintaining the integrity and transparency of the regulatory framework established by the Act.
Scope and Application
The Insurance Act 1973 applies to entities authorised to provide insurance services within Australia, specifically targeting general insurers, life insurers, and other entities engaged in insurance activities. The Act delineates the requirements for authorisation, conduct, and the overall management of insurance entities, ensuring they operate within a regulatory framework designed to protect policyholders and maintain the stability of the insurance industry. The legislation applies to entities and individuals operating in the Australian insurance sector, with a broad jurisdictional reach encompassing the Commonwealth and states. Certain exclusions may apply to specific types of insurance, such as life insurance, which can be governed by separate legislation. Additionally, the Act can be extended or restricted through subordinate instruments, such as regulations or guidelines issued by the Australian Prudential Regulation Authority (APRA). In the given notice, APRA confirms the name change of Sunderland Marine Mutual Insurance Company Limited to Sunderland Marine Insurance Company Limited, effective from 11 September 2014, and validates that the authorisation granted under the Act remains in effect post-change.
Key Provisions
The main operative sections of the Insurance Act 1973, as referenced in the Notice, pertain to the authorisation and name change provisions for general insurers. Section 12 of the Act deals with the authorisation of general insurers, while section 29 addresses the requirements and procedures for changing the name of an authorised insurer. Specifically, subsection 29(3) allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a general insurer has changed its name, and subsection 29(4) stipulates that the authorisation under section 12 of the Act will continue as if it had been granted under the insurer's new name following the publication of the Notice.
The Act imposes specific obligations on the parties it governs, particularly on general insurers like Sunderland Marine Insurance Company Limited. These obligations include ensuring that any name change is reported and approved by a delegate of APRA as per section 29 of the Act. Additionally, the insurer must maintain its authorisation status, and the continued validity of this authorisation under the new name is contingent upon the delegate’s satisfaction and the publication of the Notice, as outlined in subsection 29(4).
Furthermore, the Notice itself is a formal document that provides public notification of the name change and confirms the continued authorisation of the insurer. The delegate of APRA, in this case, John Sculli, must ensure that the name change complies with all legal requirements and that the insurer remains compliant with the Act's provisions. This process ensures that the insurer’s operations and authorisation remain uninterrupted despite the name change.
Failure to comply with the requirements of the Insurance Act 1973 can result in various consequences. Under the Act, unauthorised operation by an insurer can lead to civil or criminal penalties, including fines and imprisonment. For example, operating without the necessary authorisation can result in substantial fines, and in severe cases, directors and officers of the insurer may face personal penalties, including imprisonment. The specific penalties are not detailed in the Notice but are outlined in the broader provisions of the Act, where authorised activities and their associated penalties are clearly defined.