Notice of general insurer name change - Tokio Millennium Re Ltd to Tokio Millennium Re AG

Overview

The Insurance Act 1973, enacted by the Parliament of Australia, was introduced to regulate the insurance industry, ensuring that insurance companies operate within a legal framework that protects consumers and maintains financial stability. One of its key provisions is the ability to allow changes in the names of authorised general insurers, as exemplified in this notice issued by a delegate of the Australian Prudential Regulation Authority (APRA). This particular notice informs that Tokio Millennium Re Ltd, previously a general insurer under the Act, has legally changed its name to Tokio Millennium Re AG, effective from 15 October 2013. The notice also confirms that the authorisation granted under the Act continues seamlessly under the new name following its publication. The underlying policy objective is to provide clarity and continuity in the regulation of insurance companies, facilitating their operations while maintaining consumer protection and market stability.

Scope and Application

The Insurance Act 1973 applies to general insurers, which are defined in section 11 of the Act, and regulates their operations and conduct within Australia. This legislation, administered by the Australian Prudential Regulation Authority (APRA), governs the authorisation, licensing, and management of general insurers, ensuring that they meet certain regulatory standards. The Act encompasses the entire Commonwealth of Australia, applying uniformly across all states and territories. In the context of the specific notice issued, the Act facilitates the legal recognition of a general insurer’s name change, as evidenced by the transition of Tokio Millennium Re Ltd to Tokio Millennium Re AG, effective from 15 October 2013. The authorisation granted under the Act continues seamlessly under the new name following the publication of this notice, as stipulated under subsection 29(4). This process is overseen by a delegate of APRA, in this case Katrina Ellis, who confirms compliance with the requirements set out in the Act.

Key Provisions

Pursuant to the Insurance Act 1973 (the Act), a general insurer, Tokio Millennium Re Ltd, has legally changed its name to Tokio Millennium Re AG, effective from 15 October 2013. This change is formalised under subsection 29(3) of the Act. The authorisation for Tokio Millennium Re Ltd to operate as a general insurer will now be recognised under its new name, as stipulated in subsection 29(4) of the Act, following the publication of this notice. The publication of this notice ensures that any legal recognition or regulatory oversight of Tokio Millennium Re Ltd will transition seamlessly to its new name. The Act imposes specific obligations on the insurer, now operating as Tokio Millennium Re AG, including compliance with all regulatory requirements applicable to general insurers. This encompasses adhering to the standards set by the Australian Prudential Regulation Authority (APRA), which oversees the operations of general insurers to ensure financial stability and consumer protection. Additionally, the insurer must maintain all necessary documentation and records that reflect its operations under the new name, ensuring transparency and traceability for regulatory purposes. Failure to comply with the provisions of the Act, including the proper notification and recognition of the name change, may result in legal consequences. Under the Act, breaches may lead to civil or criminal penalties, depending on the severity of the non-compliance. For instance, if the insurer fails to notify APRA or the public of the name change, it may face enforcement actions, fines, or other sanctions as deemed appropriate by the regulatory body. While the Act does not specify maximum penalties in this particular notice, it is understood that significant non-compliance could lead to severe repercussions, including potential revocation of the insurer's licence.