Notice that general insurer has changed its name
Insurance Act 1973
I, Michael Phillip Fermor, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that Vero Insurance Limited ABN 48 005 297 807, a general insurer under the Act, changed its name to:
AAI Limited
with effect from 1 October 2012. 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: 10 October 2012
[Signed]
Michael Phillip 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 provide a comprehensive framework for the regulation of the insurance industry in Australia, addressing issues related to the solvency, management, and operation of insurance companies. The Act aims to protect policyholders by ensuring that insurers maintain adequate financial resources and adhere to regulatory standards. The Insurance Act 1973 was introduced by the Commonwealth Parliament to fill the gap in the regulatory framework for the insurance industry, providing a legislative basis for the oversight and management of insurance businesses. This legislative instrument, issued by a delegate of the Australian Prudential Regulation Authority (APRA), acknowledges the name change of Vero Insurance Limited to AAI Limited, effective from 1 October 2012, and ensures the continuity of the insurer's authorisation under the Act.
Scope and Application
The Insurance Act 1973 applies to entities classified as general insurers within its scope, such as Vero Insurance Limited, which has been renamed AAI Limited, and these entities must adhere to the provisions outlined within the Act. The Act is applicable at a Commonwealth level and pertains to the regulation and authorisation of general insurers, ensuring that they comply with the specified standards and requirements. In this particular instance, the Act facilitates the process of changing a general insurer's name by providing a formal notification mechanism through a delegate of the Australian Prudential Regulation Authority (APRA). The Act ensures that the change in name does not disrupt the insurer's existing authorisation and that the new entity, AAI Limited, continues to operate under the same regulatory framework as the previous entity, Vero Insurance Limited. This application of the Act underscores its role in maintaining consistency and clarity in the insurance industry, ensuring that the public and other stakeholders are informed of any significant changes within authorised entities.
Key Provisions
The key provisions of the Notice issued under the Insurance Act 1973 (the Act) relate to the name change of a general insurer. Under subsection 29(3) of the Act, it is stated that Vero Insurance Limited, a general insurer with ABN 48 005 297 807, has changed its name to AAI Limited, effective from 1 October 2012. This name change has been recognised and endorsed by Michael Phillip Fermor, a delegate of the Australian Prudential Regulation Authority (APRA), who is satisfied with the transition as per the Act's requirements. Furthermore, under subsection 29(4) of the Act, the authorisation granted under section 12 of the Act is considered to be in effect as if it had been granted under the new name, AAI Limited, following the publication of this Notice.
The obligations imposed by the Act on the general insurer, now operating under the name AAI Limited, include compliance with all regulatory requirements and maintaining the standards set forth by APRA. The insurer must ensure that all necessary notifications and documentation are accurately updated to reflect the name change, thereby maintaining transparency and adherence to the statutory framework. This includes updating records, notifying stakeholders, and ensuring that all communications are aligned with the new corporate identity.
Breaches of the Act's provisions, particularly those concerning the accurate and timely notification of name changes, may result in significant consequences. While the Notice itself does not explicitly detail specific offences or penalties, the Act provides for a range of civil and criminal penalties for non-compliance. These can include fines, imprisonment, or both, depending on the severity and intent of the breach. For instance, under section 141 of the Act, an individual or corporate officer found guilty of knowingly making a false statement or providing misleading information could face substantial penalties. The maximum fines and imprisonment terms can vary, reflecting the seriousness of the infraction and the impact on stakeholders and the broader insurance market.