Notice that general insurer has changed its name
Insurance Act 1973
I, Clive Leeds, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that Wesfarmers General Insurance Limited ABN 24 000 036 279, a general insurer under the Act, changed its name to:
WFI Insurance Limited ABN 24 000 036 279
with effect from 30 June 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: 9 July 2014
[Signed]
…………………………
Clive Leeds
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 regulate the insurance industry in Australia, ensuring that insurers operate with integrity and comply with the necessary standards to protect policyholders. The Act was introduced to address the need for a comprehensive regulatory framework governing insurance practices, providing for the licensing of insurers, the regulation of their operations, and the safeguarding of policyholder interests. This Act was passed by the Parliament of Australia, reflecting the policy objective of maintaining a stable and trustworthy insurance sector that contributes to the overall financial health of the nation. The 2014 Notice published under the Act pertains to a change in the name of a general insurer, Wesfarmers General Insurance Limited, to WFI Insurance Limited, effective from 30 June 2014. This notification, issued by a delegate of the Australian Prudential Regulation Authority, confirms the necessary procedural adjustments in accordance with the Act to reflect the insurer's name change, ensuring continued compliance and oversight within the regulatory framework.
Scope and Application
The Insurance Act 1973 applies to general insurers, which are entities authorised to carry on insurance business in Australia. The Act provides the legal framework governing the operation, regulation, and oversight of these entities to ensure the protection of policyholders and the stability of the insurance market. Specifically, the Act applies to entities such as Wesfarmers General Insurance Limited, which has been authorised under section 12 of the Act and has undergone a name change to WFI Insurance Limited. This change was authorised by Clive Leeds, a delegate of the Australian Prudential Regulation Authority (APRA), as per subsections 29(3) and 29(4) of the Act. The authorisation granted to Wesfarmers General Insurance Limited under the Act now applies to WFI Insurance Limited as if it had been granted under its new name, effective from 30 June 2014. The jurisdictional reach of the Act is national, applying across all states and territories in Australia, and it does not specify any exclusions, exemptions, or thresholds for this particular name change notification. The Act may extend or restrict its application through subordinate instruments, but these are not detailed in this particular notification.
Key Provisions
The key provisions of the Insurance Act 1973, as referenced in the Gazette, pertain to the process and requirements for a general insurer to change its name. Section 29(3) of the Act allows a delegate of the Australian Prudential Regulation Authority (APRA), such as Clive Leeds, to be satisfied that a general insurer has changed its name. The Act defines a general insurer in section 11. Once satisfied, the delegate may publish a notice stating the change in name, effective from a specified date. In this instance, Wesfarmers General Insurance Limited, with ABN 24 000 036 279, has changed its name to WFI Insurance Limited, with the same ABN, effective from 30 June 2014.
The obligations imposed on the parties governed by this Act include the necessity for the insurer to notify APRA and obtain satisfaction from a delegate of the name change, and for the delegate to verify and publish the change. Section 29(4) of the Act ensures that the authorisation granted to the insurer remains valid and effective as if it had been granted under the new name, following the publication of the name change notice. This ensures continuity in the insurer's operations and legal standing under the Act.
In terms of compliance and consequences, the Act does not explicitly outline specific offences, penalties, or civil/criminal consequences for non-compliance with the name change provisions. However, failing to adhere to the requirements for notifying and obtaining approval from APRA could potentially lead to regulatory scrutiny or enforcement actions by APRA. The focus of the Act in this context is on ensuring a smooth transition and maintaining regulatory oversight through the formal notification and approval process.